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Park, walk away, return to a full charge — wireless charging might be the most sought-after and elusive capability for electric vehicles, Alan writes.

Why it matters: One such developer in the U.S., WiTricity, is entering commercial production this year.

Alan road his e-bike to the company's headquarters in Watertown, Mass., to check out the latest.

What's happening: WiTricity is initially targeting passenger and light-duty commercial vehicles.

The ramp-up marks a transition from licensing to production.

Meanwhile, Hyundai has adopted the tech for some of its vehicles in South Korea.

At 11 kw, the charger adds 30-35 miles per hour. That's faster than most Level 2 chargers, which tend to be 7 kw.

By the numbers: The company raised $63 million last August, anchored by $25 million from Siemens AG.

It anticipates another funding round next year. It's raised more than $200 million to date.

How it works: WiTricity boxes are installed in a car's undercarriage.

A driver steers into a normal-seeming parking spot. A charging pad either on the ground or beneath the surface then tops up the car.

Zoom out: Investment in EV charging of all types is on track to crest $100 billion this year, much of it driven by China.

Manufacturers have coalesced around a set of standards for wireless charging, removing a roadblock to adoption.

What we're watching: “When a market is all EVs, you shift from, ‘Should I buy an EV’ to ‘Which EV should I buy?’ Feature-differentiation becomes really important,” Gruzen says.

Plus: If you think forgetting to defrost the chicken for dinner is bad, potential EV buyers are especially concerned about family forgetting to plug in the car, per a survey WiTricity shared with Alan.

Separately, keep an eye on futuristic-seeming autonomous valet services, which enable garages to pack cars like sardines.

"Anyplace there’s autonomy you need autonomous chargers," Gruzen says.

1 big thing: Wireless chargers hit the production line

WiTricity CEO Alex Gruzen at the company's headquarters outside Boston. Photo: Alan Neuhauser

Redaptive, a Denver-based startup that manages energy use in buildings, raised $50 million in Series E extension funding, the company exclusively tells Megan.

Why it's the BFD: The new tranche of funding brings Redaptive's Series E total to $250 million. The initial Series E funding closed in December.

Details: Private equity firm and long-time Redaptive investor Linse Capital led the additional $50 million in equity funding.

CEO Arvin Vohra tells Megan that an unnamed strategic investor also participated in the second closing, but declined to share details.

The influx of new funds did not change the company's valuation, which was pegged at $1 billion in December, per Bloomberg.

How it works: Redaptive makes software to help building owners better manage energy consumption.

The company has three primary revenue streams. The first is an energy-as-a-service product, which provides building owners funding to make energy efficient upgrades via a combination of Redaptive's balance sheet and third-party financing.

It also has a data software component, which looks like a typical hardware-connected SaaS business, and a project management component where Redaptive manages construction contractors and other on-the-ground project needs.

Redaptive's customers include Iron Mountain, Aramark and Cintas. The company typically works with large companies that have significant real estate footprints either through manufacturing centers, warehouses or offices.

What we're watching: Real estate tends to be a large contributor to a company's total emissions footprint, so we're watching whether Redaptive's pipeline of projects picks up as the SEC disclosure rules — which will require all companies to report said emissions — go into effect.

2. The BFD: Energy-management startup nets $50M

Illustration of a knob turning towards dollar bill signs of increasing size. 

🚗 Gas cars are still subsidizing EVs: Ford posted an overall $1.8 billion Q1 profit, but its electric vehicle division, Model E, had $722 million in losses.

Legacy automakers are making huge investments in the EV transition. But, for now, they’re being bankrolled by lucrative sales of gas-powered SUVs, pickups and other vehicles, Ben Geman writes in Generate.

🚕 Going my way?: Uber is expanding its revamped shared-rides service, UberX Share, to five more U.S. cities, Joann Muller writes in What’s Next.

Those cities: Baltimore, D.C., Miami, Nashville and Philadelphia. Lyft last week eliminated its shared-rides service to “simplify” its offerings as it laid off 26% of its workforce.

🚌 New school: Electric school buses are still a tiny share of the nationwide fleet, but growing fast, Ben also writes.

Almost 1,400 buses are either in operation, delivered or ordered as of December, per a World Resources Institute analysis. Federal cash via the 2021 bipartisan infrastructure law is speeding adoption.

🏭 Must construct additional pylons: Vespene Energy, a Berkeley, Calif.-based RNG developer that borrows its name from the video game “Starcraft,” launched a pilot site at a municipal landfill in Marathon County, Wisc, Alan writes.

Vespene opened the site with Viridi Energy, a Northridge, Calif.-based RNG project investor and developer.

“In the game, vespene gas is an important resource that must be captured if you want your civilization to advance to the next level. We feel very similar about landfill gas and biogenic methane,” Vespene CEO Adam Wright tells Alan. (His go-to race: Zerg.)

3. 🌡️ Temperature check

Illustration of a thermometer shaped like a smoke stack with smoke spewing out.

