🌎 Europe extends runtime for Li-ion LDES #268
Europe’s latest storage policies show the future may run on the chemistry we already have
Happy Monday!
The days might be getting shorter, but we’ve got something to brighten them: a new report dropping next week. A year into Trump 2.0, we’ve been hearing the same question: what does climate tech look like outside the US? Sightline’s latest report, Globalization in Climate Tech (in partnership with HSBC), has answers. It launches Tuesday, November 11th. We’re also hosting a webinar to walk through the key takeaways. 👉 Sign up here.
In the meantime, we’re diving into the future of nuclear this week: all the talk about a US nuclear revival is finally turning into action, with the US government and local utilities partnering with Brookfield and its subsidiaries for bankable and familiar reactors.
In deals, $1.5bn for low-carbon intensity ammonia fertilizer, $625m for clean energy development across four deals, and $116 for building decarbonization.
In other news, a pause in the US-China rare earths trade war, the Fed’s rate cut, and no interest in oil and gas leasing on the Atlantic East Coast.
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America’s nuclear revival has been mostly talk so far, but last week, we saw some action: The US government struck an $80bn deal with nuclear power company Westinghouse’s owners, Brookfield and Cameco, to build new AP1000 reactors, its biggest atomic energy push in decades. Separately, Brookfield also entered exclusive negotiations to revive a long-abandoned nuclear project in South Carolina and restart two partially built AP1000 units.
Together, it’s a signal that the near future of nuclear might not be about buzzy advanced Gen IV tech or SMRs, but a back-to-basics approach that doubles down on the gigawatt-scale reactor designs we already know.
After decades of false starts, more favorable public opinion and mounting AI-era electricity needs are breathing new life into nuclear.
In mid-October, South Carolina utility Santee Cooper picked Brookfield as the preferred bidder to restart construction on two half-built AP1000 reactors at its abandoned V.C. Summer site. Brookfield put $2.7bn on the table to cover existing project debt, while Santee Cooper will retain a 25% equity stake in the final project and receive 25% of its power at below-market cost. The project still needs new licenses and a feasibility review, but if it moves ahead, it could bring 2.2 GW of carbon-free power online. Brookfield, which acquired Westinghouse in 2023, would be pulling off a first: no canceled US nuclear plant has ever come back.
Days later, the US government announced its own deal with Westinghouse’s owners, Brookfield and Cameco, to build at least $80bn worth of new AP1000s. In exchange for support with financing and permitting, the government could receive up to 20% of Westinghouse’s profits (post-$17.5bn payout to Brookfield and Cameco). The US government could turn that profit into an equity stake of up to 20% and require the company to IPO by 2029 if it hits a $30bn valuation.
Meanwhile, during a trade trip to Asia, President Trump announced that Japan would invest up to $332bn in US energy infrastructure as part of a broader $550bn strategic package. A joint fact sheet details potential partnerships, including Japanese industrial giants like Mitsubishi Heavy Industries, Toshiba Group, and IHI supporting Westinghouse’s AP1000 and SMR builds. Hitachi GE Vernova is also in line for SMR projects like the BWRX-300, with another $100bn in possible investment.
Altogether, it’s the most serious momentum the US nuclear sector has seen in years. Still, the hurdles remain familiar: cost blowouts and delays. While a wave of next-gen and SMR designs promised to fix that, the players now writing billion-dollar checks aren’t trying to reinvent the wheel. They’re backing the tech that’s already built (or half-built): the tried-and-tested AP1000, and hoping that the Nth time is the charm.
Nuclear has always promised a lot, cost even more, and arrived late. But with soaring power demand, driven by AI and electrification, the pressure is on to find firm, carbon-free capacity. That urgency has fueled multiple hype cycles around new techs:
The few players with the capital to actually build new nuclear are betting on familiar designs that could shape the industry’s future. Costs could finally start to come down with greater fleet deployment, reducing permitting, supply chain, and workforce risk. V.C. Summer, the only partially built AP1000 project in the US, could be a bridge to that future. Abandoned in 2017 after Westinghouse’s bankruptcy, the project collapsed under delays and cost overruns. Restarting it offers a lower-risk path to deployment. Brookfield has all the pieces: the capital ($925bn AUM), the tech (51% of Westinghouse), and the fuel supplier (via Cameco).
The US government deal adds more weight. In exchange for offering financing and permitting support, the US could take up to a 20% equity stake in Westinghouse (following its new precedent of taking equity stakes in rare metals and chip companies), for real skin in the game. Japan’s multibillion-dollar commitment to Westinghouse-built reactors brings both capital and technical depth. Companies like Mitsubishi have already partnered on AP1000 licensing and deployment in Japan, and co-developed components like steam generators and turbine systems.
