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The week that was

Deals of the week

Temperature check

PPA of the week: From space to sea

The Nuclear Company is making a counterintuitive pitch to investors and bankers as it looks to copy-paste conventional large reactors: invest in bulk.

Why it matters: Funding multiple nuclear plants at once can de-risk investment and close the roughly $1 billion pre-construction funding gap, chief nuclear officer Joe Klecha tells Axios Pro.

The pre-FID, or pre-final investment decision, spans multiple years and is one of the biggest funding challenges, Klecha says.

Editor's note: This interview was edited for length and clarity.

Klecha: "The $1 billion range. The Department of Energy's done a lot; we're seeing hyperscalers step in to make a project financeable.

But how do we get private equity to step in? Could you get the right combination of private equity and infra funds to take a fleet-scale approach?

Instead of betting all my capital on a single project, have some variability on three to five. If one of those projects happens to move, it ends up being a win; if two of them go, that's great."

So de-risking is convincing investors to put more capital in?

"You de-risk in stages. 'Pre-FID' is really early site origination, site characterization, heavy engineering and procurement, then your final stage before FID — often your most expensive.

⚛️ The Nuclear Company is testing whether partially completed nuclear plants offer a shortcut as the U.S. attempts to revive reactor construction. Go deeper

🔎 Entrepreneurs are putting micro data centers anywhere spare power exists — from EV chargers to solar farms and home panels — and VCs are piling in. Go deeper

🧐 Vinod talks energy demand from AI: "Is this a problem between now and 2030? Yes. Is it a problem in 2035? No." Go deeper

💵 Scoop: GE Vernova's venture arm is preparing to request $200 million to $250 million in annual funding to invest in startups, up from typical allocations of $25 million to $50 million. Go deeper

🦾 Exclusive: Amp, which sorts waste with AI and robots, has closed $70 million in project debt to build two recycling facilities in Portsmouth, Virginia. Go deeper

🦣 Scoop: De-extinction company Colossal Biosciences is in talks to raise new funding at a $25 billion to $26 billion valuation led by TWG Global, an existing investor helmed by LA Dodgers owner Mark Walter. Go deeper

💰Scoop: Arbor Energy, a developer of near-zero-emissions gas turbines for on-site power, is preparing to raise about $250 million in Series B funding. Go deeper

🚚 Exclusive: Atomic, a supply chain planning platform founded by Tesla alumni, raised $12.5 million from Klass Capital and Madrona Venture Group. Go deeper

⚡️ Exclusive: R3 Lithium is scaling from the ashes of bankrupt battery recycler Ascend Elements, with plans to raise around $90 million in a Series B. Go deeper

📈 Repeat founders are capturing a larger share of early-stage dollars, per PitchBook. Go deeper

🎙️ Power giant AES (NYSE: AES) is betting that even the barest flexibility from data centers can free up the nation's strained electric grids. Go deeper

1 big thing: The week that was

Animated illustration of an atom made of AI sparkle particles rotating around a larger AI sparkle.

👉 GO HERE TO CATCH UP on deals this week.

• Reverion, a German developer of carbon-negative power plants, raised $175m in Series B funding. Kembara led, joined by Allianz, KfW Capital, Aurum Impact, and Carbon Equity. Go deeper

• Hertha Metals, a Conroe, Texas-based green steel producer, raised $134m in Series A funding. Khosla Ventures and Doerr Capital led the round, which included $65m from the U.S. government. They were joined by CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures, and Siemens Financial Services. Go deeper

• Efficient Computer, a Pittsburgh-based developer of energy-efficient processors, raised more than $97m in Series B funding at a $650m valuation. TQ Ventures led, joined by Eclipse, Union Square Ventures, Giant Ventures, Triatomic Capital, TO Capital, TF Capital, Mana Ventures, Toyota Ventures, Overmatch, and Borderless. Go deeper

2. Deals of the week

Illustration of a globe made of money and puzzle pieces next to the words "Energy and Climate Deals Roundup"

🫣 Permitting reform reality check: A long-awaited bill to speed construction of grid infrastructure and other energy assets is more likely than it's been in years — but still faces high hurdles.

The 417-page Bipartisan American Affordability and Jobs Act, introduced this week in the Senate, will face intense fights over renewables projects, pipelines and data centers, to name just three flashpoints. Ben Geman has more in Future of Energy.

📉 Renewables cliff: The number of new wind and solar projects in the U.S. will dramatically drop as soon as 2028 and 2029 if the Trump administration continues to block such assets, Jason Grumet, CEO of trade group American Clean Power Association, told Axios Pro.

One issue to watch: an August executive order that could restrict certain electrical equipment tied to China. Depending how broadly the order is implemented, "it has the potential to be devastating to the economy," Grumet warned.

🚛 About that FedEx truck order: The delivery giant this week announced that it had ordered 2,000 electric medium-duty trucks from LA-area startup Harbinger Motors, an order cresting $300 million.

It's more than mere symbolism or MOU, Harbinger CEO John Harris tells Axios Pro: "It is binding, and Harbinger has already started shipping chassis as part of this order." 

🤔 Carbon removal, reconsidered: The Natural Resources Defense Council is rallying support for projects that would remove heat-trapping emissions from the ambient air, Ben also writes in Future of Energy.

The move by the influential nonprofit, which previously took a less active stance on the sector, reflects growing recognition that emissions-producing industries aren't going away anytime soon.

3. Temperature check

Illustration of a pattern of repeating thermometers with different temperature levels.

Two strange technologies collided in one power purchase agreement this week.

Driving the news: Space solar startup Virtus Solis Technologies signed a 100 MW, 20-year PPA with data center startup Brae Systems, reports Latitude Media. 

The electricity is meant to be beamed back to Earth from satellites to power Brae System's data centers it plans to build underwater.

Virtus Solis founder and CEO John Bucknell predicts the first power will be produced around 2030.

October 03, 2026

1 big thing: The week that was