Biden-Harris Administration allocates $100 million to repair and replace existing EV chargers
Today, the Biden-Harris Administration has announced an additional $100 million in federal funding to repair and replace any and all existing but nonoperational EV chargers in the US. The new accelerator program is accepting applications now and aims to expedite EV adoption while creating thousands more new jobs in the industry.
EV adoption and sustainability have remained a staple in President Biden’s ongoing legacy that began as a vow during his candidacy. In their three-plus years in the White House, the Biden-Harris Administration has enacted the Inflation Reduction Act, revamping Federal tax credits for US consumers in favor of local EV supply chains and production.
We also have seen a huge investment in renewable energy like wind and solar, and billions allocated toward bringing EV battery production out of China and onto US soil. Currently, the US is using $13 billion in Federal funding to help bolster the nation’s electrical grid, preparing for the paradigm shift toward electrification that is already underway.
To complement this shift, the White House and Congress, alongside the Federal Highway Administration, have enacted the National Electric Vehicle Infrastructure (NEVI) Formula Program, offering up to $5 billion to States to deploy EV infrastructure.
But what about those existing chargers that are perhaps already dated or are currently out of commission? Today, the White House has presented a solution that should afford technicians to repair virtually all nonoperational EV chargers in the country.
US to repair chargers, make EV network more reliable
According to a press release from the Federal Highway Administration (FHWA) today, the Biden-Harris Administration has opened applications for what is being called the Electric Vehicle Charger Reliability and Accessibility Accelerator.
The US DOT cites the NEVI program and states that this latest $100 million will come out of its first round of funding in order to repair and replace existing EV chargers while the government and private sector work to bolster the US network with brand new charging stations.
According to the US Department of Energy’s Alternative Fuels Data Center, 4.1% (6,261) of public charging ports are temporarily unavailable as of September 11, 2023. Based on estimates utilizing such data, the FHWA anticipates that today’s announcement of $100 million will be able to cover the costs to repair or replace virtually all eligible EV chargers through the program’s “streamlined application process.”
The FHWA also said the new program will be extended to both publicly and privately owned chargers as long as those private piles are still available to the public without restriction. US Transportation Secretary Pete Buttigieg spoke to today’s funding announcement:
Under President Biden’s leadership, America is leading the electric vehicle revolution. This funding represents the latest step toward building a convenient, affordable, reliable charging network that reaches every corner of our nation.
Applications for the new program to repair EV chargers are now open and will remain so through November 13, 2023.
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Rondo Energy and energy producer EDP are installing a massive 100 MWh renewable-powered heat battery at HEINEKEN’s brewery in Lisbon, Portugal. The project will deliver round-the-clock renewable steam and reduce emissions without altering the facility’s beer brewing process.
Brewing HEINEKEN with zero-carbon steam
The Rondo Heat Battery (RHB) will be the biggest deployed in the beverage industry worldwide. It can store electricity as high-temperature heat using refractory bricks, then convert that heat into 24/7 steam, all without burning fossil fuels.
At HEINEKEN’s Central de Cervejas e Bebidas Brewery and Malting Plant, the heat battery system will supply 7 MW of steam, powered by renewable electricity from onsite solar and the grid. That steam is identical to steam created by gas-fired boilers, but without the carbon pollution.
EDP is providing the renewable electricity and will deliver the steam directly to HEINEKEN via a Heat-as-a-Service model. Rondo is supplying the battery, and HEINEKEN gets to ditch fossil fuels without retooling its brewing process.
Why this matters
This project is a big win for industrial decarbonization. High-temperature steam is one of the most complex parts of manufacturing to electrify, and the beer industry runs on it. HEINEKEN’s Lisbon site already uses solar panels for electricity and electric heat pumps for hot water, and this move helps it go even further.
It’s part of HEINEKEN’s “Brew a Better World” plan to hit net zero emissions by 2040 and decarbonize all of its global production sites by 2030.
Additionally, the deployment aligns with Portugal’s national target of reducing greenhouse gas emissions by 55% by 2030.
