Election results buoy stock at Texas-based Tesla

seeing dollar signs

Texan Elon Musk stands to benefit from the next president. Photo via cdn.britannica.com

Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its Texas-based CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Washington Post reported that Musk worked illegally in the country while on a student visa. Photo by Justin Sullivan/Getty Images

Texas EV entrepreneur Elon Musk called out over published report that he once worked in the US illegally

he said, he said

President Joe Biden slammed Elon Musk for hypocrisy on immigration after a published report that the Tesla CEO once worked illegally in the United States. The South Africa-born Musk denies the allegation.

“That wealthiest man in the world turned out to be an illegal worker here. No, I’m serious. He was supposed to be in school when he came on a student visa. He wasn’t in school. He was violating the law. And he’s talking about all these illegals coming our way?” Biden said while campaigning on Saturday in Pittsburgh at a union hall.

The Washington Post reported that Musk worked illegally in the country while on a student visa. The newspaper, citing company documents, former business associates and court documents, said Musk arrived in Palo Alto, California in 1995 for a graduate program at Stanford University "but never enrolled in courses, working instead on his startup. ”

Musk wrote on X in reply to a video post of Biden’s comments: “I was in fact allowed to work in the US." Musk added, “The Biden puppet is lying.”

Investors in Musk’s company, Zip2, were concerned about the possibility of their founder being deported, according to the report, and gave him a deadline for obtaining a work visa. The newspaper also cited a 2005 email from Musk to his Tesla co-founders acknowledging that he did not have authorization to be in the U.S. when he started Zip2.

According to the account, that email was submitted as evidence in a now-closed California defamation lawsuit and said that Musk had applied to Stanford so he could stay in the country legally.

Musk is today the world’s richest man. He has committed more than $70 million to help Republican presidential nominee Donald Trump and other GOP candidates win on Nov. 5, and is one of the party's biggest donors this campaign season. He has been headlining events in the White House race’s final stretch, often echoing Trump's dark rhetoric against immigration.

Trump has pledged to give Musk a role in his administration if he wins next month.

There was no immediate response to messages left with X and Tesla seeking Musk’s comment.

If finalized, the measure would protect an estimated 36 million U.S. workers from injuries related to heat exposure on the job — establishing the first major federal safety standard of its kind. Photo via Getty Images

New rule to protect 36 million workers from extreme heat in Texas, beyond

fired up

President Joe Biden on Tuesday proposed a new rule to address excessive heat in the workplace, warning — as tens of millions of people in the U.S. are under heat advisories — that high temperatures are the country's leading weather-related killer.

If finalized, the measure would protect an estimated 36 million U.S. workers from injuries related to heat exposure on the job — establishing the first major federal safety standard of its kind. Those affected by excessive heat in the workplace include farmworkers, delivery and construction workers, landscapers, and indoor workers in warehouses, factories, and kitchens.

Biden highlighted the proposed rule as one of five steps his Democratic administration is taking to address extreme weather as Hurricane Beryl is already ripping through the Caribbean in an ominous sign for the summer.

Biden used his remarks at the D.C. Emergency Operations Center to blast those Republican lawmakers who deny the existence of climate change, saying, “It's not only outrageous, it's really stupid.” Biden noted that there are human and financial costs from climate change, saying that weather-inflicted damage last year cost the economy $90 billion.

“More people die from extreme heat than floods, hurricanes and tornadoes combined,” Biden said. “These climate fueled extreme weather events don’t just affect people’s lives. They also cost money. They hurt the economy, and they have a significant negative psychological effect on people.”

The Democratic president, who's seeking reelection in part on his environmental record, said that the Federal Emergency Management Agency was also finalizing a rule to factor in possible flooding risks for federal construction projects.

In addition, FEMA was announcing $1 billion in grants to help communities deal with natural disasters, while the Environmental Protection Agency was releasing a new report on climate change's impacts. Lastly, Biden said his administration would hold a conference titled “White House Summit on Extreme Heat” in the coming months.

Despite increased awareness of the risks posed to human health by high temperatures, extreme heat protections — for those routinely exposed to heat index readings above 80 degrees Fahrenheit (27 degrees Celsius) — have lagged.

“The purpose of this rule is simple,” a senior White House administration official told reporters. “It is to significantly reduce the number of worker-related deaths, injuries, and illnesses suffered by workers who are exposed to excessive heat ... while simply doing their jobs.”

