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ClearPath Action Rundown

May 10th, 2024

Happy Friday!

1. Jeremy Harrell at the helm…

Jeremy Harrell

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officially became ClearPath’s Chief Executive Officer this week.

Previously Harrell:

Was ClearPath’s Chief Strategy Officer and has been with the organization since 2017;

Served in a number of senior roles for conservative Members of Congress and;

In leadership roles in the energy industry, including Chair of the U.S. Nuclear Industry Council from 2019 to 2023.

Congrats, Jeremy!

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2. Major nuclear bill ADVANCES through House

The House passed a huge nuclear energy bill this week

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to modernize the Nuclear Regulatory Commission (NRC) and strengthen the U.S. industry by providing streamlined and predictable regulation. The ADVANCE Act combines:

The Atomic Energy Advancement Act

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, led by Reps. Duncan (R-SC) and McMorris Rodgers (R-WA), focused on improving licensing and environmental review processes, NRC fees and international deployments; and

The Senate version of the ADVANCE Act

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, led by Sen. Capito (R-WV), which addresses fuel sourcing, NRC licensing and regulation, and advanced technology development.

The two bills were conferenced together and now await final passage in the Senate.

What’s clear: There are dozens of advanced reactor designs expected to go through the NRC licensing process by the end of this decade, and they need a modern approach. This bipartisan legislation helps them keep up with our country’s energy needs.

3. An international investment tool to help U.S. beat out China’s BRI



The House Foreign Affairs Committee, led by Chairman Michael McCaul (R-TX) examined the U.S. Development Finance Corporation (DFC) and how it can be used to better compete with China’s Belt and Road Initiative. The hearing looked at policy changes including:

How DFC can better prioritize critical minerals and nuclear energy development;

Raising the maximum contingent liability cap to $100 billion or higher;

Expanding country eligibility, from the World Bank income classification to the World Bank lending groups list; and

Equity scoring fix through either net present value (NPV) scoring or a revolving fund.

What’s clear: The DFC was launched in 2019 during the Trump Administration as an important investment tool to help American energy developers compete for international markets, especially against China. The DFC will need to be reauthorized next year.

Plug in: Check out this blog

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to learn more about the importance of reauthorizing the DFC and ClearPath’s proposals to strengthen it for American clean energy deployment.

4. Powering up mammoth-sized CDR project

This week, Climeworks turned on

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its second and newest commercial direct air capture (DAC) and storage plant "Mammoth" in Iceland — the world’s largest DAC plant to date.

Mammoth:

Uses low-temperature geothermal energy technology;

Targets removing up to 36,000 metric tons of carbon annually; and

Captured its first CO₂, with 12 of its total 72 collector containers installed onsite.

What’s next: Climeworks is developing multiple projects in the U.S., notably Project Cypress in Louisiana, which will capture up to 1 million metric tons annually, with operational and testing experience derived from its now two commercial plants in Iceland.

What’s clear: Mammoth is Climeworks’ second commercial project, after the Orca plant, also in Iceland, which has a capacity of 4,000 tons a year and was previously the world's largest operational site.

ClearPath’s Senior Program Manager of Carbon Management, Savita Bowman on the ground at Climeworks’ Mammoth plant

5. NEW blog: 33 demos for industrial decarbonization

The industrial sector produces the building block of society, but it is also poised to be the largest emitting source by 2035.

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In late March, the DOE launched the most significant industrial decarbonization program to date, announcing

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$6 billion in funding for 33 selected projects across 20 states under the Industrial Demonstrations Program (IDP) which:

Incentivizes first-of-a-kind facilities to deploy technologies such as CCS and hydrogen in the industrial sector,

Yields a 77% reduction in emissions through multiple technologies and;

Supports early-stage RD&D including six projects, totaling $775 million, which use technologies incubated at the Advanced Research Projects - Energy (ARPA-E).

Plug in: Dive deeper into how the demo program shapes the future of the industrial sector in this blog

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by Rafae Ghani.



6. ICYMI

ClearPath’s Managing Director of International and Nuclear Policy, Niko McMurray at Plant Vogtle Unit 4

ClearPath’s Niko McMurray joined the Conservative Climate Foundation, Reps. Allen (R-GA), Moore (R-UT), Duncan (R-SC) and Conservative Climate Caucus Chair Miller-Meeks (R-IA) to visit Georgia Power’s newly operating Plant Vogtle Unit 4.

The Civil Nuclear Trade Advisory Committee (CINTAC) released letters

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advising the U.S. Sec. of Commerce on nuclear fuel, supporting U.S. exports, and updates on the international nuclear market.

Microsoft made the largest carbon removal deal

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with Swedish energy company Stockholm Exergi for more than 3.3 million tonnes of carbon removal certificates.

Low-carbon cement innovator Fortera opens

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its first commercial plant in Redding, California.

U.S. Steel signed

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an agreement with a carbon capture innovator to capture and utilize 50,000 tons of emissions per year.

AltC Acquisition Corp., a special purpose acquisition company, approved a merger

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with Oklo Inc. to take it public.

That's all from us. Thanks for reading and have a great weekend!

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