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The U.S. Department of Energy (DOE) and the White House have made offshore wind a centerpiece of plans to strengthen the nation’s energy infrastructure, announcing a goal to deploy 30 gigawatts of offshore wind by 2030 — a huge leap from the 42 megawatts (MW) currently in operation. Not only could this provide enough electricity to power 10 million American homes and cut carbon dioxide emissions by 78 million metric tons, it could also support as many as 77,000 new jobs.

The success of this initiative will rely, in large part, on partnerships to accelerate research and development (R&D) and establish new offshore systems in such an ambitious time frame. DOE’s National Renewable Energy Laboratory (NREL) is certain to be at the center of many of these efforts, contributing expertise in research related to offshore wind as well as building coalitions.

NREL has a long, successful track record of collaboration with partners in industry, agencies at all levels of government, and the research community. Offshore wind project partnerships have given NREL the insight needed to develop innovations that solve real-world problems and become the recognized standards for industry. For example, 80% of all prototypes for offshore wind floating platforms have been designed with the help of NREL open-source analysis tools — which NREL created through collaboration with laboratory partners.

With recent announcements of a national goal to deploy 30 gigawatts of offshore wind energy by 2030 and the go-ahead to install the first commercial-scale U.S. offshore wind project, NREL and its partners are poised to help meet this ambitious target. Semisubmersible offshore wind platforms accounted for 89% of substructures in floating wind projects either installed or announced in 2019. Other projects may use spar or tension-leg platform substructures. Graphics by Josh Bauer, NREL

NREL’s partners have helped the laboratory build a broad, in-depth understanding of the unique challenges of offshore environments. Offshore wind’s remote locations, deep waters, and extreme weather and ocean conditions present additional design, installation, and operation hurdles in the form of efficiency, cost, and durability.

Offshore wind collaborations bring together the research expertise of NREL staff with the know-how of industry partners, the policymaking perspective of government agencies, and additional support from other laboratories and universities. Researchers work with partners to characterize wind resourcesoptimize plants and turbinesanalyze techno-economic and market factors, and assess potential environmental impacts.

In particular, partners rely on NREL’s pioneering research to boost the performance and market viability of floating platform technologies needed to capture energy in the deepwater locations that account for nearly 60% of U.S. offshore wind resources. The laboratory’s researchers have most recently turned their attention to the integration of offshore wind energy with land-based utility systems to increase grid reliability, resilience, and efficiency.

Transmission of offshore wind energy relies on equipment such as undersea cables to carry power back to the mainland.

In Fiscal Year (FY) 2021, more than $10 million in funding for NREL offshore wind research projects came from partnerships with industry. The NREL team is working with more than 45 commercial, government, and research organizations on offshore, land-based, and distributed wind research projects in 2021.

This reflects the overall success of the laboratory in cultivating partnerships. Over the last 12 years, NREL has brought in $1 billion in partnership contracts, with more than 900 active partnership agreements and close to 600 unique partners in FY 2020.

With the nation’s first commercial-scale offshore wind development recently cleared for installation by the U.S. Department of the Interior off the coast of Massachusetts, the NREL offshore wind team hopes to engage with new partners to grow its collaborative base and make even more meaningful contributions to this burgeoning industry in the coming years.

Giving Industry the Tools To Compete

Industry partners know they can bank on the intellectual capital of experienced NREL researchers to develop and refine breakthrough offshore wind technologies and provide the balanced, market-savvy guidance needed for successful deployment. In addition, NREL offers industry partners hands-on research collaboration, technical assistance, deployment guidance, research facility use, and technology licensing.

“Collaboration with industry is key to making sure our R&D addresses real-world issues and priorities, while helping transfer scientific knowledge from the lab to the marketplace,” said NREL Principal Engineer Jeroen van Dam. “We’re giving offshore developers the tools to establish market parity — and giving the United States resources to join the field of international players.”

Through collaborations with the primary offshore wind regulators — the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement — and in coordination with the Business Network for Offshore Wind and the American Clean Power Association trade organizations, NREL is helping lead the development of industry standards that will define the requirements for utility-scale deployment of offshore wind in the United States. The team also works with individual companies — from startups to established corporations — including system operators, developers, original equipment manufacturers, energy suppliers, and investors. Scores of U.S. companies are currently involved in building, running, or supporting supply chains related to offshore systems.

The laboratory provides a credible source for objective expertise and validated data, bolstering rather than competing with industry efforts. NREL research focuses on early-stage technologies, where industry investments tend to be lean, while also targeting R&D priorities with potential for future commercialization. This has included collaboration on tools needed for industry to eventually develop larger, more powerful turbines and optimize system performance, efficiency, reliability, and affordability.

