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People take photos in front of a giant Google logo at Google’s Bay View campus in Mountain View, California on Aug 13, 2024 where the “Made by Google” media event was held today.

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Nuclear developer Elementl Power said Wednesday it’s signed an agreement with Google to develop three sites for advanced reactors. It’s the latest example of tech giants teaming up with the nuclear industry in an effort to meet the vast energy needs of data centers. 

Google will commit early-stage development capital to the three projects, although the exact terms of the deal remain private. Each site will generate at least 600 megawatts of power capacity, and Google will have the option to buy the power once the sites are up and running. The proposed locations remain private, but Elementl said Google’s funding will be used for things like site permitting, securing interconnection rights to the transmission system, contract negotiations and other early-stage matters.

“Google is committed to catalyzing projects that strengthen the power grids where we operate, and advanced nuclear technology provides reliable, baseload, 24/7 energy,” said Amanda Peterson Corio, global head of data center energy at Google. 

“Our collaboration with Elementl Power enhances our ability to move at the speed required to meet this moment of AI and American innovation,” she added.

Elementl Power, which was founded in 2022 as a nuclear power project developer, hasn’t yet built any sites.

The company is currently technology agnostic, meaning it hasn’t yet chosen what type of reactor it will use at its sites. Rather, when the company is ready to begin construction it will choose the reactor technology that’s furthest along in development.

“Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals,” said Chris Colbert, Elementl Power’s chairman and CEO. Colbert was previously CFO, COO and chief strategy officer at NuScale Power, which is developing small modular reactors

Colbert added that once the projects reach a final investment stage Elementl will raise capital from other sources – for example infrastructure funds – to actually build the projects. The company is aiming to add 10 gigawatts of nuclear to the grid by 2035. 

In October, Google teamed up with small modular reactor company Kairos Power, pledging to buy power from the company’s fleet of reactors. At the time, Google said the first reactor would enter service by 2030, with more coming online through 2035.

Earlier this year, China’s AI startup DeepSeek prompted concerns that the improved efficiency of emerging AI models may reduce the need to invest in the build out new power sources to support data centers. However, tech leaders such as Amazon and Nvidia have since said the need for baseload power is continuing to grow at a quick pace.

In April, Anthropic co-founder Jack Clark estimated 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.

Catch up on the latest energy news from CNBC Pro:

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Trump crypto advisor David Bailey launching $300 million bitcoin investment company

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Trump crypto advisor David Bailey launching 0 million bitcoin investment company

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David Bailey, CEO of media group BTC Inc., and a key crypto advisor to President Donald Trump, has raised $300 million to launch a publicly traded bitcoin investment company, CNBC has confirmed.

The deal, which has been in the works since January, consists of $200 million in equity funding and $100 million in convertible debt, according to a person familiar with the matter who asked not to be named because the fundraise hasn’t been announced. The Information was first to cover the story.

Bailey’s company is named Nakamoto, a tribute to the pseudonymous bitcoin creator Satoshi Nakamoto. It will focus on acquiring and holding bitcoin and is set to merge with an existing Nasdaq-listed company in a transaction that’s expected to be announced early next week, the person said. The company’s public listing is expected this summer.

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Nakamoto plans to buy companies around the world, including in Brazil, Thailand and South Africa, and invest its bitcoin into them, the source said. The venture is backed by a roster of well-known investors, with an advisory board that includes prominent figures, the person said.

Bitcoin investment firms raise large sums of money, often through a mix of equity and debt, to buy and hold bitcoin. Their stock becomes another way for investors to bet on the price of bitcoin.

Michael Saylor, founder of Strategy (formerly MicroStrategy), popularized the model, converting its cash reserves into bitcoin beginning in 2020. The move transformed the software company into a de facto bitcoin holding company, with the value of its stock soaring as bitcoin rallied. It’s now one of the world’s largest owners of bitcoin.

How Trump was ‘orange-pilled’ by three bitcoiners in Puerto Rico

Jack Mallers, who rose to fame by launching the Strike payments app, has secured billions of dollars for his bitcoin-holding venture Twenty One, which is backed by SoftBank and Tether.

“What we really pride ourselves on is being blue-chip credibility with startup upside,” Mallers told CNBC’s Crypto World this week. “We feel like we’re big enough to win entering the market with billions of dollars of capital upon launch, but we’re small enough to grow and we’re small enough to post bitcoin-denominated returns in what’s becoming a really competitive capital markets appetite for bitcoin exposure.”

WATCH: Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

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This Port of LA terminal just ditched all propane forklifts for electric

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This Port of LA terminal just ditched all propane forklifts for electric

SSA Marine just pulled off a major clean energy win at the Port of Los Angeles. The global terminal operator has officially transitioned its entire fleet of forklifts at Berth 55 from propane to electric, making it the company’s first terminal to run 100% zero-emissions cargo handling equipment.

Berth 55 handles imported fruit from South America, and SSA Marine has operated there since the 1980s. Now, its 44 Hyster forklifts – 12 heavy-duty 10,000 lb. models and 32 3,000 lb. models – at the Port of LA are all electric. SSA Marine says the shift will cut propane use by around 44,000 gallons yearly and slash tailpipe carbon emissions by around 264 metric tons annually.

SSA Marine’s VP of sustainability, Meghan Weinman, said, “We are proud to partner with the Port of Los Angeles on this ambitious project, and we’re confident that Berth 55 will serve as a blueprint for future initiatives.”

The upgrade was a three-year effort between SSA Marine, the Port of LA, and several partners.

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Michael DiBernardo, deputy executive director at the port, said the achievement moves them closer to a big climate goal: making all yard equipment at the Port of LA emissions-free by 2030. “As a result of this initiative, SSA Marine has completed that goal five years ahead of schedule, which we appreciate.”

Read more: Arc is developing a 26-foot dual motor electric tugboat for the Port of Los Angeles


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Ford is raising prices on the Mustang Mach-E and a few other vehicles: Here’s why

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Ford is raising prices on the Mustang Mach-E and a few other vehicles: Here's why

And so it begins. Ford is raising prices on several vehicles built in Mexico, including the Mustang Mach-E. Like most of the auto industry, Ford is bracing for the impacts of Trump’s tariffs.

Ford raises prices on vehicles built in Mexico over tariffs

Just days after the company said it expected Trump’s new auto tariffs would cost $2.5 billion this year, Ford is raising vehicle prices on Mexico-built models.

A spokesperson confirmed to Electrek that Ford is increasing prices on the Mustang Mach-E, Maverick pickup, and Bronco Sport, all made at its plant in Mexico. The spokesperson said the move comes as part of its “usual mid-year pricing actions combined with some tariffs we are facing.”

The price increases do not impact Ford vehicles at dealerships or on the way. They will go into effect on imported cars after May 2 or later. These vehicles will arrive at dealerships in late June.

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Despite this, Ford is still offering employee pricing on all of these models through July 4 as part of its “From America, For America” campaign, which is available on most 2024 and 2025 models.

Ford-prices-tariffs
2025 Ford Mustang Mach-E (Source: Ford)

Even with the upcoming price hikes, Ford said it has “not passed the full cost of tariffs on to our customers.” Although Ford didn’t share full pricing, the spokesperson said the Bronco Sport Heritage saw a $600 increase while the Maverick XLT AWD’s price increased by $700.

Like crosstown rival GM, Ford withdrew its financial guidance due to the uncertainty surrounding tariffs. GM estimates that the impact of Trump’s tariffs will cost even more this year, at around $4 billion to $5 billion.

Ford-prices-tariffs
2025 Ford F-150 Lightning (Source: Ford)

Since Ford has the highest percentage of vehicles built in the US of any major automaker, outside of Tesla, it isn’t expected to take as big of a hit.

Ford imports around 21% of the vehicles it sells in the US. GM, on the other hand, imports about 46% of the cars it sells in the US.

Ford-prices-tariffs
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

Ford is also offering a free Level 2 home charger on any new EV purchase or lease, including the F-150 Lightning, Mustang Mach-E, and E-Transit van. The “Power Promise” promo includes other helpful benefits, including 24/7 live EV support, proactive roadside assistance, and an 8-year, 100,000-mile battery warranty.

Ready to snag the savings while they are still here? We can help you get started. Check out our links below to find deals on new Ford F-150 Lightning and Mustang Mach-E models in your area.

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