Giant Energy Storage Project Hoovers Up Excess Wind & Solar
What was that again about wind and solar power being unreliable? Some energy pundits are still tossing that old ball around, but meanwhile savvy investors are plowing billions into new energy storage facilities that spit out clean kilowatts on demand. Like they say, money talks, and in a fitting twist the latest example comes from the Golden State, California.
Massive New Energy Storage Facility For The Golden State
California has plenty of both wind and solar, and it also has an ambitious renewable energy goal, which makes it the perfect spot to launch ambitious clean power projects such as massive new energy storage facilities.
California is also the perfect place to demonstrate how existing, climate-killing fossil energy sites can transition rapidly into climate action sites. After all, the state has played a key role in the US fossil energy industry, despite its image as an environmental warrior. It is riddled with oil and gas wells in addition to fossil power plants and existing transmission lines, and some of them are ripe for the picking by clean energy investors.
The new energy storage facility is a case in point. The diversified energy firm Vistra is behind the project. They are pitching it as the largest battery-type storage facility of its kind, and they are not kidding.
Located in Moss Landing near Monterey, California, the facility got under way in 2020 and it just completed an expansion, bringing its capacity to 400 megawatts or 1,600 megawatt-hours, depending on who’s counting and why. According to Vistra, the expansion kicked Moss Landing into world’s record territory.
That’s nothing. So far, work on the first two phases has progressed ahead of schedule, and Vistra is looking forward to another expansion that will bring the plant up to 1,500 megawatts, which translates into 6,000 megawatt-hours.
For those of you keeping score at home, the State of California, Pacific Gas and Electric Company, LG Energy Solution, and the engineering and construction firm Burns & McDonnell also have a hand in the project.
The Moss Landing Energy Storage Project Is A Good Start…
Land use issues are already threatening to slow down the clean energy transition, so any use of existing energy-related sites is an advantage that helps speed up the transition to clean power. Large-scale battery facilities like the Moss Landing project enable more wind and solar development on the grid, so the impact ripples out far beyond the site itself.
Vistra CEO Curt Morgan explains that “what’s great about this particular site is that it has the space to support even further expansion – up to 1,500 MW/6,000 MWh – while responsibly utilizing our existing site infrastructure, including existing transmission lines and grid interconnection.”
The battery array is housed inside an existing turbine building at the site, which is almost as long as three football fields, so just imagine if all those batteries involved digging up a pollinator habitat instead of occupying pre-built space.
As for what has been on the site previously, Moss Landing has a fossil energy pedigree of historic dimensions. The story started back in 1950, when a power plant built by Pacific Gas & Electric went into operation. PG&E was the whole story for almost 50 years, until 1998 when a series of transactions from Duke Energy to LS General Finance to Dynegy landed Moss Landing in the lap of Vistra, by dint of a 2018 merger with Dynegy.
Vistra has gotten loads of good press for the Moss Landing energy storage facility, which comes under its Vistra Zero branch. Other energy storage projects in the works in California and Texas, where Vistra Zero also doing a lot of solar. They also count the 2,300 megawatt, 1990’s-era Comanche Peak nuclear power plant in Texas among its zero emission assets, though a pesky fire at the facility has raised some red flags relating to the stowing of all your energy eggs in one basket. As of this writing the plant’s two units are scheduled for decommissioning between 2030 and 2033.
…But Vistra Has A Long Row To Hoe
On the down side, the Moss Landing energy storage project is part of a broader plan for leveraging batteries to store electricity from fossil sources in addition to wind and solar, for at least as long as fossils power the grid.
In that regard, Vistra has much to do and little time before the climate piper must be paid. The Moss Landing energy facility is dwarfed by the holdings of Vistra subsidiary Luminant, which counts 39,000 megawatts worth of generation capacity across 12 states, counting Comanche Peak.
The Luminant portfolio includes some solar, but as of 2019 its solar holdings barely registered on a pie chart. Natural gas and coal still share the throne, with nuclear holding on to a somewhat meaty sliver.
Nevertheless, Vistra’s interest in wind power has been coming along at a nice clip, and other signs of a strong uptick in renewable energy activity have been growing this year, partly spurred by the settlement of a complaint brought by Sierra Club. The settlement involves closing Vistra’s Joppa coal and gas power plant in Illinois, and it provides the company with an opportunity to lobby for the proposed “Illinois Coal to Solar and Energy Storage Act.”
If passed, the bill would help shepherd along Vistra’s plans for converting several other coal power plants in Illinois to renewable energy. The company has already set aside $550 million for the effort, which would involve a total of nine sites, 300 megawatts in solar capacity, and 175 megawatts in battery-type energy storage. Vistra also plans a similar fate for its coal power plants in Ohio.
If you’re thinking the Joppa site will soon be plastered with solar panels, guess again. Apparently the site is not suited for conversion to utility scale solar power. A 45-megawatt battery will go there instead, which is enough to serve about 22,500 typical homes.
Beyond Batteries For Long Duration Energy Storage
That figure of 22,500 homes sounds impressive, but the big question is for how long. Battery-type energy storage systems typically only last just a few hours. That is enough to power a grid past peak demand periods without having to dial up additional fossil energy capacity, typically in the form of natural gas. However, four hours is not nearly long enough to replace all existing “peaker” plants.
Our friends over at Power Magazine recently cited a study by the National Renewable Energy Laboratory, which indicates that about 150 gigawatts in fossil energy peaker plant capacity is on track to retire within the next 20 years in the US. Battery-type energy storage facilities could only replace about 28 of those gigawatts under a four-hour scenario.
To replace the rest, something that lasts longer than four hours or so is needed. The US Department of Energy has been hammering away at the problem under its DAYS “Duration Added to ElectricitY Storage” program. The acronym is a bit of a stretch, and so is the endeavor. DAYS is looking for a minimum of 10 hours of energy storage, preferably reaching 100 hours or more.
That might sound like a tough nut to crack considering the state of battery-type storage. However, pumped storage hydropower already fits the bill, proving that it is possible. The problem with pumped hydro is the narrow range of options for site selection.
Flow batteries are another water-based option that allows for a much wider range of deployment. The water is contained in tanks and the whole thing can be packed into a a relatively small container, or a larger facility depending on the use case.
Another option is to take the gravity-based underpinnings of pumped hydropower and apply them to solid objects instead of water.
One interesting mashup in that area is the company Energy Vault, which is considering the use of recycled wind turbine blades in a gravity-based storage system that resembles a sideways Ferris wheel.
The compressed air energy storage field is also growing out and scaling up, so keep an eye on that, along with thermal systems and other interesting storage solutions.
Follow me on Twitter @TinaMCasey.
Photo: Moss Landing energy storage facility courtesy of Vistra.
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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 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.
“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
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.
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.”
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.
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.
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).
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.”
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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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.”
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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