A new firm helmed by energy tech and finance veterans, called Volta Energy Technologies, says it's joining the race to develop the next wave of batteries. The company announced today it's got an innovative new model for vetting and funding promising breakthroughs in battery and other storage.

Why it matters: Improvements in battery technology are key to the growing commercialization of electric vehicles, as well as power applications that can help bring large amounts of renewable power into the grid and into homes.

  • This makes batteries a key tool in the battle against global warming, because they can help decarbonize both transportation and electricity systems.

The details: Volta is led by Jeff Chamberlain, whose past work includes spending a decade leading energy storage programs at the Energy Department's Argonne National Laboratory — a major research lab that's working with the new firm.

  • The first two investors in Volta are utility giant Exelon and Albemarle Corp., a chemical company that's a major supplier of lithium, a key battery component. The amount of their investment was not disclosed. More investors will be announced in the future, a company representative said.

How it will work: Volta has a R&D agreement with Argonne, which is based in the Chicago area. The structure, according to the company rep, will enable use of Argonne facilities and expertise with private funds, not taxpayer dollars.

  • The idea is to provide Volta a way to validate and test technologies developed by outside entrepreneurs as the company's investors decide which products to try and bring to commercialization.

Yes, but: There's lots of competition in the battery market as government policies worldwide push EVs into the mainstream, and power companies, grid operators and others seek to blend renewables with greater storage.

  • However, Volta argues that this ability to validate and scale up new tech by working with Argonne will help give the new firm an edge over traditional venture capital firms and other investment vehicles.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.

What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.