Under the proposed rule, employers would be required to identify heat hazards, develop emergency response plans related to heat illness, and provide training to employees and supervisors on the signs and symptoms of such illnesses. They would also have to establish rest breaks, provide shade and water, and heat acclimatization — or the building of tolerance to higher temperatures — for new workers.

Penalties for heat-related violations in workplaces would increase significantly, in line with what workplaces are issued for violations of Occupational Safety and Health Administration rules, a senior White House administration official said.

An estimated 2,300 people in the U.S. died from heat-related illness in 2023. From 1992 to 2022, a total of 986 workers across all industry sectors in the U.S. died from exposure to heat, with construction accounting for about 34% of all occupational heat-related deaths, according to the Environmental Protection Agency. During that time, 334 construction workers died due to heat exposure on the job.

As the hottest month of the year gets underway, millions of Americans will be at greater risk of heat strokes, dangerous dehydration and heat-related heart stress.

The Labor Department has been developing a standard for how workplaces deal with heat since 2021. Last year, OSHA held meetings to hear about how the proposed measures could affect small businesses.

The AFL-CIO union federation praised the measure. “If finalized, this new rule would address some of the most basic needs for workers’ health and safety,” said AFL-CIO President Liz Shuler.

Heat protection laws in the U.S. have faced steady industry opposition, including from chambers of commerce and other business associations. Many say a blanket mandate would be difficult to implement across such a wide range of industries.

California, Colorado, Oregon, Minnesota and Washington are the only states with workplace standards for heat exposure. Over the past year, Florida and Texas, led by Gov. Ron DeSantis and Gov. Greg Abbott, both Republicans, passed legislation preventing local governments from requiring heat protections for outdoor workers.

If finalized, the Biden administration's rule would override state standards, and states with existing procedures to deal with heat would have to institute measures at least as stringent as the finalized federal rule.

The OSHA plan was announced as the EPA released a new report on climate change indicators in the U.S. The report, last updated in 2016, highlights data showing the continuing and far-reaching impacts of climate change in the U.S. This year’s report adds heat-related workplace deaths and marine heat waves as climate change indicators.

The report lists 57 indicators related to either the causes or effects of climate change.

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Texas A&M wins $5.4M DOE grant for advanced nuclear fuel research

fresh funding

The U.S. Department of Energy has awarded Texas A&M Engineering Experiment Station (TEES) a $5.4 million grant to research ways to turn nuclear waste into fuel.

The goal of the project, “Turning Nuclear Waste into Fuel with a Thorium Molten Salt Reactor,” is to develop innovative reactor fuel technology that could help transform long-lived nuclear waste into a valuable energy resource while advancing the future of nuclear power, according to Texas A&M.

Lin Shao, a Texas A&M professor of nuclear engineering, will lead the project and unite researchers from TEES, Savannah River National Laboratory and Abilene, Texas-based nuclear power company Natura Resources. The team will use experimental testing, fuel preparation, reactor design and computational modeling in their work.

“Texas A&M Engineering is honored to receive this support from the Department of Energy to advance groundbreaking nuclear energy technologies,” Robert H. Bishop, vice chancellor and dean of Texas A&M Engineering and director of TEES, said in a news release. “This research aligns directly with our mission to solve the nation’s most pressing engineering challenges through innovation and collaboration. We have an opportunity to develop solutions that reduce nuclear waste, improve energy reliability and help maintain American leadership in advanced nuclear technologies.”

Texas A&M’s award is part of the DOE's Advanced Research Projects Agency-Energy (ARPA-E) $50 million advancement for next-generation nuclear fuels through the High-performance Optimized Recycled Nuclear Isotopes for Gen IV reactors (HORNIG) program. Texas A&M was one of eight projects selected as part of the ARPA-E efforts.

“America’s energy future depends on bold innovation and strong partnerships between the federal government, national laboratories, universities and industry,” U.S. Deputy Secretary of Energy James P. Danly said when he awarded the grant on campus Oct. 29. “This project demonstrates how we can address long-term nuclear waste challenges while advancing technologies that strengthen our nation’s energy security. The Department of Energy is proud to support research that has the potential to unlock new value from existing nuclear materials and accelerate the deployment of advanced reactor systems.”

Zero-emission electric air taxi network to land in Texas in 2027

Electric Travel

San Jose, California-based aerospace company Archer Aviation is bringing its air-taxi system to the “Texas triangle” of Houston, Austin and Dallas-Fort Worth.