• Lilium, a German eVTOL developer, is raising $250m to fund manned flights next year. The company has an order pipeline of 640 jets. https://axios.link/3LQiGQY

• KKR and SunPower, the residential solar and energy services provider, signed a definitive agreement in which KKR will buy $550m of solar energy loans to SunPower customers. https://axios.link/3Ny2Onm

• Folium Capital launched Folium Fund III LP, a regenerative natural resources fund targeting agriculture and forestry, with an eye toward climate change mitigation. https://axios.link/3Lr6uF2

• Faraday Future Intelligent Electric, the LA-based developer of “ultimate intelligent techluxury”  EVs, received a second 180-day extension to meet Nasdaq’s $1 minimum bid price requirement. https://axios.link/3np2QU0

• Mullen, the struggling Brea, Calif.-based electric automaker, announced this morning that it had ~$116m cash on hand as of April 30, slightly up from $87.4m at the end of February. https://axios.link/42lW14k

• OceanTech Acquisitions I Corp., a SPAC, deposited $125,000 into the company’s trust account to extend the deadline for a merger from May 2 to June 2. https://axios.link/3VrFFVz

• BayWa r.e., the Irvine, Calif.-based utility-scale solar developer, closed a $115m credit facility with Nomura for 1.1 GW of solar and 188 MWh of battery storage in Arkansas, Illinois, Kentucky, North Carolina and Washington. https://axios.link/3LjC9bi

• The Great Lakes Clean Hydrogen Hub Coalition submitted its application for federal funding from the $8 billion U.S. Department of Energy hydrogen hub program. Linde is the prime applicant. https://axios.link/3NsJrfz

• SK On, the South Korean EV battery manufacturer, signed a joint development agreement with Westwater Resources, a Centennial, Colo.-based minerals explorer and developer, to develop an anode materials supply chain in North America. https://axios.link/3p705XN

• Nikola is selling 14 of its Tre battery-electric trucks to WattEV, a Long Beach, Calif.-based charging infrastructure developer for trucks. The sale is being financed via a long-term lease between Mitsubishi HC Capital America and WattEV. https://axios.link/412H1r7

• Hyundai Motor Company unveiled its Xcient fuel cell-powered tractor (as in trucks, not farms). https://axios.link/3Lm8L4a

• Freightliner, a truck-manufacturing division of Daimler Truck North America, unveiled its eM2 electric truck. https://axios.link/3Lpjnzb

• Performance Food Group, Navistar, Great Dane and Carrier Transicold launched a commercial evaluation program of all-electric refrigeration tech on a battery-electric truck. https://axios.link/44pEji8

• Barclays is requiring its beef-sector clients to take tougher steps to prevent deforestation in South American supply chains, per Reuters, citing a policy document. https://axios.link/420Ptsj

• Ørsted, the Danish energy giant and offshore wind developer, opened its wind farm technician job readiness program at Carnegie Library in Atlantic City. https://axios.link/3nfCRys

4. Hot deals

• Trousdale Ventures hired former Volkswagen Group of America president and CEO Hinrich Woebcken as general partner. https://axios.link/44p6RbS

• Corvias Infrastructure Solutions, a Warwick, R.I.-based environmental infrastructure firm, hired Sri Vedachalam as director for water equity and climate resilience. https://axios.link/3AOSUGu

• The Efficiency Network, a Pittsburgh-based energy management provider, hired Randy Clark as EVP of energy infrastructure and sustainability services. Clark was previously SVP at Noresco. https://axios.link/41WSuKf

• New Jersey Resources appointed Frank Casey as president of NJR Home Services, effective July 1. Casey was previously controller at MCF Brands. He succeeds Thomas Massaro, who is retiring Sept. 30. https://axios.link/3LLDBEF

• PJM Interconnection announced the election of Jeanine Johnson, Margaret Loebl and Charles Robinson to new three-year terms on its board of managers. Vickie VanZandt was also elected to complete the term of a retired board member. https://axios.link/42dQ35I

• Alabama Power announced the election of assistant corporate secretary Amy Riley to corporate secretary. https://axios.link/3NrDwqX

• Li-Metal, a Toronto-based lithium metal and anode developer, appointed Srini Godavarthy as its new CEO, effective May 15. https://axios.link/42icwi2

5. It's personnel

🎥  Today in clean-energy pop-culture moments: John David Washington's character in "Tenet" apparently holes up at the Nysted Wind Farm off the coast of Denmark before his adventures in time travel.

🍝 A late-season cold snap is giving Megan plenty of excuses to try out some new pasta recipes.

🍩 Anyone else absolutely loving this final season of "Barry"? Alan is all-in. 

Thanks to Michael Flaherty and Phoebe Neidl for today's edits.

And thank you for reading Climate Deals! Please share with your friends, family and carb loaders.

May 03, 2023

1 big thing: Wireless chargers hit the production line