1. NET Power goes public
Last week, NET Power completed its merger with Rice Acquisition Corp. II to accelerate near-zero emissions through natural gas power generation.
- Proceeds from this transaction are expected to provide NET Power with capital to fund its corporate operations and grow its utility-scale power plant projects, expected to begin in 2026.
What’s clear: “Innovative technology from carbon capture and sequestration (CCS) developer NET Power could change everything about clean energy development in the U.S. and around the world,” said Rich Powell, Chief Executive Officer of ClearPath Action. “While capturing carbon emissions from a typical natural gas plant requires a ton of extra gear, NET Power’s solution is much simpler. A NET Power plant burns gas with pure oxygen, which produces just CO2 and water.”
Plug in: Learn more about how NET Power’s game-changing technology works in this quick video.
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2. Geothermal plants + DAC = perfect combo
Deploying direct air capture (DAC) technologies offers an exciting opportunity to add another tool to the toolbox for lowering global carbon dioxide (CO2) emissions by removing CO2 from the atmosphere.
As the U.S. market continues to take shape, recognizing the complementary nature of geothermal and DAC and their massive potential is producing a true ‘win-win’ for decarbonization.
- Not only will innovations in geothermal power allow for reliable, affordable, firm electricity generation, but
- When paired with energy-intensive DAC projects, the impact will not just be ‘carbon neutral’ but could, in fact, be ‘carbon negative,’ offsetting past historical emissions.
Plug in: Earlier this year, Houston-based geothermal energy developer Fervo announced an important new project to use its next-generation geothermal systems to power a direct air capture (DAC) facility. The announcement marks another milestone in the path towards a decarbonized economy and the expanded use of both geothermal and DAC technologies.
Plug in: Check out our new blog post, “Earth, Wind, Fire: Geothermal Plants are Perfect for Direct Air Capture” by Senior Program Director - Electricity Sector Landon Stevens.
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3. Promoting hydropower in America
This week, House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA-05) introduced the Hydropower Clean Energy Future Act, which would expand hydropower production in America and promote the innovation of future hydroelectric technology. The bill also reforms the Federal Energy Regulatory Commission (FERC) licensing process by:
- Affirming a two-year licensing process;
- Exempting small hydropower projects;
- Exempting closed-loop pumped storage projects; and
- Promoting innovation in turbine design and generating technology to improve performance and efficiency while protecting environmental resources and fish.
What’s clear: “America’s leading power companies are constantly finding ways to reduce carbon emissions, and hydropower must be a huge part of that clean, reliable energy future. Congresswoman Cathy McMorris Rodgers is a champion for the hydropower industry and this legislation will increase regulatory certainty and encourage more private-sector investment of the nation’s largest baseload renewable energy resource,” said Rich Powell, Chief Executive Officer of ClearPath Action.
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4. Rich featured at EEI Annual Meeting
ClearPath Chief Executive Officer Rich Powell joined Edison Electric Institute (EEI) Chief Strategy Officer & Executive Vice President, Public Policy & External Affairs Brian Wolff in a conversation about policy drivers for clean energy innovation at the 2023 EEI Annual Meeting in Austin, TX.
Other panelists included:
- EEI Chair and Ameren Executive Chairman Warner Baxter;
- Americans for a Clean Energy Grid Executive Director Christina Hayes; and
- Breakthrough Energy Senior Director U.S. Policy and Advocacy Robin Millican.
Rich and Brian moderated a conversation on the policy drivers for clean energy innovation. Rich stressed the need for permitting reform to continue to be front and center in clean energy policy, building on the recent passage of reforms included in the bipartisan debt ceiling agreement and incentives passed in the IIJA and IRA last Congress.
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5. New fund for industrial sector
Today, much of the world is relying on products, including cement and concrete, produced in China. Returning manufacturing capabilities back home will reduce dependence on higher emissions producers, advance domestic innovation that reduces raw material and resource needs, and provide clean and affordable solutions.
Just Climate announced last week that it had raised $1.5 billion for its inaugural fund, surpassing their original goal of $1 billion. Just Climate aims to focus investment on difficult-to-decarbonize sectors such as cement, shipping, industrials, and land use. Their initial investments include an equity investment in the Series B round of H2 Green Steel, a company focused on producing green steel.
What’s clear: By 2030, the industrial sector is poised to become the highest emitting sector in the U.S. economy, passing the energy and transportation sectors. Innovations in cement, concrete, and steel production are the answer for the U.S. to achieve emissions reductions within the industrial sector and achieve global clean manufacturing leadership.
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6. ICYMI
- Senate Energy and Natural Resources Committee Chair Joe Manchin (D-WV) and Foreign Relations ranking member Jim Risch (R-ID) introduced the Civil Nuclear Export Act of 2023, which would increase the ability of the United States to compete in the global nuclear export market.
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