NREL takes broader economic factors into consideration when assessing the potential impact of offshore wind research and development. Offshore wind could trigger more than $12 billion per year in U.S. capital investment in offshore wind projects and spur significant activity and growth for ports, factories, and construction.

NREL also takes bigger economic factors into consideration when assessing the potential impact of offshore wind research and development. Eventually, it is estimated that offshore wind could trigger more than $12 billion per year in U.S. capital investment and spur significant activity and growth for ports, factories, and construction operations.

NREL analysts help developers and other industry partners gain crucial, unbiased understanding of the balance among potential offshore wind costs, revenues, and risks within the broader context of technical, legal, regulatory, tax, and policy issues. NREL market reports provide the data needed to support decision-making, including information critical to building the skilled workforce necessary for industry growth.

Building Coalitions To Spur Innovation

NREL has provided ongoing leadership to forge collaborative partnerships that bring together top minds from a range of sectors to form a virtual think tank of offshore wind research experts. In this convening role, NREL acts as a catalyst for exchanging information, tackling large research projects, and providing industry and policy decision makers with the body of scientific knowledge needed to champion new approaches.

NREL’s Walt Musial and Brent Rice join partners to tour the world’s first floating offshore wind farm off the coast of Peterhead, Scotland. Photo by Brent Rice, NREL

A major component of the newly announced U.S. offshore wind initiative announced by the White House calls on the National Offshore Wind R&D Consortium (NOWRDC) to refine the technology needed for deployment at a scale previously unprecedented in this country. The NOWRDC, which is managed by the New York State Energy Research and Development Authority (NYSERDA) with contributions from four other states plus DOE, benefits from the technical direction of NREL Offshore Wind Platform Lead Walt Musial, as well as the laboratory’s regular representation on the NOWRDC R&D Advisory Group and leadership of several projects.

“The developers and states really set the pace,” Musial said. “They’re ultimately the ones who will be responsible for rolling out and operating new offshore systems. Our job is to arm them with the information they need to maximize clean energy production in ways that will work best to help them achieve the lowest cost for their project.”

The laboratory’s involvement in coalition efforts reaches across the country and around the globe. Many International Energy Agency Wind Technology Collaboration Programme (IEA Wind) research tasks, which engage academia and industry across three continents, are led by NREL research staff. This includes development of a 15-MW reference turbine in partnership with IEA Wind and DOE’s Wind Energy Technologies Office to help design larger, more powerful, next-generation turbines.

NREL’s global and national partnerships are helping design larger, more powerful, next-generation offshore wind technologies, such as the IEA Wind 15-MW reference turbine.

NREL has a long, successful history of partnerships with international and U.S. universities and research institutions, including other national laboratories. The laboratory’s university affiliations encompass professors collaborating on NREL projects, NREL researchers advising graduate students, and projects supported by university funding. Consortia comprising multiple institutions and larger collaborations that involve several different agencies, universities, labs, and private-sector partners bring a range of perspectives to offshore wind solutions.

Collaborative efforts helmed by other U.S. government agencies, including DOE’s Advanced Research Projects Agency-Energy (ARPA-E) office and the National Oceanic and Atmospheric Administration (NOAA), also rely on NREL research expertise. For example, ARPA-E has funded the Aerodynamic Turbines Lighter and Afloat with Nautical Technologies and Integrated Servo-control (ATLANTIS) program to develop new floating offshore wind turbines by tightly integrating control systems and design. NREL leads three ATLANTIS projects, working with one other national laboratory, four universities, and four industry partners.

Tapping One-of-a-Kind Offshore Wind Expertise

So, why do all of these organizations choose to partner with NREL on offshore wind research projects?

Certain collaborative undertakings rely on NREL’s high-performance Eagle supercomputer and world-class Flatirons Campus research facilities to put innovative offshore wind technologies and strategies through their paces. NREL software tools make it possible for researchers and partners to build models and simulate performance based on the laboratory’s formidable collections of data.

But NREL also offers one-of-a-kind expertise from its staff of 150 wind energy scientists, engineers, and analysts, many of whom contribute their multidisciplinary knowledge to offshore projects. With numerous cumulative decades of research experience, the team is able to tap a deep base of knowledge specific to offshore wind, as well as wider-reaching input from experts in related disciplines such as land-based wind power, other areas of clean energy generation, transmission, and integration. This cross-cutting approach has recently led scientists to uncover new efficiencies for converting wind energy to hydrogen that can be readily stored and used for a range of applications.

