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Benchmark uranium prices have shot to their highest point in more than a decade, but the slow-moving nuclear-fuel cycle should insulate investors from the worst of the pain, market experts tell Alan.

Why it matters: Russia's invasion of Ukraine has sparked fresh interest in nuclear as a dependable, carbon-free source of electricity. 

What's happening: The spot market for U3O8 or "yellowcake" — the first stage in the uranium fuel cycle after mining — is seeing record trade volumes.

In recent weeks, prices climbed to an 11-year high of more than $60 per pound, according to data from UxC and an S&P Global Commodity Insights report shared with Alan. 

Be smart: Most uranium prices are traded under long-term contracts, but the spot-price market offers a useful bellwether. 

"The long-term market has experienced its own jump in prices," the S&P report says.

Driving the news: Political leaders, especially in Western Europe, are looking for alternatives to Russian natural gas exports.

Meanwhile: Russia controls a small but significant share of yellowcake production — about 6% — and a far larger slice of the conversion and enrichment phases of the uranium value chain. 

In a uranium version of "I'm breaking up with you! No, I'm breaking up with you!," European and American political leaders have debated putting an embargo on Russian uranium exports, while Russia has responded by threatening to institute a uranium embargo of its own.

Of note: Kazakhstan accounts for about 41% of global U308 production. Civil unrest there has also threatened to disrupt uranium supplies.

What they're saying: The nuclear fuel chain runs on a one- to two-year timeline — much slower than fossil fuels or, say, the minerals needed to manufacture solar panels, wind turbines, and batteries.

"The  main reason not to panic about uranium supply is the fundamentally slow-moving character of the nuclear fuel value chain," the S&P report says.

"In case of a cutoff of supply of  low-enriched uranium from Russia to certain countries, the impact would be felt only  gradually thanks to the buffer provided by the slow schedule as well as U.S. and EU commercial stockpiles." 

1 big thing: Don't panic over soaring uranium prices

Illustration of an atom with a coin as the nucleus. 

Colossus Energy, a startup that sells enterprise software to solar companies, laid off nearly 100 employees on May 6, Megan has learned.

Why it's the BFD: Uncertainty abounds in the solar industry.

What's happening: Colossus cut 97 roles across sales, support, quality assurance and HR, according to a crowdsourced document obtained by Megan that helped affected employees search for new opportunities.

The bulk of cuts were across the company's call center representatives, the company confirmed to Megan.

Rachel Andrus, the director of instructional design, was also among those let go.

“The significant decision to close our call center operations was necessary to aggressively pursue growth opportunities in proven areas of our business,” Daniel Gloede, Colossus’ head of finance, tells Megan via email.

“Earlier this month, we launched a digital solar marketplace to better serve our customers. This aligns with our focus on growing our sales enablement solutions.”

Between the lines: Sales team layoffs often come as a company struggles to attract and maintain customer contracts.

Roughly a week after the layoffs, Gloede shared a CNBC story on LinkedIn about cost-cutting at Uber, writing, "Dara's letter to his team is one I suspect will be repeated many times over in the public markets over the coming months. Focus on unit economics, make hiring more selective, begin showing path to profitability. Startup CFOs need to have similar conversations with their founders."

Context: Colossus raised $36 million in Series A funding on January 18. BuildGroup led the round, which also included Capital Creek, RTP Global, CEAS and Poplar Ventures.

The company has raised $41 million in funding to date.

State of play: The solar industry is dealing with multiple crises that threaten its long-term health.

The U.S. Department of Commerce is currently pursuing an investigation into whether some solar panel suppliers in Asia violated U.S. trade barriers against China, cutting off a majority of the U.S. imported panel supply until the investigation is complete.

Banks have stepped back from funding new power purchase agreements with solar plants under construction during the investigation, making large-scale plants riskier.

Meanwhile, privately funded companies are bracing for a pullback.

VC investors are counseling their portfolio companies to rein in spending in preparation for harder times ahead.

Startups and large tech companies alike have paused hiring or already reduced head count as one measure to get their spending under control.

💭 Our thought bubble: Colossus is likely the first of many companies cutting head count in the weeks and months ahead.

2. The BFD: Layoffs at a solar software startup

Illustration of a cardboard box full of cursors.  

While nearly two-thirds of publicly traded companies track and report their emissions, fewer than 1% of privately held companies do the same, according to a new report from Bain & Company

Why it matters: It's no surprise that private companies make fewer disclosures than public companies — but the massive gap in reporting on environmental impacts is eyebrow-raising. 

Public pressure, including calls for environmental disclosures, only go so far.

The details: The report draws on data from CDP, a nonprofit that runs an environmental disclosure system.

Driving the news: Private companies aren't entirely ignoring climate change or their companies' environmental impacts.

88% of companies told CDP that they have "appointed someone with responsibility for climate strategy."

Yet fewer than a third have instituted any management incentives for reducing their companies' environmental impacts — and less than half identified any material risks related to their environmental impacts.

Of note: 37% vs. 73%: The share of private companies and public companies, respectively, that have set emissions targets. 

