Meanwhile, Fervo Energy, a Houston-based company, has raised over $400 million for a plan to extract geothermal energy from superhot rocks deep underground using fracking techniques. The company's investors include Mitsubishi Heavy Industries, traditional oil-and-gas producers, Mark Zuckerberg, and Breakthrough Energy Ventures, a climate change-focused venture capital fund organized by Bill Gates. Over the next three years, Fervo plans to drill 80 boreholes in the Escalante Desert near Milford, Utah.
Key takeaways:
- The U.S. auto policy is likely to change under the new Trump administration, with signals that tougher fuel-economy rules and support for electric vehicles could be cut.
- Automakers have adjusted their business plans in recent years, investing billions in new plants and technology to produce more environmentally friendly electrified products.
- Hyundai plans to continue pushing sales of battery-powered autos but is preparing to adapt to new policies. The company's new plant in Savannah, Georgia, will produce not only EVs but also hybrids and plug-in hybrids.
- Fervo Energy, a Houston-based company, has raised over $400 million for a plan to extract geothermal energy from superhot rocks underground using fracking techniques.