Meta & Google Invest $35M Each in Carbon Removal – A Game Changer for Climate Tech?

Discover innovations that could redefine the energy landscape as we explore the latest breakthroughs in carbon removal and nuclear technology. With Meta pledging $35 million towards carbon removal projects, aligned with the US Department of Energy's pioneering initiative, and Google securing a monumental 500-megawatt power deal from Kairos Power, the tech industry's commitment to sustainable initiatives is clear. You'll also hear about Amazon's strategic partnerships with X Energy and Dominion Energy, underscoring their venture into nuclear technology, which could reshape energy solutions for decades to come.

Uncover the remarkable advancements propelling the renewable energy sector forward, from Dongfang's colossal 26-megawatt offshore turbine to the surging sales of electric vehicles in the US. Learn about PG&E's innovative pilot program for bidirectional EV charging and California's ambitious demand-side grid support program, which is making strides in managing energy capacity efficiently. Whether it's through cutting-edge technology or strategic investments, these initiatives are setting the stage for a revolutionary era in energy production and consumption.

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Episode Transcript

Speaker 1 (00:00):
I've got your energy stories for this, the fourth
week of October 2024, and in thefirst one, meta plans to invest
up to $35 million in carbonremoval projects over the next
year.
In response to the US DOE'sCarbon Dioxide Removal
Purchasing Challenge, whichinvites organizations to join
the DOE in buying and retiringhigh-quality carbon dioxide

(00:23):
removal credits buying andretiring high-quality carbon
dioxide removal credits the DOEis also making a $35 million
investment while recognizingother buyers and tracking
voluntary carbon removalpurchases.
The goal is to catalyze theinfant industry while improving
transparency concerning carbondioxide removal credits.
Meta now joins Google as thesecond large data company
committing to the program.

(00:43):
Google is also on the hunt formore carbon-free power, signing
a deal to buy 500 megawatts ofenergy from modular nuclear
startup Kairos Power, with thefirst reactor to come online in
2030 and additional reactors tobe added through 2035.
Terms of the deal, includingprice, location and size and
number of reactors, were notdivulged.

(01:05):
Amazon jumped into the Nukegame, too, with three related
agreements.
Last week, it inked the dealwith utility consortium Energy
Northwest to deploy four of XEnergy's 80 megawatt reactors in
the early 2030s.
It also made an equityinvestment in Nuke startup X
Energy as a portion of a $500million X Energy fundraise.

(01:25):
And finally it signed an MOUwith Dominion Energy to explore
innovative structures to helpadvance potential small modular
reactor development in Virginia.
Dominion recently put out anRFP for small modular reactors,
so this deal should lend moreweight to that process.
While Chinese wind turbinemanufacturer Dongfang just
rolled out its first behemoth,26 megawatt offshore turbine,

(01:50):
the world's largest by far,capable of generating 100
gigawatt hours annually.
The machine boasts typhoon andcorrosion resistant technologies
.
Earlier this year, dongfanginstalled its first-megawatt
turbine, while competitorMingyang deployed a 20-megawatt
offshore machine.
The Western companies Vestas,siemens and GE Vernova appear to

(02:12):
be content sitting in the 14 to15-megawatt range at present,
as they've run into technicalhardships and more challenging
project economics when theybegan pushing the envelope,
perhaps a bit too quickly.
Kelley Blue Book estimates Q3US EV sales grew by 11% year
over year, notching record highsfor both volume and market

(02:34):
share.
Nearly 350,000 EVs were sold inthe quarter, up 5% from Q2 and
representing 8.9% of allpassenger vehicles sold.
Elevated incentives anddiscounts help drive the push,
with incentives representingover 12% of the average
transaction price, versus theindustry-wide average of around
7%.

(02:56):
California utility PG&E isadvancing a pilot program for
bidirectional EV charging aswell as managed charging, and
it's meant to demonstrate howimproved distribution circuit
utilization can reduce the needfor distribution infrastructure
upgrades and keep costs down.
Residential and commercialcustomers can earn compensation
for participating inbidirectional electric vehicle

(03:17):
charging, also known asvehicle-to-grid V2G or
vehicle-to-everything V2X.
This program is part ofCalifornia's goal of achieving
7,000 megawatts of flexibledemand by 2030.
To participate, residentialcustomers today have to have a
Ford F-150 Lightning truck,which can only be used for
managing charging and homebackup power rather than energy

(03:40):
export.
Three electric school busmodels are eligible for full
bidirectional mode if they havethe right chargers, and
customers must sign an agreementthat will share customer
vehicle and charger data withPG&E.
Pg&e hopes to enroll 1,000residential customers and 250
commercial customers in theinitial program.
And finally, the CaliforniaEnergy Commission announced that

(04:02):
its demand-side grid supportprogram, unveiled in August of
2022, now manages 515 megawattsof capacity furnished by 265,000
participants.
The DSGS program pays customersnot to use power when supply is
limited and also includes a200-megawatt virtual power plant

(04:23):
network of customer-citedbatteries and solar arrays that
can export power back to thegrid.
This year, the VPP has beenactivated 16 times.
Well, that's all for this week.
Thanks for watching and we'llsee you again next week.