3. <1% private companies disclose climate impacts

Illustration of smoke coming out of the lenses of binoculars.

📈 We've got a mega-rundown this morning on the hot deals from last week and this morning. Got a tip, or one that we missed? Reply to this email and let us know.

ChargeLab, building management software for EV charging, raised a $15m Series A led by King River Capital, with participation from ABB E-Mobility and existing investors Construct Capital, Root Ventures, Highline Beta, Third Sphere, and Maple VC. http://axios.link/PtRF

Joule Case, a mobile battery startup, announced the launch of a $4m crowdfunding round on Wefunder. http://axios.link/TFgx

Tandem Infrastructure has closed an initial funding round with an investment from Hudson Sustainable Group. Further details were not disclosed. http://axios.link/fbtA

Hyundai Motor Group says it will invest $10b by 2025 to expand electrification and “smart mobility.” The company last week announced a $5.5b plan to establish its first dedicated EV and battery manufacturing facility in the U.S. http://axios.link/hmCt

SK Growth Opportunities, an ESG SPAC led by Richard Chin (ex-president of SK Hynix), filed for a $200m IPO. Directors include former House Speaker John Boehner. http://axios.link/h8Hn

LiqTech International closed its public offering with proceeds of about $26.5m. http://axios.link/FKl0

Voltage Metals (CSE: VOLT), a minerals exploration company focused on nickel and other battery metals, commenced trading of common shares on the OTCQB Venture Market under ticker symbol VLTMF. http://axios.link/vfG8

Siemens (DE: SIEG) launched a €4.05b (~$4.3b) bid for the remaining minority stakes in wind turbine business Siemens Gamesa. http://axios.link/HtTe

Meritor (NYSE: MTOR) has agreed to acquire Siemens’ Commercial Vehicles business for about €190m (~$202.7m) in cash, adjusted for changes in working capital at closing. http://axios.link/IoiJ

Blade Air Mobility (Nasdaq: BLDE) has entered into a definitive agreement through its wholly-owned European subsidiaries to acquire the asset-light commercial passenger transport activities of three urban air mobility operators in Europe: Monacair SAM, Héli Sécurité and another leading helicopter operator in the South of France, for €48m (~$50m). http://axios.link/qKc4

Captona and South Jersey Industries (NYSE: SJI) have acquired a 5.66-megawatt and 5.2- megawatt-hour solar-plus-storage facility in Agawam, Massachusetts, through joint venture Catamaran Renewables, from Consolidated Edison Solutions. http://axios.link/JboA

BBB Industries, a sustainable automotive aftermarket manufacturer, has entered into a definitive agreement to be acquired by Clearlake Capital Group, with continued investment by Genstar Capital and BBB's management team. Upon closing the transaction, Clearlake will become majority shareholders of BBB. http://axios.link/Shn8

Sungrow has signed a €50m (~$53m), 600-megawatt agreement with PVO International to distribute Sungrow inverters and battery systems in Europe. http://axios.link/QpJ8

Avangrid will pay the town of Barnstable, Massachusetts, $16m to host transmission infrastructure to support the 800-megawatt offshore Park City Wind project. http://axios.link/F7vT

The Northern Cheyenne Tribe has selected the Indigenized Energy Initiative to develop the White River Community Solar Project, comprised of 1.25-megawatt solar PV systems in the Northern Cheyenne reservation in Montana. The U.S. Department of Energy is providing $3.2m in funding, with the Tribe to contribute 20% in matching funds. http://axios.link/MeO4

The U.S. Department of Energy is providing $2.1m in funding to Solidia Technologies to develop and test lower-carbon concrete materials. http://axios.link/BRis

Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), has signed a participation agreement with TotalEnergies, Mitsui & Co. and Mitsubishi Corporation for the proposed Hackberry Carbon Sequestration project in Southwest Louisiana. http://axios.link/RmxB

ING Americas, Equix and Bair Energy have joined a Renewable Energy Technology Alliance with Clean Energy Holdings to develop a 250-megawatt green hydrogen project in Clear Fork, Texas. http://axios.link/1DoH

Lightsource bp, a solar energy developer, is co-developing a 150-megawatt solar project with Green Rock Energy at a fishery in Taiwan. http://axios.link/gJvV

Sungrow has signed an agreement with Lavo to supply 79 megawatts in PV inverters and 176 megawatt-hours in battery systems for 16 solar farms in Victoria, Australia. http://axios.link/2BZo

Alcoa (NYSE: AA) has signed a long-term PPA with Greenalia, an independent renewable energy developer, to supply power for the planned restart of aluminum smelting at the San Ciprián smelter in Spain. http://axios.link/nIwp

Trina Storage, a battery energy storage system provider, has signed an LOI with Power Electronics, a storage and inverter manufacture to deploy 1 gigawatt-hour in battery storage projects. http://axios.link/kilb

SGP BioEnergy is developing a giant biofuels refinery and sustainable aviation fuel production facility in Panama. http://axios.link/N5GY