In surveys, multiple partners have given NREL high marks for its collaborative approach, distinct technical capabilities, and strong understanding of current needs and priorities.

“If we want the nation’s ambitious vision for offshore wind to become reality, we all need to pull together,” Musial said.

“These partnerships with industry, universities, other labs, and government agencies are crucial to developing the right technology, installing it at the right locations, and connecting it to the grid so that we can maximize offshore’s contribution to the country’s affordable clean energy mix.”

Article courtesy of the NREL, the U.S. Department of Energy.


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Celsius CEO Alex Mashinsky sentenced to 12 years in multi-billion-dollar crypto fraud case

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Celsius CEO Alex Mashinsky sentenced to 12 years in multi-billion-dollar crypto fraud case

Alex Mashinsky, former chief executive officer of Celsius Network Ltd., arrives at court in New York, US, on Thursday, May 8, 2025.

Yuki Iwamura | Bloomberg | Getty Images

Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to two counts of fraud, a dramatic fall for the leader of a company once hailed as the “bank” of the crypto industry.

Standing before U.S. District Judge John G. Koeltl in Manhattan’s Southern District, Mashinsky faced the consequences of what prosecutors described as a sweeping scheme to defraud investors.

In December he pleaded guilty to commodities fraud and a scheme to manipulate the Celsius token.

His sentencing took place in courtroom 14A at 500 Pearl Street — a venue that has seen several crypto executives-turned-felons.

Mashinsky’s legal troubles began in 2023 when he was arrested on charges of securities, commodities, and wire fraud, just as Celsius reached a $4.7 billion settlement with the Federal Trade Commission — one of the largest in the FTC’s history.

The settlement, which remains contingent on Celsius returning what remains of customer assets in bankruptcy proceedings, underscored the magnitude of the fraud.

Prosecutors accused Mashinsky of misleading investors about the safety and profitability of Celsius’s yield-generating platform while secretly selling off tens of millions of dollars in personal holdings.

Though he initially denied wrongdoing, his guilty plea and Thursday’s sentencing mark the final chapter in a years-long case that also drew charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission, which accused Celsius and Mashinsky of orchestrating a multi-billion dollar fraud scheme.

Mashinsky’s downfall mirrors the fate of other once-dominant crypto executives like FTX founder Sam Bankman-Fried, Binance’s Changpeng Zhao and Do Kwon of Terraform Labs.

Read more CNBC tech news

FTX

Bankman-Fried was sentenced to 25 years in prison in March 2024 for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.

Once celebrated as a crypto wunderkind, Bankman-Fried was exposed for misappropriating billions of dollars in customer funds to support his own trading firm, Alameda Research, and for living an extravagant lifestyle in Hong Kong and later the Bahamas.

Caroline Ellison, who led Alameda Research and was romantically involved with Bankman-Fried, received a significantly lighter sentence of two years. Her cooperation with prosecutors proved crucial in unraveling the complex web of fraudulent activities at FTX, allowing authorities to build a strong case against Bankman-Fried and other executives.

Bankman-Fried is in the process of appealing his conviction and sentence.

Caroline Ellison is questioned as Sam Bankman-Fried watches during his fraud trial before U.S. District Judge Lewis Kaplan over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, October 11, 2023 in this courtroom sketch.

Jane Rosenberg | Reuters

Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months, followed by three years of supervised release.

FTX engineering chief Nishad Singh got no jail time and three years of supervised release for his role in the crypto fraud; and Gary Wang, the co-founder and chief technology officer of FTX, also avoided prison time.

In May 2024, the bankruptcy estate of FTX announced that almost all customers would get their money back — and more.

A judge on Wednesday dismissed most of the claims against celebrities and athletes who were involved in promoting FTX in commercials and on other platforms.

Stars like Tom Brady, Gisele Bündchen, Kevin O’Leary and Stephen Curry were among those facing a suit brought by a group of FTX investors.

Binance

In November 2023, Zhao, commonly known as “CZ,” struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world’s largest cryptocurrency exchange.

Zhao stepped down as CEO in 2023 but retained a significant stake in Binance.

In April 2024, Binance’s billionaire founder was sentenced to four months in prison after pleading guilty to charges of enabling money laundering at his crypto exchange. He served his sentence at a low-security federal prison in Lompoc, California.

Under new leadership, Binance has undergone a strategic pivot, aligning closely with the Trump administration’s pro-crypto stance. CEO Richard Teng described President Donald Trump’s second term as a “fantastic reset” for the cryptocurrency industry, noting a dramatically improved regulatory environment for Binance in the U.S.