Currently, the planned zero-emission electric air taxi networks will use Archer’s Midnight air taxi to “turn 60- to 90-minute drives to major airports, business districts and major destinations into 10- to 20-minute flights,” the company said in a news release. Archer plans to begin flights in the Texas triangle next year.

The Midnight air taxi is an all-electric vertical takeoff and landing (eVTOL) aircraft. It can carry four passengers and a pilot and is designed for consecutive flights of about 20 miles.

Archer cites the Texas triangle as one of the busiest and fastest-growing “megaregions” in the country due to its proximity to coastal regions, major airports, and a number of business districts.

Archer Chief Commercial Officer Nikhil Goel described the air taxi experience to CW Houston as “100 times quieter than a helicopter for the price of an Uber Black.” He added that the air taxis are a combination of a helicopter, a small airplane and a drone.

In Houston, Archer’s air taxi network will aim to connect George Bush Intercontinental, William P. Hobby and Sugar Land Regional Airport with downtown destinations, including the Thompson Hotel helipad, and Galveston.

In Austin, it plans to link the city's Austin-Bergstrom International Airport and Austin Executive Airport with the F1 Circuit Helipad at the Circuit of the Americas. Archer debuted its Midnight aircraft at the F1 Prix in the Fan Zone and the F1 Paddock at Austin’s COTA.

The Dallas-Fort Worth network is slated to include Dallas-Fort Worth International Airport, Dallas Love Field, Addison Airport, Arlington Municipal Airport, Fort Worth Meacham International Airport and Perot Field Fort Worth Alliance Airport, plus major business hubs like Frisco Station.

“Texas is setting the bar for America’s leadership in the next generation of aviation,” Adam Goldstein, founder and CEO of Archer Aviation, said in the release. “Our planned networks will make the benefits of electric air taxis real for Texans — trading hours in traffic for minutes in the air, while connecting the biggest airports, business districts and sporting hubs in ways that America’s largest megaregion needs to grow.”

Archer is working with state and local partners to develop charging infrastructure and plans to pursue Texas operations through the White House’s eVTOL Integration Pilot Program, according to the release. It recently completed its "No Roads" flight tour, which included multiple flights over the San Francisco Bay, and flew to seven cities over three days.

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This article first appeared on InnovationMap.com.

Fervo Energy scores third consecutive nod on MIT climatech list

top honor

Houston-based geothermal power company Fervo Energy has notched a three-peat on MIT Technology Review’s annual 10 Climate Tech Companies to Watch List.

“The newly public company is betting that Al’s power boom will help turn enhanced geothermal energy into a scalable reality,” MIT Technology Review says of the three-time honoree.

Fervo went public in May through a $2.2 billion IPO.

Other Fervo recent milestones include:

“We are in the midst of a once-in-a-generation surge in power demand that is likely to dictate the outcome of the American success story in both artificial intelligence and industrial growth, but also the extent to which people have access to affordable, reliable power,” Tim Latimer, co-founder, chairman, president and CEO, said during Fervo’s second-quarter earnings call.

“The stakes have never been higher,” he added, “and I’ve never been more convinced that Fervo is uniquely positioned to meet this moment.”

Also making MIT Technology Review’s fourth annual list were:

  • Greentown Houston alum Energy Dome, based in Milan, Italy. “Energy Dome is using the gas to deliver cheap long-duration energy storage for the grid,” MIT Technology Review says.
  • Greentown Houston alum Moment Energy, based in Vancouver, Canada. “The startup is betting that repurposing — rather than recycling — used EV batteries will help buoy much-needed U.S. supply,” MIT Technology Review says.
  • Greentown Boston member Form Energy, based in Somersville, Massachusetts. It’s a three-time honoree. “Form’s 100-hour batteries could make clean energy more weather-resilient and help power data centers,” MIT Technology Review says.

Greentown Labs is an incubator for climatech and energy startups that's co-located in Houston and Boston. Fervo is also an alum of Greentown Houston.

“Whether early-stage startup or multinational corporation, the businesses we’ve chosen are working on technologies to help us address climate change or adapt to our warming world,” MIT Technology Review says. “There’s an urgent need for these innovators: We must begin to drastically reduce emissions to avoid the deadliest impacts of climate change, while also contending with its harmful effects.”