HIF Global, HIF Chile and Uniper Global Commodities have signed an LOI to negotiate binding offtake agreements for the sale and purchase of up to 2 million tons of so-called “e-methanol” fuel from commercial plants being developed in Chile. http://axios.link/XDle

​​SolarEdge Technologies (Nasdaq: SEDG) and Huawei Technologies announced a global patent license agreement and the settlement of pending patent-litigation between the companies. http://axios.link/9SnG

NuScale Power and Associated Electric Cooperative, serving 2.1 million people in Missouri, Oklahoma and Iowa, have signed an MOU to consider the deployment of NuScale small modular reactors. http://axios.link/8NzK

Westinghouse and Penn State have signed an MOU to potentially deploy a micro-reactor on the university’s main campus. http://axios.link/onZR

Ultra Safe Nuclear Corporation, Global First Power, and McMaster University in Canada have signed an MOU to potentially deploy a micro modular reactor at McMaster or an affiliated site. http://axios.link/13aw

Generac Grid Services, a subsidiary of Generac Power Systems (NYSE: GNRC), and PosiGen announced the launch of a battery backup and load-management program for low- to moderate-income residents. http://axios.link/NWOy

Einride, a Swedish freight technology company, has signed a deal to incorporate 110 electric heavy-duty trucks from Scania. http://axios.link/dJbd

Shell and Inaccess announced plans to develop a 100 MW hybrid wind and solar PV project in the Netherlands. http://axios.link/ak3j

Odin Automotive S.à r.l., an automotive holding company, has rebranded to B-ON and launched electrification services. http://axios.link/PtID

Alimentation Couche-Tard (TSX: ATD) has begun deploying EV fast-chargers at 200 Circle K and Couche-Tard convenience stores in North America, with the first brought online Friday at a Circle K location in South Carolina. http://axios.link/hfuR

PSC Group has opened a 200,000-square-foot advanced plastics recycling facility in Baytown, Texas. http://axios.link/fy10

4. Hot deals

NextEra Energy’s (NYSE: NEE) board of directors has appointed CEO John Ketchum as chairman of the board. Ketchum succeeds Jim Robo, who plans to retire July 29. http://axios.link/TpmX

MagniX, developing electric propulsion for aircraft, has named Nuno Taborda its CEO. Taborda joins MagniX from Rolls-Royce. http://axios.link/erpx

Maxeon Solar Technologies (Nasdaq: MAXN) has named Philippe Costemale its new COO. Costemale was most recently vice president, global manufacturing and supply chain, for Technicolor in Hong Kong. http://axios.link/opm2

EVgo (Nasdaq: EVGO), announced the appointment of Katherine Motlagh and Badar Khan as board members. Motlagh is executive vice president and CFO of CyrusOne. Khan is president of National Grid U.S. http://axios.link/AFWo

ADM (NYSE: ADM) has appointed Ron Bandler as vice president and treasurer, succeeding John Stott, who was named president of ADM Investor Services. Bandler was previously assistant treasurer. http://axios.link/mW9M

Lordstown Motors (Nasdaq: RIDE) announced the election of Joseph Anderson, Laura Soave and Angela Strand as independent directors. http://axios.link/neVC

Admiral America Energy has appointed Frank Bernthaler its COO. http://axios.link/Cec3

Exro Technologies (TSX: EXRO), developing power electronics for electric motors and batteries, has appointed Rod Copes to its board of directors. Copes was previously COO of Rivian. http://axios.link/NnZw

Aspen Aerogels (NYSE: ASPN) has appointed Virginia Johnson chief legal officer, general counsel and corporate secretary. Johnson joins the company from Schneider Electric North America. http://axios.link/N7dp

The Climate Reality Project has named Phyllis Cuttino its president and CEO. Cuttino, a consultant and previously executive director of Climate Action Campaign DC, succeeds Ken Berlin, who announced his retirement last fall. http://axios.link/FJq4

GAF Energy, a solar roofing provider, has named Gabriela Bunea as chief solar innovation officer. Bunea was most recently vice president of research, development and deployment at SunPower. http://axios.link/vlKH

GAF Energy has also named Ralph Robinett as senior vice president, manufacturing and deployment. Robinett was most recently vice president of operations at Celestica. http://axios.link/vlKH

5. It's personnel

Entergy's Palisades nuclear power plant in Michigan closed Friday. (Twitter)

6. Signing off

A screenshot of a tweet from a nuclear power plant worker about the plant's closure.

Happy Monday! We're back from our all-staff retreat last week and have carbo-loaded on hotel croissants. 

🚗 Situational awareness: EVs displaced nearly 1.5m barrels of oil per day last year. Leading the charge: two- and three-wheel vehicles, followed by buses. Our colleagues Ben Geman and Joann Muller have the rundown.

💰 🎤 We're holding one-on-one conversations to learn about your experience with Axios Pro. The goal: make Axios Pro even more useful for you. And there's an immediate upside, too — as a thank you for your participation, you'll receive a $60(!) Amazon gift card. (Note: Likely cannot be used for purchase of uranium.) 

To participate, fill out this short form.

May 23, 2022

1 big thing: Don't panic over soaring uranium prices