Terraform Labs

PODGORICA, MONTENEGRO – JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Cryptocurrency TerraUSD and its companion token Luna collapsed in 2022, wiping out approximately 40 billion USD from the cryptocurrency market and Do Kwon, the founder was charged with fraud by American prosecutors following his arrest in Montenegro. (Photo by Filip Filipovic/Getty Images)

Filip Filipovic | Getty Images News | Getty Images

Whereas most stablecoins are backed up by a mix of cash and other assets to match the value of tokens in circulation, Kwon’s invention was instead backed by a complex set of code. When the algorithm failed in May 2022, it cost investors $40 billion in market value overnight, led to devastating losses to multiple investors, and contributed to the collapse of hedge fund Three Arrows Capital in June 2022, followed by crypto lenders Voyager Digital, then BlockFi, then Genesis — and, in a roundabout way, FTX too.

The stablecoin’s implosion also rocked confidence in the sector and accelerated the slide in cryptocurrencies already underway as part of a broader pullback from risk.

Last June, a judge signed off on Do Kwon and his bankrupt Terraform Labs settling with the U.S. Securities and Exchange Commission for $4.5 billion.

Kwon was extradited to the U.S. from Montenegro to face fraud charges in January 2025.

Ex-crypto tycoons awaiting judgement

The fall of crypto hedge fund Three Arrows Capital, and lenders Voyager Digital and Celsius, can all be traced to the collapse of Kwon’s stablecoin project.

When 3AC’s lenders asked for some of their cash back in a flood of margin calls, the money wasn’t there. Many of the firm’s counterparties were, in turn, unable to meet demands from their investors, including retail holders who had been promised annual returns of 20%.

The three companies all went bankrupt and are currently at various stages of settling their debts, with Celsius having just emerged from bankruptcy in January.

3AC co-founder Kyle Davies said he’s not sorry for the collapse of his fund, and has so far managed to avoid jail time by bouncing around the world, unlike his co-founder, Su Zhu, who served time in a Singaporean prison.

Read more about tech and crypto from CNBC Pro

FTX executives face sentencing for multibillion dollar fraud

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Surprise: 4 of the top 5 clean energy states are red states

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Surprise: 4 of the top 5 clean energy states are red states

In 2024, the US produced more than three times as much solar, wind, and geothermal power as it did in 2015. That’s according to a new interactive dashboard just released by Environment America Research & Policy Center and Frontier Group. The tool, called The State of Renewable Energy 2025, tracks the growth of clean energy and EVs in all 50 states — and it shows that progress has happened everywhere.

“Americans are realizing the simple truth about renewable energy – power from the sun and wind doesn’t pollute, never runs out, and shows up for free,” said Wendy Wendlandt, president of Environment America Research & Policy Center. “Powering America with renewable energy is simply an idea whose time has come.”

The dashboard looks at how far we’ve come in six areas that matter most for a clean energy future: wind, solar, EVs, EV charging, energy efficiency, and battery storage. And the numbers are impressive.

Big gains in clean energy

  • Wind, solar, and geothermal comprised 19% of national retail electricity sales in 2024 – up from just 7% in 2015.
  • South Dakota took the lead, generating the equivalent of 92% of its retail electricity from wind, solar, or geothermal.
  • Texas, California, Iowa, Oklahoma, and Kansas were the top five states for total renewable energy generation.
  • Fifteen states got at least 30% of their electricity from renewables – up from just two states in 2015.

And it’s not just the traditional leaders making moves. The Southeast – including Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia – is now generating 27 times more solar power than it did in 2015. That’s enough to power over 5.5 million US homes.

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Across the US, solar power could run 28 million homes in 2024, which is 7.7 times more than in 2015. Wind energy could power over 42 million homes, up 2.4 times compared to 2015.

Batteries and EVs took off

Battery storage is seeing explosive growth, too. The US had 26 gigawatts of battery storage capacity by the end of 2024 – 89 times more than in 2015 and a 63% jump from 2023. That storage helps keep the lights on during extreme weather and makes renewables more reliable by holding energy when the sun’s not shining or the wind’s not blowing.

EVs are rolling out fast. As of the end of 2023, there were nearly 3.3 million electric vehicles on US roads – 25 times more than a decade ago. And there are now over 218,000 public EV charging ports – six times more than in 2015, and 24% more than the year before.

Still, there’s concern about the challenges ahead due to the Trump administration’s hostility toward renewables and EVs. At the Intersolar 2025 conference in Munich yesterday, Abigail Ross Hopper, CEO of the Solar Energy Industries Association, flagged the uncertainty facing the US market: “I don’t think there’s ever been a time of greater uncertainty in the US market than right this minute, for a number of reasons – tariffs being one of them and uncertainty around tax incentives being the other.