The bigger picture
With the European Investment Bank and Breakthrough Energy Catalyst backing this and other Rondo projects with €75 million in funding, this Lisbon installation is just the beginning. Rondo’s technology enables energy-hungry industries to switch from fossil fuels to renewable electricity without compromising 24/7 operations.
Rondo CEO Eric Trusiewicz sums it up: “We are thrilled to be installing our first Rondo Heat Battery in Iberia, and to support HEINEKEN to reach its goals. We look forward to helping industries across Iberia cut costs and carbon, and help Iberia capitalize on the opportunity.”
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Lucid Group (LCID) reported third-quarter earnings after the market closed on Wednesday, missing top and bottom-line estimates.
With 4,078 vehicles delivered in Q3, Lucid marked its seventh straight quarter with higher deliveries. Through the first nine months of 2025, Lucid delivered nearly 10,500 vehicles, more than the roughly 10,200 it handed over in 2024.
Although supply chain issues hampered production in the first half of the year, Lucid’s CEO Marc Winterhoff said the company made “significant progress ramping production of the Lucid Gravity through Q3,” including adding a second manufacturing shift at its Casa Grande, Arizona, plant.
Lucid produced 3,891 vehicles in Q3, missing estimates of around 5,600. With 9,966 EVs produced through the third quarter, Lucid will need to build over 8,000 more to meet its full-year production goal of 18,000 to 20,000.
According to estimates, Lucid is expected to report an adjusted quarterly loss of $2.27 per share on revenue of $352 million in Q3 2025.
Lucid Group Q3 2025 earnings breakdown
Lucid missed top and bottom-line estimates as it continues to address industry-wide supply chain issues that are hampering production of the Gravity SUV.
Although it missed estimates, Lucid reported Q3 revenue of $336.6 million, which is still up 68% from $200 million in the same period last year.
Lucid’s net loss narrowed to $978.4 million in the third quarter, or $3.31 per share, from $992.5 million, or $4.09 per share, in Q3 2024. On an adjusted basis, Lucid posted a loss of $2.65 per share.
In addition, Lucid said it agreed with Saudi Arabia’s Public Investment Fund (PIF) to increase the delayed draw term loan credit facility (DDTL) from $750 million to around $2 billion.
Given the increase, Lucid said total liquidity would have been around $5.5 billion at the end of Q3, up from the $4.2 billion it reported. Lucid ended the third quarter with $1.6 billion in cash and equivalents.
Lucid said liquidity is enough to fund it through the first half of 2027, up from the second half of 2026, as previously forecast. Lucid plans to launch production of its more affordable midsize platform in late 2026 with vehicles starting at around $50,000.
Lucid confirmed it was still on track to start production of the midsize platform later next year. However, given the supply chain issues, it now expects to hit the lower end of its production goal at around 18,000.
Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”
Lucid is advancing other emerging tech, including autonomy and intelligent mobility. Through a new partnership with NVIDIA, Lucid aims to be among the first to offer Level 4 autonomous driving.
The third-quarter earnings miss comes after Rivian (RIVN) beat expectations this week, reporting higher revenue and improving gross margins.
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Robinhood beat Wall Street expectations for the third quarter on Wednesday, extending a hot streak that has made it one of the biggest large-cap U.S. tech stocks this year.
Here is how Robinhood’s results compared to Wall Street estimates, according to analysts surveyed by LSEG:
- Earnings per share: 61cents vs. 53 cents expected
- Revenue: $1.27 billion vs. $1.19 billion expected
Revenue doubled year-over-year, while net income climbed to $556 million, or 61 cents per share, up significantly from the same quarter last year, when the company posted net income of $150 million, or 17 cents per share.
Transaction-based revenue, which is a proxy for trading activity, came in at $730 million, below StreetAccount’s $739 million estimate.
“Q3 was another strong quarter of profitable growth, and we continued to diversify our business, adding two more business lines — Prediction Markets and Bitstamp — that are generating approximately $100 million or more in annualized revenues,” finance chief Jason Warnick said in the release.
Robinhood is closing the gap with Coinbase as it pushes beyond retail trading into full-scale wealth management. The company has been aggressively offering deposit matches to lure clients from Fidelity and Schwab, and assets under management have grown with its TradePMR acquisition.
Robinhood year-to-date stock chart.
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