Happy Monday!
In this edition, we’re untangling the high-voltage drama at FERC, as a new executive order aims to crank up the heat on the independent energy market regulator.
In deals, $82m for low-carbon cement, $32m for advanced power devices, and $19m for synthetic fuels.
In other news, Japan’s new climate agenda, Germany’s new elections, and the DOE approves a SAF loan after delays.
And it’s the last call for our readership survey, which will close at the end of the month! Take it here.
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Last week, President Trump issued an executive order asserting White House oversight over independent agencies, including the Federal Energy Regulatory Commission (FERC). The move could short-circuit FERC’s historical autonomy and leave energy policy more vulnerable to shifts in political currents.
Under the new executive order, "Ensuring Accountability for All Agencies," independent agencies, from FERC to the National Labor Relations Board to the SEC, among others, must now align their policy priorities with the Executive Branch and submit major regulatory actions for White House review.
FERC, in particular, is the energy market’s referee. Created by Congress after the 1973 oil crisis, it was built to call the shots without political interference — but its rulings still shape the field. FERC oversees everything from interstate electricity and natural gas transmission to wholesale energy markets and big-ticket infrastructure like pipelines and LNG terminals. It’s led by up to five bipartisan commissioners, appointed by the President and confirmed by the Senate, serving staggered five-year terms (the line-up is currently Chairman Mark Christie (R), Commissioner Willie Phillips (D), Commissioner David Rosner (D), Commissioner Lindsay See (R), and Commissioner Judy Chang (D)).
But the rulebook is shifting: FERC now must consult with the Office of Management and Budget (OMB), the Domestic Policy Council, and the National Economic Council before making big calls — just as it’s juggling 15 pending regulations, including potentially game-changing proposals on transmission incentives and grid planning.
FERC is at the eye of the energy storm. With rising electricity demand from electrification and AI, grid reliability concerns are mounting. Meanwhile, the Trump administration is going all in on fossil fuels — i.e. "drill, baby, drill". It’s backing off on the National Environmental Policy Act, which requires federal agencies consider environmental consequences in project approvals. In addition, it’s fast-tracking hundreds of fossil fuel projects via executive emergency designations. At the top of the agenda is natural gas expansion, with a newly formed “energy dominance” council pushing for increased exports and offshore drilling(despite US oil and gas production already hitting record highs). Several natural gas pipelines and terminals are in the long queue of projects waiting for certain regulatory approvals, which could now see a shake-up.
Meanwhile, that queue of all projects waiting to connect to the US grid, which hit 2.6 terawatts (TW) in 2023, is double the size of the existing grid. This backlog isn’t just due to volume; it’s also a transmission bottleneck. High-voltage transmission lines critical for integrating new renewables and storage projects simply aren’t getting built fast enough. FERC’s re-focus around gas could delay these even longer.
For context, this isn’t the first time Trump has sought to influence FERC. During his first administration, the DOE reportedly wanted FERC to bail out coal and nuclear plants for “grid reliability.” FERC, including Trump-appointed commissioners, unanimously rejected the proposal. Under this new executive order, such independent decision-making could be far more difficult.
🏛Legal and political battles ahead. The legality of the executive order is still murky. FERC Chairman Mark Christie downplayed its impact, per Utility Dive, saying that FERC already follows the rules outlined in the order. But other legal experts see a different play unfolding — potential court challenges over whether this move unconstitutionally expands presidential power over an agency meant to run the energy markets fairly. Expect pushback from Congress, too: Democrats and even some moderate Republicans are opposing it, and while lawmakers could try to reaffirm FERC’s independence through legislation, any bill would likely face a presidential veto.
🚦 More gridlock for projects. With over a dozen pending regulations, subjecting FERC to White House review could delay critical energy infrastructure development. Plus, FERC processes over 1,000 cases a year related to energy projects. Adding White House oversight could worsen the backlog, slowing everything from pipeline permits to market rule changes.
📈 Surge in investor uncertainty. The executive order introduces new risks for energy investors, particularly in renewables and advanced grid technologies. FERC’s authority over transmission approvals and market rules directly impacts infrastructure investments and technology deployment. If regulatory decisions become subject to political swings, long-term projects could face heightened financial uncertainty, slowing capital deployment in the sector.
🧱 Terra CO2 Technology, a Golden, CO-based low-carbon cement materials developer, raised $82m in Series B funding from Just Climate, Breakthrough Energy Ventures, Eagle Materials, and GenZero.
🏠 Cambridge GaN Devices, a Cambridge, England-based energy-efficient advanced power devices developer, raised $32m in Series C funding from BGF, British Patient Capital, Cambridge Innovation Capital, Foresight Group, IQ Capital, and other investors.