“But I don’t think any of us could be in this business if we weren’t optimistic, and so I’m eternally optimistic, and believe in the economic fundamentals and the technology fundamentals. I think we’re going to weather through this storm, but it will be a bit rocky for a few years.”

Tax credits helped millions – and could help even more

In 2023, 3.4 million Americans claimed tax credits for clean energy upgrades or energy efficiency improvements in their homes. That saved US households over $8 billion. The Inflation Reduction Act’s tax credits are likely to be targeted by Republicans in an attempt to cut spending in Congress. Still, it’s unclear which tax credits are at risk, seeing how the GOP will essentially shoot itself in the foot since its states benefits the most from IRA tax credits.

The report’s authors say the government should keep federal clean energy tax credits in place and that states and cities should make it easier, not harder, for people to go solar, drive electric, or boost efficiency.

“When we reduce energy waste and replace polluting energy sources with renewables, we’re building a safer, healthier world for ourselves and future generations,” said Johanna Neumann, senior director of Environment America’s Campaign for 100% Renewable Energy. “Now is the time to let more Americans choose clean energy, not make it harder for them.”

Read more: Trump’s war on clean energy just killed $6B in red state projects


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Affirm drops 10% on weaker-than-expected guidance for current quarter

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Affirm drops 10% on weaker-than-expected guidance for current quarter

PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.

Vaughn Ridley | Sportsfile | Getty Images

Affirm, the provider of buy now, pay later loans, gave a revenue forecast for the current quarter that trailed analysts’ estimates even as profit for the prior quarter was better than expected. The stock fell 10% in extended trading on Thursday.

Here’s how the company did, compared to analysts’ consensus estimates from LSEG:

  • Earnings per share: 1 cent vs. an expected loss of 3 cents
  • Revenue: $783 million vs. $783 million expected

Affirm reported gross merchandise volume, or GMV, of $8.6 billion, topping the average estimate of $8.2 billion, according to StreetAccount. GMV, a key metric that helps gauge the total value of transactions, increased 36% from a year earlier.

Revenue in the quarter rose 36% from $576 million a year ago. The company’s key margin metric — revenue less transaction costs, or RLTC —came in at 4.1%, slightly above its long-term target range of 3% to 4%.

Adjusted operating margin was 22%, compared to StreetAccount’s estimate of 21.6%. Affirm reported net income of $2.8 million, or a penny a share, compared to a loss a year earlier of $133.9 million, or 43 cents a share.

For the current quarter, Affirm is guiding for revenue between $815 million and $845 million — with a midpoint of $830 million, below the average estimate of $841 million, according to LSEG.

Affirm’s business is closely tied to consumer spending, as its online loan offering has become popular with sellers of electronics, apparel and travel. The U.S. economy contracted in the first three months of 2025 on an import surge at the start of President Donald Trump‘s second term in office, as companies and consumers sought to get ahead of the Trump tariffs implemented in early April.

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As CNBC reported late last month, citing first-quarter results from credit card lenders, lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend on high-priced meals and and luxury travel.

Affirm is forecasting fourth-quarter GMV between $9.4 billion and $9.7 billion, with a midpoint of $9.55 billion, above StreetAccount’s estimate of $9.2 billion. Adjusted operating margin is expected between 23% and 25%, compared to the 23.8% StreetAccount estimate.

Affirm reiterated its commitment to achieving profitability on a GAAP basis by the end of its fiscal fourth quarter in 2025. Affirm’s active consumer base increased to 22 million, including 2 million new to Affirm consumers.

The Affirm Card, which is the company’s big bet for driving greater usage overall, saw GMV rise 115% from a year earlier, and the number of active cardholders more than doubled.

The company’s partnerships with Apple, Amazon and Shopify continue to drive momentum. In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.

Earlier this week, the Consumer Financial Protection Bureau said it will stop enforcing a Biden-era rule that complicated compliance for BNPL providers, in what was largely viewed as a win for lenders like Affirm. 

The quarter saw a notable rise in 0% interest loans, a strategy in which merchants — and sometimes manufacturers — subsidize borrowing costs to drive sales. That marked a 44% increase from a year earlier. Meanwhile, credit quality held steady, with losses below 1% in the company’s core offering that allows users to repay loans in four installments.

Affirm shares are down 11% for the year, excluding the after-hours move, while the Nasdaq has fallen abut 7%.

WATCH: Affirm CEO on consumer behavior

Affirm CEO on consumer behavior: 'shopping is back on and people are buying'

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