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- 📈 £630M Public Takeover of ESO Aims for Green Energy Goals
📈 £630M Public Takeover of ESO Aims for Green Energy Goals
This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes
In today’s stories:
£630M Public Takeover of ESO Aims for Green Energy Goals
OpenAI’s £150B Leap Leaves Rivals Reeling
ZeroAvia: Hydrogen Planes Take Off with £150M Boost
The summary: The Government’s £630 million purchase of the Electricity System Operator will revamp the UK’s energy grid with a new state-run body, promising greener, more efficient power and, hopefully, a few less headaches for our bills!
The details:
The Government is splashing £630 million to snatch the Electricity System Operator (ESO) from National Grid, prepping it for a grand public takeover.
Set to launch on October 1, the new state-owned body, NESO, will oversee the UK's electricity and gas networks, thanks to last year’s Energy Act.
With former E.ON boss Paul Golby at the helm and Fintan Slye steering the ship as chief exec, NESO aims to supercharge Britain's energy transition.
Energy Secretary Ed Miliband promises NESO will help Britain become a clean energy superpower, tackling climate change while (hopefully) keeping the lights on and bills down.
Why it matters: The UK’s energy grid is about to get a public makeover, which means the government is taking control of keeping the lights on and cutting emissions—hopefully without tripping over the wires. With NESO running the show, there's a better chance of a more coordinated and climate-conscious approach, steering us closer to a green energy future. And, if all goes well, we might even avoid those pesky price hikes while saving the planet—fingers crossed!
The summary: OpenAI’s skyrocketing valuation, backed by tech giants like Microsoft and Apple, cements its status as a global AI powerhouse, all while navigating regulatory hurdles with a cheeky wink and a fresh pot of funding.
The details:
OpenAI is in talks to raise $6.5 billion in equity financing, pushing its valuation to a jaw-dropping $150 billion, a 74% leap from earlier this year.
Both Apple and Nvidia have shown interest, with OpenAI cleverly avoiding the stock market’s wild ride by staying private longer, thanks to hefty new funding.
Microsoft, having invested up to $13 billion and powered OpenAI’s cloud infrastructure, recently stepped back from its board observer role alongside Apple, amidst regulatory concerns.
A new “chummy” strategy under CFO Sarah Friar sees regular cosy chats with partners like Microsoft, Apple, and key investors, as antitrust regulators circle around.
Why it matters: OpenAI's soaring valuation shows it's playing in the big leagues, solidifying its role as a heavyweight in the AI arms race. With giants like Microsoft, Apple, and Nvidia dancing around it, the stakes are higher than a Wimbledon final. Meanwhile, regulatory watchdogs are keeping a close eye, so expect more than just a polite handshake behind closed doors.
The summary: ZeroAvia's hydrogen-electric vision is soaring with £150 million in fresh funding, pushing towards zero-emission flights by 2027, making the skies cleaner and greener, all while keeping your holiday plans aloft!
The details:
ZeroAvia secures £150 million in funding, with fresh backing from Airbus, Barclays, and the NEOM Investment Fund, to fast-track the certification of its hydrogen-electric powertrain.
The Scottish National Investment Bank hops aboard with a £20m contribution, joining heavyweights like American Airlines and Amazon’s Climate Pledge Fund in supporting ZeroAvia’s mission.
The aviation startup aims to deliver hydrogen-powered aircraft seating 40–80 passengers, boasting a 700-mile range by 2027 – truly electrifying ambitions!
With flight tests and certification already underway, ZeroAvia is poised to offer its advanced in-house tech to electrified aviation manufacturers – paving the runway for greener skies.
Why it matters: ZeroAvia's progress signals a potential revolution in aviation, swapping jet fuel for hydrogen and aiming to make air travel less of a guilty pleasure. Backed by airlines and investment powerhouses, they’re not just dreaming of clean skies, but funding the flight plan too. If they succeed, your next holiday could have a much smaller carbon footprint—without sacrificing legroom!
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