♻️ Resynergi, a Rohnert Park, CA-based modular plastic recycling technology provider, raised $18m in Series B funding from Taranis, Lummus Technology, and Transitions First.
⚡ Nodes & Links, a London, England-based AI enterprise construction projects platform, raised $12m in Series B funding from ETF Partners, SFC Capital, and Uncorrelated Ventures.
⚡Valar Atomics, an El Segundo, CA-based clean energy and synthetic fuels producer, raised $19m in Seed funding from Riot Ventures, AlleyCorp, Initialized Capital, Day One Ventures, and Steel Atlas.
♻️ Metycle, a Köln, Germany-based digital platform for international secondary metal trade, raised $14m in Series A funding from 2150, Dutch Founders Fund, Market One Capital, Partech, and Project A Ventures.
⚡ Vema Hydrogen, an Wilmington, DE-based geologic hydrogen developer, raised $13m in Seed funding from Extantia, Propeller, Grantham Foundation, Pace Ventures, and Zero Carbon Capital.
🏠 Hyperlume, an Ottawa, Canada-based energy-efficient optical link technology developer, raised $13m in Seed funding from ArcTern Ventures, BDC Capital, Intel Capital, LG Technology Ventures, MUUS Climate Partners, and SOSV.
🥩 Food Brewer, a Horgen, Switzerland-based cell culture-based food producer, raised $6m in Seed funding from Lindt & Sprüngli and Sparkalis.
🏠 Cycloid, a Paris, France-based sustainable engineering platform provider, raised $5m in Series A funding from Reflexion Capital.
⚡ Everstar, a New York City, NY-based nuclear transformer developer, raised $4m in Pre-Seed funding from Third Prime, EXCEL Services, Page One Ventures, Pelican Energy Partners, and Virta Ventures.
🥩 Kynda, a Jelmstorf, Germany-based biotech sustainable proteins producer, raised $3m in Seed funding from Enjoy Ventures, Clima Now, and PHW Group.
🧪 ZYMVOL, a Barcelona, Spain-based biotech enzyme discovery platform, raised $3m in Seed funding from Faber, Elaia Partners, and Übermorgen Ventures.
🔋 The Energy Company, a Bengaluru, India-based EV battery manufacturer, raised $2m in Seed funding from Siana Capital, 1Crowd, Callapina Capital, LetsVenture, and Z21 Ventures.
⚡ Dynolt Technologies, a Bengaluru, India-based power electronics solutions for fast charging manufacturer, raised $2m in Seed funding from Transition Venture Capital.
🏠 HYTING, a Wiesbaden, Germany-based hydrogen-powered heating technology provider, raised an undisclosed amount in Seed funding from BMH Hessen and ebm-papst.
🔋 Skeleton Technologies, a Tallinn, Estonia-based graphene-based ultracapacitors, raised $19m in Grant funding from EIT InnoEnergy.
⚡ ElectronX, a Chicago, IL-based electricity market exchange service, raised $10m in Corporate Strategic funding from Systemiq capital, Equinor Ventures, Innovation Endeavors, and Shell Ventures.
💨 Carbon Reform, a Newark, DE-based modular carbon capture from indoor air technology developer, raised $4m in Convertible note funding.
🚗 Nikola Motor Company, a Phoenix, AZ-based hydrogen & electric manufacturer, filed for bankruptcy.
Can’t get enough deals? See full listings and deal analytics on Sightline Climate.
Germany’s snap election has put Friedrich Merz and his center-right CDU party in charge, which prioritize economic growth over green investment. Once a global climate leader, Germany has been feeling the heat from rising energy costs and industrial pushback, cooling public and political enthusiasm for aggressive climate action. If Berlin pumps the brakes on its climate commitments, it could leave a leadership vacuum just as the US retreats, throwing a wrench into global clean energy efforts and climate finance momentum.
Japan is dialing up its climate ambitions with new targets to slash GHG emissions by 60% by 2035 and 73% by 2040 from 2013 levels — part of its broader plan to hit carbon neutrality by 2050. The roadmap leans on renewables for up to 50% of the country’s electricity mix and nuclear power for 20% by 2040, signaling a shift from its post-Fukushima nuclear phaseout as nuclear power gains momentum globally.
The DOE gave the green light to a $1.44bn loan guarantee for Montana Renewables’ sustainable aviation fuel (SAF) refinery, marking the first disbursement from the Loan Programs Office under the Trump administration. While the project was initially approved under Biden, it was delayed for review before moving forward — reportedly after pressure from Republican Senator Steve Daines. The decision signals that some clean energy projects may still advance under Trump, but with his administration seeking to claw back federal climate funding, the broader future of SAF and other clean energy investments remains up in the air.
