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Illustration: Sarah Grillo/Axios

Clarios, a car battery maker owned by Brookfield Asset Management, filed confidentially for an IPO that Bloomberg reports could value the company north of $20 billion.

Why it matters: The Wisconsin manufacturer claims to power one out of every three cars in the world, producing both lead-acid and lithium-ion batteries. It's also one of the world's largest battery recyclers.

History: Brookfield paid $13.2 billion in 2019 to buy Clarios from Johnson Controls International. Co-investors included Caisse de dépôt et placement du Québec.

The bottom line: The test for Clarios is if it can convince investors that it's the battery maker of both the present and the future. It doesn't yet have an actual electric vehicle battery business, even though it does power hybrids, sophisticated in-vehicle electronics and provides backup battery systems for EVs.

  • Given the White House's focus on electrification, don't be surprised if its IPO filing includes some mention of applying for a fat DOE grant to start making EV batteries in the U.S.

Go deeper

Robinhood prices IPO at $38

Illustration: Eniola Odetunde/Axios

Robinhood priced its IPO at the bottom of its price range at $38 a share on Wednesday, giving it a valuation of just under $32 billion.

Why it matters: The no-fee trading app maker made an unusually large allocation of its IPO shares available to retail investors, which is expected to make its opening day on the market less predictable.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.