The Impact Innovator | Issue 317
In this week's The Impact Innovator edition:
What is it: Vermont, the first "climate superfund" law in the country, will be charging large emitters for climate-related damage to the state. The law allows Vermont to charge fossil fuel companies for damages caused by climate change based on the share of emissions they produced between 1995 and 2024, with the funds going towards climate adaptation and resilience projects.
Why it's important: The law signifies a crucial step towards holding corporations accountable for their contributions to global warming, potentially setting a precedent for other states and nations to follow.
Key takeaways: Vermont has become the first U.S. state to pass a law charging fossil fuel companies for climate change-related damages. The legislation, inspired by the 1980 federal superfund law, allows Vermont to charge companies based on the share of emissions they produced between 1995 and 2024. The funds raised will be used for climate adaptation and resilience projects in the state. The law was passed by a veto-proof majority in both parties and will go into effect without the governor's signature. Other states are considering similar legislation.
What is it: Eversource is launching the first utility-operated underground thermal energy network in Framingham, Massachusetts. The $14 million project involves a network of pipes circulating a water-and-glycol solution through boreholes deep into the earth to leverage the constant underground temperature for heating and cooling buildings. The initiative aims to replace gas utilities with this cleaner, more efficient energy system, and if successful, could play a significant role in the transition from fossil fuels to electric heating and cooling.
Why it's important: The project's success could revolutionize the gas utility business model, potentially leading to large-scale energy efficiency, significant reductions in carbon emissions, and a significant step towards achieving climate goals.
Key takeaways: Gas utilities could play a significant role in reducing fossil fuel usage in buildings by shifting their focus from fossil gas to clean energy infrastructure. A pioneering project in Framingham, Massachusetts, run by utility Eversource, is testing this approach with the country's first utility-operated underground thermal energy network. The system uses a one-mile loop of pipes to circulate a water-and-glycol solution through boreholes, harnessing the earth's ambient temperature to heat and cool buildings. If successful and adopted on a wider scale, such systems could dramatically reduce the electricity needed to convert buildings from fossil fuels to electric heating and cooling. However, regulatory hurdles and the cost of maintaining existing gas networks pose significant challenges to this transition.
What is it: Claros Technologies, a company specializing in PFAS (perfluoroalkyl and polyfluoroalkyl substance) analytical and destruction technologies, is raising $22 million in funding. The funds will be used to continue scaling its research, development, and market penetration of its technologies, including its UV-photochemical PFAS destruction technologies and bio-based functional materials technologies.
Why it's important: This funding will allow the company to further develop and market its solutions for PFAS contamination, which is a significant global environmental and health issue.
Key takeaways: The funding round was co-led by Ecosystem Integrity Fund and American Century Investments, among others. The company plans to use the funds to further its research, development, and market penetration of its UV-photochemical PFAS destruction technologies and other functional materials technologies. Claros Technologies offers a solution to PFAS contamination that permanently destroys all types of PFAS. Since its last financing round in 2021, the company has scaled its PFAS destruction solution to field deployable units and commercialized its durable functional material chemistries from bio-based sources.
What is it: Agtech company Iyris offers innovative solutions to help farmers overcome challenges posed by climate change, such as rising temperatures and drought. The company recently raised $16 million in a Series A funding round. Iyris provides a technology called SecondSky, an additive for polyethylene manufacturing that blocks near-infrared radiation, reducing heat while allowing necessary light for photosynthesis to pass through, thereby increasing crop yields and reducing energy and water consumption.
Why it's important: The company's growth and the increasing global adoption of its technology underscore the pressing need for such solutions amid escalating climate change concerns.
Key takeaways: Iyris' flagship technology, SecondSky, involves an additive to polyethylene manufacturing that blocks near-infrared radiation, reducing heat and allowing photosynthetically active radiation to pass through. This technology helps farmers reduce cooling costs, water usage, and electricity consumption, extending their growing seasons and increasing crop yields. The company's technology, which originated from innovations developed at the King Abdullah University of Science and Technology in Saudi Arabia, is now being adopted globally, including in the U.S., Portugal, Spain, and Mexico. Iyris is addressing a global market of over $6 billion in recurring annual sales for greenhouse covers.