If this all moves ahead, it could tilt the playing field away from next-gen SMRs that depend on unproven components and HALEU, a specialized next-gen fuel enriched beyond conventional uranium that the US still can’t produce at scale. Gen III+ builds have regulatory precedent, don’t need exotic materials, and the industry already knows how to make them. Summer coming back online could serve as a springboard for “nth-of-a-kind” builds, helping reboot workforce skills, stabilize supply chains, and improve overall unit economics.
🏠 empact, a Köln, Germany-based buildings decarbonization service, raised $116m in Growth funding from SDCL Group.
🛵 Vammo, a São Paulo, Brazil-based electric motorcycles and battery swapping service provider, raised $45m in Series B funding from 2150, Construct Capital, Ecosystem Integrity Fund, Endeavor Catalyst, Maniv Mobility, Monashees, and other investors.
🌾 Agtonomy, a San Francisco, CA-based autonomous agricultural vehicles manufacturer, raised $18m in Series B funding from DBL Partners, Allison Transmission, Autotech Ventures, Black Forest Ventures, Nuveen, and Rethink Food.
🌾 Plastomics, a St. Louis, MI-based agricultural biotechnology developer, raised $6m in Series B funding from BioGenerator Ventures, Fulcrum Global Capital, Lewis & Clark Ventures, Missouri Technology Corporation, and Skull Diamond and Heart Capital.
🏭 SpinDrive, a Lappeenranta, Finland-based magnetic bearing systems manufacturer, raised an undisclosed amount in Growth funding from Innovestor and Rhapsody Venture Partners.
✈️ Hypersonix Launch Systems, an Ipswich, Australia-based sustainable hydrogen-fueled aircraft developer, raised $46m in Series A funding from High Tor Capital, National Reconstruction Fund Corporation, Queensland Investment Corporation, RKKVC, and Saab.
🔋 Dracula Technologies, a Valence, France-based organic photovoltaic developer, raised $35m in Series A funding from Banque des Territoires, European Innovation Council, and Mitsui Global Investment (MGI).
🧪 ULUU, a Perth, Australia-based seaweed-based PHA material developer, raised $16m in Series A funding from Burda Principal Investments, Fairground, Main Sequence Ventures, Startmate, and Trinity Ventures.
🏭 WorkHero, a Cambridge, MA-based AI-powered HVAC contractor platform, raised $5m in Seed funding from Navitas Capital, ServiceTitan, Workshop Ventures, and York IE.
🧪 aevoloop, a Leipzig, Germany-based recyclable biodegradable plastics developer, raised $4m in Seed funding from Circulate Capital, Positron Ventures, and bmp Ventures.
🏭 Tethys Robotics, a Dübendorf, Switzerland-based underwater drone developer, raised $4m in Pre-seed funding from Redstone, Alpine Investors, ETH Zürich, Euregio Plus, Kickfund, Venture Kick, and other investors.
🥩 Umami United, a Shibuya-ku, Japan-based food production and technology developer, raised $2m in Seed funding from Beyond Next Ventures, Genesia Ventures, Mint Innovation, Mitsubishi UFJ Capital, Mizuho Capital, SMBC Venture Capital, and other investors.
⚡ Wabash Valley Resources, a West Terre Haute, IN-based low-carbon intensity ammonia fertilizer developer, raised $1.5bn in PF Debt funding from the US Department of Energy.
⚡ EnergyRe, a New York City, NY-based solar and wind energy developer, raised $370m in PF Debt funding from Bank of America, Natixis Corporate & Investment Banking, Santander, and Societe Generale.
⚡ Zelestra, a Madrid, Spain-based utility-scale renewables developer, raised $113m in PF Debt funding from Banco Santander Smart Fund.
⚡ ACWA Power, a Riyadh, Saudi Arabia-based renewable energy developer, raised $142m in two PF Debt funding from Asian Development Bank, IBANK, EBRD, JBIC, and Nippon Export and Investment Insurance.
⚡ Renergia, an Assago, Italy-based Italian biomethane production platform, raised $82m in Debt funding from UniCredit Group.
🔋 Electra Battery Materials, a Toronto, Canada-based battery materials refiner and recycler, raised $74m in Post-IPO Equity and Post-IPO Debt funding from undisclosed investors.
⚡ Zelestra, a Madrid, Spain-based utility-scale renewables developer, raised $60m in PF Tax Equity funding from Stonehenge Capital.
🏭 Electra, a Boulder, CO-based low-temperature iron production technology, raised $50m in Grant funding from Breakthrough Energy.