Northvolt is selling its Gdańsk-based industrial battery unit to Swedish truckmaker Scania for a reportedly low price, as it scrambles to restructure after filing for Chapter 11 bankruptcy in November. Once a European climate tech darling, Northvolt has struggled with production delays and is now offloading business units to raise capital, following similar deals with Volvo and Norsk Hydro. The sale highlights a shift in clean tech M&A, with industrial manufacturers, rather than automakers, emerging as key buyers of struggling climate tech assets.
Another former climate tech darling Nikola, once hyped as the Tesla of heavy trucks, filed for bankruptcy after failing to turn its hydrogen and electric semi-truck ambitions into a viable business. The company, which went public in 2020 via a SPAC, was plagued by fraud allegations, leadership shake-ups, and mounting financial losses. Its collapse shows the challenges of scaling capital-intensive climate tech in a competitive and cash-tight market.
Facing trade restrictions, Chinese firms are halting exports of a key lithium-processing material. The move could disrupt Western projects, including ExxonMobil and Equinor’s lithium extraction plans in Arkansas' Smackover formation, which had considered using Chinese technology. With companies like Koch Industries relying on Chinese sorbents, the restrictions may force a scramble for alternative suppliers — delaying North America’s push for a homegrown lithium supply chain amid its struggling broader EV rollout.
New IEA report, Electricity 2025, sheds light on the grid’s next big surge.
H2Global’s new €2.5bn tender fuels the hydrogen hype.
Storm clouds gather over NOAA and companies that rely on its data as Trump eyes cuts.
Carbon removal is trending — TikTok partners with Climeworks for removals.
NIO’s battery swapping stations are charging toward profitability in Singapore.
CarbonGap’s new one-stop-shop for European carbon removal policies.
Deep dive into debt deal between Encore and Brookfield.
New USGS Mineral Commodity Summary digs into the latest trends.
New nuclear-powered boxship is making waves.
Catching clouds: Can fog-farming reign in drought-stricken regions?
Hummingbirds were found living in hives for the first time.
A new study from earlier this month suggests a faster way to add 98GW of load to the US grid — existing power plants could supply these new loads if the grid operator can turn them off for just 44 hours per year (0.5% of the time).
Every week, we come across interesting charts and visuals. We've created a new section, "Trendline," to share these with you. Let us know what you think and if you’d like to see more of this going forward!
📅 Sightline Client Session: The DL on LDES: For Sightline Clients, join us February 28th, for a 30-minute client-only interactive session with Sightline’s LDES Analyst to cover tech types, key deployment themes, and a 2025 policy primer.
📅 Women in Batteries Interview: RSVP to attend an inspiring conversation with Ramya Swaminathan, Senior Advisor, Board Member (former CEO) at Malta, on February 25th as part of Volta Foundation’s Women in Batteries initiative.
💡 IES Program: Apply to the Connecticut Innovative Energy Solutions by February 28th for an opportunity to pilot your local energy infrastructure or energy end-use technology in Connecticut.
📅 Out in Climate - London Pub Meet-up: Join the Out in Climate community on Wednesday, March 12th at The Ganton Arms, London for the inaugural London chapter event.
📅 Hard Tech Female Founders & Funders Happy Hour: RSVP to attend the Hard Tech Female Founders and Funders Happy Hour on March 13th for an afternoon of casual networking and connection building.
💡 Climate Angels Investment Program: Apply by March 13th to join this intensive 6-week course) designed for emerging angel investors in climate tech. Gain insights through weekly 90-minute sessions, expert guest talks, and hands-on work with Climate Capital syndicate partners.
📅 Global Direct Air Capture Conference: Join the Direct Air Capture Coalition, Breakthrough Energy, Good Energy Collective, C2ES, and RMI on March 17th-18th, 2025, at New York University, NYC, for the second annual gathering of global leaders in policy, finance, technology, and industry.
💡 Climate Service Corps: Apply to the Climate Service Corps by March 17th to access direct funding and technical assistance to scale your clean energy work-based learning and skills training organization.
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Research Associate - Grid, Senior Software Engineer @Sightline Climate
Mechanical Engineer @Rivian Industries
Corporate Controller @Lunar Energy
Founding Account Executive @CNaught
Full Stack AI Developer @Ezra Climate
Community and Events Coordinator, Wet Lab Manager @Greentown Labs
Director of Climate Resilience & Finance @Massachussetts Executive Office of Energy and Environmental Affairs
Circular Analytics Intern @Eastman Chemical Company
Summer Graduate Investment Associate @Powerhouse Ventures
Program Manager III, Energy and Climate Advocacy @Google Sustainability
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