Sustainable Energy & Infrastructure

Our November 2023 Energy & Sustainability Washington Update covers the House of Representatives Fiscal Year 2024 Energy & Water Spending Bill, the regional clean hydrogen hubs selected to negotiate with the DOE, DOE awards for three new interregional transmission lines, a pending House and Senate bill to modernize American manufacturing, and the Biden administration’s approval of the nation’s largest offshore wind farm and new Bipartisan Infrastructure Law & IRA Opportunities.

Read about Activate Capital, which partners with entrepreneurs building category-defining platforms. Activate recently invested $25 million in weather intelligence start-up Tomorrow.io’s Series E financing and led its $87 million Series E financing round.

Read about the SEC’s approval of amendments to a rule requiring investment funds to invest at least 80% of assets in line with the investment focus suggested by the fund’s name, state regulatory developments, and noteworthy ESG litigation.

Read about recent M&A activity in the energy and sustainability space, including Repsol’s acquisition of ConnectGen for an estimated $715 million.

Learn about upcoming energy industry events, including the Northeast Sustainable Energy Association’s 2023 Annual Meeting and the NY-SEIA New York Solar Summit.

Read about Tesla’s ongoing patent litigation battles with Autonomous Devices and CAP-XX Ltd. and patent infringement cases filed against Tesla in New York and Texas.

The Inflation Reduction Act Benefits panel at Mintz’s Second Annual Energy Transition Summit focused on the benefits and opportunities related to IRA. Tax Member Gregg Benson moderated a discussion with energy officials Martin Toulouse of the DOE and Jonathan Schrag of the Commonwealth of Massachusetts.

During the NET Power fireside chat at Mintz’s Second Annual Energy Transition Summit, company leaders and Mintz Projects and Infrastructure Practice Chair Ayaz Shaikh discussed NET Power’s recent $1.5 billion SPAC business combination with Rice Acquisition Corp. II.

The AI Energy Transition panel at Mintz’s Second Annual Energy Transition Summit delved into the dynamic intersection of artificial intelligence and the evolving energy sector. Climate Change AI Chair and MIT Assistant Professor Priya Donti, Activate Capital Partner Jon Guerster, and Bouyant Ventures GP Allison Myers explored the themes of innovation, funding, and opportunity in a conversation moderated by Member Paul Dickerson.

During the What Regulatory and Commercial Challenges Are Utility-Scale Renewable Energy Projects Facing? fireside chat at Mintz’s Second Annual Energy Transition Summit, Mintz Member Steven Shparber and attorney Omar Bustami discussed the regulatory and commercial challenges facing utility-scale renewable energy projects.

This past summer, the Treasury and Internal Revenue Service (IRS) published proposed Treasury Regulations (88 FR 40528 and 88 FR 40496) under two key provisions of the Inflation Reduction Act of 2022 (IRA) designed to enable taxpayers and tax-exempt entities to monetize certain energy-related federal tax credits. Section 6417  allows certain tax-exempt and governmental entities that historically could not benefit from such tax credits to receive direct payments from the government in lieu of such tax credits. Section 6418 permits taxpayers to transfer all or a portion of certain energy-related tax credits to unrelated parties for cash. By broadening the universe of organizations that are able to make use of energy-related tax credits through the direct pay provisions and creating a more direct pathway for taxpayers interested in financing energy projects to share credits through transferability, these provisions stand to significantly expand the market for investment in energy projects.

The Investment Panel: What Has Been Observed in 2023? discussion at Mintz’s Second Annual Energy Transition Summit explored investment trends during 2023 and future capital outlooks. Mintz Attorney Rachel Gholston moderated a panel that included Boston Metal CEO Tadeu Carneiro, CubicPV CEO Frank van Mierlo, RA Capital Managing Partner of Planetary Investment Brigid O’Brien, and Mintz Member Sahir Surmeli.

The Mintz ESG Working Group created an in-depth primer covering the current landscape of ESG issues businesses are typically confronting. Our attorneys examine a broad spectrum of topics, including the polarization of rulemaking on the state and local levels, regulation and enforcement trends, and DEI policies, to help companies effectively navigate the ESG landscape. 

Our October 2023 Energy & Sustainability Washington Update covers ML Strategies’ addition of Senior Vice President John Lushetsky to its Washington energy team, the launch of the new American Climate Corps, and new Bipartisan Infrastructure Law and Inflation Reduction Act opportunities, as well as recent successes of the two new laws.

Visit our Energy Funding Matrix for a roundup of various clean energy opportunities. We update the matrix on a biweekly basis and welcome any inquiries about how the Bipartisan Infrastructure Law and Inflation Reduction Act, along with other relevant federal opportunities, may impact your business or organization.

Read about Aeroseal, a climate-tech company that offers a patented and innovative solution that reduces energy leaks in buildings and its recent $67 million Series B funding round.

Read about SEC Enforcement Division document requests and subpoenas targeting the marketing of ESG funds and a Montana state court ruling, which held that the plaintiffs have a fundamental constitutional right to a clean and healthful environment.

Read about recent M&A activity in the energy and sustainability space, including energy storage and management company Electriq Power’s $495 million acquisition of TLG Acquisition One through a reverse merger.

Learn about upcoming energy industry events, including the Dynamo Energy Transition Summit: Climate Week 2023.

This issue of Energy & Sustainability Connections includes features about a landmark FERC order involving generator interconnection, a greenwashing class action, climate-tech innovators Aeroseal and Yard Stick, as well as recent M&A activity, the latest energy policy updates from Washington, IP and litigation developments, plus a list of upcoming industry events and Mintz’s energy funding matrix.