Latest news with #U.S.DepartmentofEnergy
Yahoo
2 days ago
- Business
- Yahoo
Department of Energy cancels 24 awards issued to businesses
Downtown Birmingham viewed from Red Mountain. Two companies in the area will lose $75 million each after their grant funding was eliminated by the U.S. Department of Energy. (John Coletti/The Image Bank) The U.S. Department of Energy announced Friday the cancellation of 24 awards issued by the Office of Clean Energy Demonstrations that impacts two businesses in Alabama. American Cast Iron Pipe Company and United States Pipe and Foundry Company, LLC were both set to receive $75 million in grant money from the Department of Energy but will no longer receive the funding in light of the grants getting canceled. 'While the previous administration failed to conduct a thorough financial review before signing away billions of taxpayer dollars, the Trump administration is doing our due diligence to ensure we are utilizing taxpayer dollars to strengthen our national security, bolster affordable, reliable energy sources and advance projects that generate the highest possible return on investment,' said U.S. Secretary of Energy Chris Wright said in a DOE press release. 'Today, we are acting in the best interest of the American people by cancelling these 24 awards.' A message was left with both companies Friday seeking comment. According to a press release, American Cast Iron Pipe Company made it to the negotiation stage of the awards process and was planning to use the funding to replace single cupola furnaces with four coreless induction furnaces. This would have reduced the facility's CO2 emissions by an estimated 62% and the melting/holding process CO2 emissions by 95%. The U.S. Pipe and Foundry Company said in a press release that they planned to use the money for Phase 1 of U.S. Pipe's Iron Electric Induction Conversion project. The project involved replacing a coke-fired furnace with electric induction melting furnaces and would have resulted in an 'estimated 73% reduction in carbon intensity at the Alabama Works ductile iron pipe production facility.' Of the 24 awards given, nearly 70% were signed between Election Day last year and Jan. 20. By cancelling the awards, the Department of Energy is generating $3.6 billion in savings for Americans. The DOE said the awards have been terminated because they 'failed to advance the energy needs of the American people, were not economically viable and would not generate a positive return on investment of taxpayer dollars.'
Axios
2 days ago
- Business
- Axios
DOE scuttles $1B in Texas clean energy funding
The U.S. Department of Energy has canceled $3.7 billion in clean energy projects nationwide, including more than $1 billion tied to facilities in Texas. Why it matters: The elimination of the 24 projects created under the 2021 bipartisan infrastructure law is among the biggest and most specific cases yet of Trump 2.0 officials pulling the plug on the Biden administration's unprecedented subsidies for low-carbon energy. Context: The department was aiming to close the Office of Clean Energy Demonstrations and terminate nearly half its awarded funding, Axios Pro reported last month. Driving the news: The terminated support was aimed mostly at carbon capture and various other "decarbonization initiatives," DOE said in a statement. DOE alleged that Biden officials "failed to conduct a thorough financial review" and noted that 16 of the awards were "signed" between the election and President Trump's inauguration. Zoom in: Texas saw four projects terminated, including three near Houston: Calpine Texas CCUS Holdings, Baytown – $270 million. Exxon Mobil Corporation, Baytown – $331.9 million. Orsted Star P2X, Chambers County – $99 million. Eastman Chemical Company, Longview – $375 million. What they're saying: "Today, we are acting in the best interest of the American people," U.S. Secretary of Energy Chris Wright said in the announcement. The DOE said in the statement the projects "were not economically viable and would not generate a positive return on investment of taxpayer dollars." The other side:"The abrupt termination of $3.7 billion in clean energy investment is shortsighted and malicious," said Rep. Marcy Kaptur, the top Democrat on the House Appropriations Committee's energy panel. What we're watching: Other projects that could be on the chopping block.
Yahoo
3 days ago
- Business
- Yahoo
'How hard can it be?' Nvidia CEO on leap to supercomputing
STORY: :: Nvidia's CEO compares his company's push into supercomputing to his mom driving a car :: Stanford, California :: May 29, 2025 :: John Hennessy, Former president, Stanford University 'It's a big leap going from being a graphics company to being a supercomputer company. That's a big leap of different business, it requires a lot more system expertise, more software expertise. So how do you think about assembling a team? Because that really had to change the…" :: Jensen Huang, Nvidia CEO 'It drives all the same way. So first, you (say) 'Hey we can do this.' And so it always starts with this: 'Hey, guys, this we can do this.' And we can do it. So you start with a dream, and the next thing, the next logical leap is: how hard can it be? I always start every meeting with 'Hey guys we should start building cars.' It's sensible, we have computer vision now, you know, planning algorithms (unintelligible). Let's do it. And then somebody goes, 'we don't know anything about cars.' Well, how hard can it be? And so I think the clincher on that one is my mom can drive. HENNESSY: 'Yeah, actually, humans are pretty good drivers. Look at it...' HUANG: 'I know my mom shouldn't, but she can. And so, how hard can it be? And so the supercomputers were all the same thing. You know, we just… A.I., how hard can it be? And so we just kind of just go into it.' His remarks came the same day the U.S. Department of Energy announced that Nvidia and Dell will supply core technology for 'Doudna,' a new supercomputer to be installed in 2026 at Lawrence Berkeley National Laboratory. The event also came amid renewed political scrutiny of Nvidia's global operations, including bipartisan concern in Washington over the company's planned R&D facility in Shanghai.
Yahoo
3 days ago
- Politics
- Yahoo
Nvidia and Dell to Supply Next US Department of Energy Supercomputer
The U.S. Department of Energy stated that NVIDIA Corporation (NASDAQ:NVDA)'s future Vera Rubin chips and Dell Technologies Inc. (NYSE:DELL)'s liquid-cooled servers would power its next supercomputer. A close-up of a colorful high-end graphics card being plugged in to a gaming computer. "Doudna" is scheduled to be deployed at Lawrence Berkeley National Laboratory in 2026. The technology, which bears the name of Nobel winner Jennifer Doudna, will assist 11,000 researchers in fields ranging from physics to biology. Chris Wright, the Secretary of Energy, underlined the system's contribution to national security and scientific advancement. Jensen Huang, the CEO of NVIDIA Corporation (NASDAQ:NVDA), stressed the importance of supercomputers as "vital instruments" for both defense and innovation. Doudna attributed her CRISPR discoveries to previous backing from the Energy Department. The system carries on the Department's history of nuclear weapons development and high-performance computing. The announcement comes after NVIDIA Corporation (NASDAQ:NVDA)'s operations in China came under political scrutiny. Senator Tom Cotton cautioned against evading export restrictions, pointing to national security threats associated with exporting AI chips to China, while Senators Banks and Warren expressed worries about a potential R&D center in Shanghai. While we acknowledge the potential of NVDA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this READ NEXT: and . Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
3 days ago
- Business
- Business Insider
Sempra Infrastructure gets U.S. DOE permit for Port Arthur Phase 2 project
Sempra Infrastructure, a subsidiary of Sempra, announced the U.S. Department of Energy issued a permit to the Port Arthur LNG Phase 2 development project. This authorization allows the export of up to approximately 13.5M tonnes per annum of LNG to non-FTA countries. The non-FTA permit is a major regulatory milestone for the proposed project, which could increase the total liquefaction capacity of the Port Arthur LNG facility to up to approximately 26 Mtpa. The project is under active marketing and development. Confident Investing Starts Here:
