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Could you quickly explain how geothermal energy works, and where it is particularly useful?

Geothermal heating and cooling is done by using a heat pump to move heat between the ground and a home or building. The term ‘heat pump’ may be unfamiliar, but heat pumps are actually ubiquitous in modern life: refrigerators are heat pumps, as are air conditioners. Both refrigerators and air conditioners use electricity to move heat from one place to another: in this case, from the inside (of the fridge or building) to the outside.

Geothermal heat pumps are similar, but instead of only moving heat in one direction, they are bidirectional. This allows them to both heat buildings and cool them. And instead of moving heat from the building to the outside air, like an air conditioner does, they move heat between the building and the ground.

This matters because heating your home is most urgent and essential when it’s very cold out, which is precisely when there is the least amount of heat in the outside air. And cooling your home is most urgent and essential when it’s very hot out, exactly when it would be most difficult to reject heat from your home into the outside air. This is why air conditioners are so difficult for the electricity grid: they operate least efficiently exactly when everyone uses them most, on the hottest days of the year.

Geothermal heat pumps sidestep this problem by exchanging heat with the ground instead of the outside air. The ground maintains a mild temperature year round (which is the average air temperature over the course of the year in that location). Because of this, even on the hottest or coldest days, geothermal is still extremely efficient and effective.

Geothermal heating and cooling tends to work best in places where it gets cold in the winter and hot in the summer. This is because these climates require a lot of heating and cooling, and it’s in these places that geothermal has the most advantage over air source heat pumps, which exchange heat with the air outside (air source heat pumps are essentially air conditioners that can run in reverse to do both heating and cooling.)

Dandelion geothermal

You have a cost example between oil, natural gas, and propane on your page, s0 how do you think these costs are going to develop the next 5 years?

In the Wall Street Journal last week there was an article about options traders betting on a return to $100 oil. I can’t predict oil prices over the next five years, but oil prices have been relatively low since I co-founded Dandelion in 2017, so I bet oil prices are more likely to rise over the next five years than they are to fall. In terms of how geothermal costs are going to develop in the next 5 years, I think 10% lower YOY is a good estimate.

What different forms of geothermal are there, since we see geothermal in the context of residential housing as well as in big commercial plants? 

Geothermal can refer to harnessing energy from the earth’s core, the type Iceland is famous for, but this is not what Dandelion’s geothermal heat pumps do. The heat that geothermal heat pumps collect from the relatively shallow surface is actually stored sunlight, not energy from the earth’s core, so despite the name ‘geothermal,’ geothermal heat pumps are actually using stored solar energy.

Dandelion geothermal

How did you learn about the potential of geothermal, and what convinced you to co-found the company?

I learned about the potential of geothermal heating and cooling from a colleague at Google, Bob Wyman (I started Dandelion as a project at Alphabet’s X before spinning it out as a startup). He made a compelling case that widespread geothermal heating and cooling was the most important climate intervention we could take in the US, but that, despite that, geothermal heat pumps were getting approximately no attention.

It was an audacious claim, but he had detailed data and logic backing it up, so his argument captivated me and motivated me to learn more.

That interest developed into co-founding Dandelion when I became convinced that, 1) Geothermal heat pumps have a critical role to play in offsetting carbon emissions from buildings; 2) They align the customer’s financial interests with society’s best interests; 3) The market potential is gigantic; and 4) The barriers that have prevented geothermal heating and cooling from scaling in the past are addressable.

Is there a certain story behind the name Dandelion?

Dandelions have a taproot that can grow as deep as ten feet into the ground. Even if you cut the flower off at the surface, the taproot can regenerate a new one. Similarly, geothermal ground loops extend far into the ground and they last for as long as the home itself. So after 20 years, when it’s time for the homeowner to replace their heat pump, they can just swap it out with another one and connect it with those same ground loops.

There is something very satisfying about the fact that each time we install ground loops in a yard, that home will have access to geothermal heating and cooling forever. Or at least, as long as that home exists.

If you look back to the investment the company received, did the investment landscape and interest in geothermal change visibly in the last few years?

The investment landscape for clean tech has changed dramatically since I co-founded Dandelion in 2017. In 2017, very few investors and even fewer mainstream VC investors were interested in clean tech. Now it seems like there is widespread interest. This makes sense to me because investors have seen that clean tech companies like Tesla can offer massive returns, and the political and business trends suggest clean tech will be a huge part of the future.

Could our readers get out and buy geothermal right away, and in which states (if we’re talking about the US) would it make the most sense (on average)?

Geothermal makes the most financial sense for homeowners who are paying a lot for heating and cooling today. Typically, these are homeowners in cold climate states, especially those using heating fuels like fuel oil or propane.

Some states and utilities also offer generous incentives for geothermal heating, such as NY, CT, MA, SC, and VT, among others.

Most readers will likely be able to find a company that can install geothermal heating and cooling in their area, but the cost may be high. Dandelion exists because we see a need to make geothermal heat pumps more affordable and the process of getting them easier for homeowners, and we look forward to being able to extend that work to more and more places over time (today Dandelion works in NY, CT, and VT).

What is your main competition, and how is Dandelion different?

Our primary competition today is inertia, which is to say conventional heating and cooling options. When it’s time for homeowners to replace their furnace or boiler, many homeowners seek the recommendation of their contractor, who is likely going to recommend the products and brands he or she is most familiar with (typically furnaces and boilers).

Our challenge is to raise awareness of geothermal heating and cooling. We’re different from other geothermal heating and cooling providers because we do residential retrofit at scale. This has let us leverage the fact that we’re serving hundreds of homeowners in a given area to get all of our homeowners better pricing on their equipment and the installation. We’ve also focused on streamlining the customer experience to make the experience of getting geothermal simple and straightforward.

If you could found the company over again, what things would you do differently today?

So many things! Hard to overstate how many things! But here are a few:

  1. I would have looked for mentorship even earlier. I was incredibly fortunate to get connected with Dan Yates, the cofounder and CEO of Opower, about a year into the company, and he had a transformative impact on Dandelion and on me as a leader. If I could have learned even a fraction of what he taught me sooner, I would have saved myself and others a lot of stress during those early years!
  2. I wouldn’t have assumed partners, subcontractors, or anyone else except Dandelion would solve the problems we needed to solve to make the business work. When I started the company, we had a model that assumed local HVAC contractors would sell and install geothermal for customers on behalf of Dandelion. It didn’t take us very long to realize that given these activities were so central to our mission of making geothermal heating simple and affordable, we couldn’t outsource them to others.
  3. I would have been less tolerant of underperformers. I think this is a hard lesson for many new managers, but at the beginning of Dandelion when I was still relatively new to managing a team, I spent an outsized portion of my time and energy dealing with the most difficult employees. With many hard lessons behind me now, I invest the bulk of my time with the highest performing employees, because they are the ones that will build the business and carry us furthest toward our mission.

What other cleantech and general development do you find particularly interesting or fascinating? What would you love to get involved in more but don’t have the time?

I’m an advisor to a startup called Noon that’s inventing a way to use cheap, abundant materials to store a lot of energy at a very low cost. While clean tech history is littered with battery failures, I find Noon exceptionally compelling because it’s one of those bets that could change everything if it works.

If you could suggest a particular law (cleantech or otherwise), what would you suggest?

An extension of the Investment Tax Credit for at least a decade at 30%. This would go such a long way in allowing critical clean technologies like geothermal heat pumps to scale.

Are there some companies you’d really like to work with, but haven’t quite gotten through to yet? Maybe some employees or shareholders are reading this and can reach out! 🙂

We are working with quite a few utility companies across NY, CT, and now VT to offer geothermal incentives for homeowners to transition from furnaces and boilers to heat pumps. These programs have been very successful: they’re good for utility companies because homeowners who use geothermal will typically use more electricity, especially on off-peak times, like night and winter. Geothermal heat pumps also dramatically reduce summer peaks. It’s good for homeowners because it makes geothermal heating and cooling more affordable. We are always looking for additional utility companies to work with, to make geothermal heating and cooling available in more states.

Are you hopeful for humanity, and what would need to happen to make you more hopeful?

I am very hopeful. We have very real challenges to solve, but for the average person, life on this planet has never been better than it is right now. Life expectancy has increased more since 1900 than it had in the preceding 8000 years, and the quality of our lives has astronomically improved with electricity, refrigeration, antibiotics, sanitation, genetically modified crops, the internet, and so many other world-changing innovations that are only a hundred or so years old.

I think it’s likely humanity will continue its pattern of successfully innovating our way out of our biggest challenges.

All images courtesy Dandelion


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Robinhood is up 160% this year, but several obstacles are ahead

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Robinhood is up 160% this year, but several obstacles are ahead

Florida AG opens probe into Robinhood. Here's the latest

Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.

Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.

The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.

For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.

Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.

Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.

“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.

The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.

Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.

“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.

Robinhood CEO Vlad Tenev explains 'dual purpose' behind trading platform's new crypto offerings

Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.

Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.

Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.

It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.

Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.

With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.

Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.

The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.

An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.

OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.

JPMorgan announces plans to charge for access to customer bank data

“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.

“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.

The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.

“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”

Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.

“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”

SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.

Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.

The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.

WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev

Watch CNBC's full interview with Robinhood CEO Vlad Tenev

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Hyundai and Kia are betting on lower-priced EVs to ride out tariffs

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Hyundai and Kia are betting on lower-priced EVs to ride out tariffs

Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?

Hyundai and Kia shift to lower-priced EVs

Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.

In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.

The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.

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Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”

Hyundai-Kia-lower-priced-EVs
Hyundai Casper Electric/ Inster EV models (Source: Hyundai)

The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.

Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.

Hyundai-Kia-lower-priced-EVs
Kia Concept EV2 (Source: Kia)

More affordable electric cars are on the way

Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.

The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.

Hyundai-Kia-lower-priced-EVs
Kia EV3 (Source: Kia)

Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.

Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).

Hyundai-Kia-lower-priced-EVs
Kia unveils EV4 sedan and hatchback, PV5 electric van, and EV2 Concept at 2025 Kia EV Day (Source: Kia)

According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.

Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”

Hyundai-Kia-lower-priced-EVs
2025 Hyundai IONIQ 5 (Source: Hyundai)

Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.

After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.

While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.

Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.

Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.

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Blink Charging just threw a lifeline to EVBox Everon customers

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Blink Charging just threw a lifeline to EVBox Everon customers

As EVBox shuts down its Everon business across Europe and North America, EV charging provider Blink Charging is stepping up to offer support to customers caught in the transition.

EVBox’s software arm Everon recently announced it’s winding down operations alongside EVBox’s AC charger business. That’s left a lot of charging station hosts and drivers wondering what comes next. Now, EVBox Everon is pointing its customers toward Blink as a recommended alternative.

Blink says it’s ready to help, whether that means keeping existing chargers up and running or replacing aging gear with new Blink chargers.

“EVBox has played a significant role in the growth of EV charging infrastructure across the UK and Mainland Europe, and we recognize the trust hosts have placed in its solutions,” said Alex Calnan, Blink Charging’s managing director of Europe. “With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations. At Blink, we want to assure Everon customers that we are here to help them navigate this transition.”

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Blink says it’s able to offer advice, replacements, and ongoing network management to make the changeover as smooth as possible.

Everon users who switch to Blink will get access to the Blink Network portal via the Blink Charging app. That opens up real-time insight into charger usage and lets hosts set pricing, manage users, and download performance reports.

“At Blink, our charging technology is future-ready,” added Calnan. “With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles and charging habits.”

The company says its chargers are in stock and ready to ship now for any Everon customers looking to make the jump.

In October 2024, France’s Engie announced it would liquidate the entire EVBox group, which it said posted total losses of €800 million since Engie took over in 2017. EVBox is closing its operations in the Netherlands, Germany, and the US.


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