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What is it: Swiss scientists and chocolatiers have developed a healthier and more sustainable chocolate recipe, which replaces sugar with waste plant matter from cocoa pods.
Why it's important: The new method not only makes chocolate more nutritious but also reduces land and water usage, potentially offering a new revenue stream for farmers while reducing waste in the production process. However, the new method also increases greenhouse gas emissions due to an additional drying step, which the scientists believe could be mitigated by scaling up the process and using sun or solar panels for drying.
Key takeaways: The new method uses the pulp and husk of the cocoa pod to create a sweet, fibrous gel that replaces sugar in chocolate, making the product more nutritious and environmentally friendly. This approach could also provide an additional revenue stream for farmers. However, the new method currently increases greenhouse gas emissions by 12% due to an extra drying step, but the researchers believe that using solar energy could reduce these emissions. The taste and sweetness of the new chocolate are comparable to traditional dark chocolate, but the sweetness of the gel cannot be fine-tuned like powdered sugar.
What is it: University of Kyoto to launch the world's first wooden satellite into space, named LignoSat. This initiative aims to address the issue of metallic satellites leaving damaging particles in the Earth's atmosphere upon re-entry, potentially contributing to the depletion of the ozone layer. The wooden satellite, which will be launched aboard a SpaceX rocket, will be monitored for its ability to withstand temperature changes and other aspects of space conditions, with the ultimate goal of creating sustainable, wooden human habitats in space.
Why it's important: When these metal satellites re-enter Earth's atmosphere, they leave behind metal particles which can be harmful to the atmosphere and potentially contribute to ozone depletion. The University of Kyoto's wooden satellite, LignoSat, is a first-of-its-kind initiative that could lead to more sustainable space technology, leaving only biodegradable ash upon re-entry.
Key takeaways: The University of Kyoto is set to launch the world's first wooden satellite, named LignoSat, in an attempt to mitigate the damage caused by metal satellites re-entering Earth's atmosphere. Upon re-entry, metal satellites leave behind particles that could potentially harm the Earth's atmosphere and contribute to the depletion of the ozone layer. The wooden satellite, developed in collaboration with logging company Sumitomo Forestry, will be sent to the International Space Station (ISS) on a SpaceX rocket. The satellite's performance will be monitored for six months, focusing on data related to wood expansion, contraction, and other factors. If successful, this innovation could lead to more sustainable, biodegradable satellites in the future.
What is it: Clean Energy Ventures (CEV), a US venture capital company, has successfully closed its second flagship fund with commitments of $305 million, surpassing its initial target of $200 million. The fund has already been used to invest in six companies focused on climate innovations, and CEV is expanding its operations into Europe with a new office in London. The fund's oversubscription reflects a heightened investor interest in technologies aimed at reducing carbon emissions.
Why it's important: The fund has already invested in six new companies, including green ammonia producer Nitrofix and sustainable aviation fuel developer OXCCU. The fund has backing from partners including Carbon Equity, the Grantham Foundation for the Protection of the Environment, Builders Vision, and New Summit Investments.
Key takeaways: The second fund follows CEV’s $110m Fund I launched in 2019, which supported 20 climate tech companies. CEV is also expanding its operations into Europe with a new office in London.
What is it: The world's first human trial of a drug designed to regenerate teeth is set to begin soon at Kyoto University Hospital. The drug has previously been successful in animal models, and if the human trials are successful, it could be commercially available by 2030. The drug works by deactivating the USAG-1 protein, which suppresses tooth growth, thus encouraging new bone to generate.
Why it's important: If successful, the treatment could provide a permanent solution for tooth loss, a prevalent issue affecting people of all ages globally, and it could be commercially available as early as 2030.
Key takeaways: The world's first human trial of a drug capable of regenerating teeth will commence soon at Kyoto University Hospital, following its successful use in animal models. The medicine works by deactivating the uterine sensitization-associated gene-1 (USAG-1) protein, which suppresses tooth growth, thereby encouraging new bone generation. The trial will initially involve 30 males aged between 30-64, followed by patients aged 2-7 with congenital tooth deficiency. Researchers are also considering expanding the trial to those missing teeth due to environmental factors. If successful, the treatment could be commercially available as early as 2030.