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Koch Industries Inc. headquarters, Wichita, Kan., Nov. 14, 2005. Photo: Larry W. Smith/Bloomberg via Getty Images.

A division of industrial giant Koch Industries has bought Senate hopeful Jim Lamon's company, likely providing a cash infusion for the Arizona Republican as he pours huge sums of his own money into the race.

Why it matters: Lamon is vying for the GOP nomination to take on Democratic Sen. Mark Kelly in what is expected to be one of the most competitive — and expensive — races of the 2022 midterms.

  • There's no indication the deal was influenced by any political considerations. Americans for Prosperity Action, the leading political arm of the Koch network, has not reported any expenditures in the Arizona Senate race this year.
  • Lamon has already loaned his campaign $5 million and said he is prepared to spend 10 times that sum.
  • He gave another $2 million to a conservative voter registration group operating in Arizona in the days before he entered the race.

Driving the news: Koch Engineered Solutions announced this week it has acquired Lamon's Scottsdale-based solar energy company, DEPCOM Power.

  • "The acquisition of DEPCOM is a milestone for our business" that "enables our entry into the fast-growing renewables market," KES president David Dotson wrote in an internal email.
  • Neither KES nor DEPCOM disclosed the value of the deal, but Lamon said publicly after the sale was announced that DEPCOM was worth about $1 billion.
  • KES is a subsidiary of Koch Industries, which is owned by libertarian billionaire Charles Koch.

Between the lines: Lamon, who founded DEPCOM in 2013, held equity in the company worth more than $50 million as of August, according to his candidate financial disclosure form. That's the highest value range candidates are required to disclose.

  • He has already signaled income from the DEPCOM sale could make its way to his campaign.
  • Lamon's campaign did not respond to inquiries from Axios.

Go deeper

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.

Updated 1 hour ago - Science

Blizzard likely to hit New England this weekend as "bomb cyclone" forms

Computer model projection of the precipitation and wind field from the weekend storm in the Northeast. (Earth.nullschool.net)

A powerful blizzard is likely to strike parts of New England and the Mid-Atlantic beginning Friday and lasting into the weekend, with snow totals that are likely to be measured in feet.

The big picture: The joining of weather systems embedded in both the polar, or northern branch, of the jet stream and the southern branch is projected to create a bomb cyclone. Such storms undergo a process known as bombogenesis, with their minimum central air pressure readings plunging at least 24 millibars in 24 hours.