🏭 Hydrogen Technologies, a Frome, England-based manufacturer of zero-emission hydrogen boilers, was acquired by Jericho Energy Ventures for an undisclosed amount.
⚒️ ORF Technologies, a Halton, Canada-based eco-friendly polymetallic ore processing platform, was acquired by Temas Resources for an undisclosed amount.
🥩 Orbillion Bio, a Berkeley, CA-based sustainable cultivated meat manufacturer, was acquired by Fork & Good for an undisclosed amount.
💰 Emerald Technology Ventures, a Zurich, Switzerland-based climate tech VC firm, raised $63m for its first close for Global Water Fund II from undisclosed investors, focusing on water technology innovations.
This is a sample of the deals available for Sightline clients. Can’t get enough deals?
Trump and Xi agreed to a one-year trade truce after the tariff back-and-forth: the US will cut tariffs from 57% to 47%, while China pauses rare earth export controls and boosts US energy and ag buys. The deal temporarily de-escalates tensions but leaves core disputes untouched. For climate tech, eased rare earth access could help clean energy and electrified supply chains, though expanded LNG and soybean trade risks locking in emissions.
The Fed cut rates by 25 basis points to 3.75%-4.00%, but Powell hinted it may be the last cut this year amid internal divisions and data gaps from the government shutdown. Sustained high interest rates could continue to dampen investment in capital-intensive clean energy infrastructure projects, slowing deployment timelines and increasing financing costs.
In other US federal news, the Trump administration reversed course on plans to auction offshore oil and gas leases along the US East Coast, after backlash from environmental groups and Republican-led coastal states. The Interior Department may still move forward with lease sales in the Gulf of Mexico, Alaska, and the West Coast, as part of a broader draft plan. The decision marks a retreat from more aggressive offshore drilling ambitions amid tourism concerns and weak industry interest in Atlantic waters.
DOE Secretary Chris Wright directed FERC to fast-track interconnection for large, flexible electric loads, like data centers. In a proposed rule, Wright claimed FERC has jurisdiction to regulate large loads on interstate transmission and outlined a 13-point plan to streamline approvals, slash study times, and reduce costs. The move signals a broader shift toward leveraging load flexibility to maximize existing grid capacity and prioritizing data centers, even as legal questions linger over federal versus state authority.
Bill Gates’s new memo ahead of COP30 has generated some controversy: It calls for the climate movement to broaden its focus from temperature and emissions targets towards real‑world interventions that improve lives, particularly in poorer countries, via health, agriculture, energy access, and adaptation. He emphasizes that climate change is grave but not civilization‑ending. It feels like a step back from climate‑tech leadership, but utilitarian Gates frames it as a pragmatic pivot, continuing rigorous, impact‑focused climate spending, balanced with developmental co‑benefits and resilience.
Hurricane Melissa, fueled by record-warm ocean temperatures, became one of the strongest Atlantic storms on record, killing at least 40 people and devastating parts of Jamaica, Haiti, and Cuba. A rapid attribution study found that climate change made the storm four times more likely and increased wind speeds by 7%, intensifying damages. As such extreme weather events become more frequent, climate resilience, especially for vulnerable regions, becomes increasingly important.
From coal to crops, a $1.5bn LPO loan turns black rock into blue ammonia.
From Silicon Valley to Southeast Asia, Activate launches first fellowship in Singapore.
Caltrain sparks a comeback: electrification powers a 47% ridership surge in the California Bay Area.
Nuclear robot spiders.
Shell yeah: green sea turtles are off the endangered list.
📅 SOSV Climate Tech Summit 2025: Join us on November 3–7 for a live, virtual, and free event. Connect with 5,000+ attendees in a global forum featuring 100 speakers, 18 panels, and 18 VC AMAs
📅 Snackable Skills Session: Building for Sustainable Compute in the Rise of AI-Native Products: Join Climate Conscious Leadership on November 5 at 3:00 PM ET for practical techniques for designing low-impact, AI-powered products in a collaborative, climate-conscious workshop.
Senior DevOps Engineer @Sightline Climate
Senior Product Designer @Sightline Climate
Senior Software Engineer @Sightline Climate
Senior Project Manager @Adaptive Water
Director, Strategic Initiatives @EFI Foundation
CEO, Ammonia Production @Marble
CEO, Ammonia Production @Marble
Head of Finance Operations (FP&A & Accounting) @Planetary Scale
📩 Feel free to send us deals, announcements, or anything else at [email protected]. Have a great week ahead!
Europe’s latest storage policies show the future may run on the chemistry we already have
What we heard at the Davos of Distributed Energy Resources
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