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WASHINGTON, D.C. – On a rooftop overlooking Gallaudet University in Washington, D.C., Julian Torres stands next to row after row of solar panels his company, Scale Microgrids, helped install as part of a larger system of renewable energy that has saved the college about $1 million per year in utility costs.

Torres, the company’s chief investment officer, is among many people and institutions worried that such projects will be nearly impossible in the coming years due to a planned change in banking regulations.

The plan, part of an international agreement widely known as “Basel III endgame,” is meant to prevent a global financial crisis by increasing the amount of capital that banks must hold for certain investments to cushion them against potential losses.

Torres said the proposed rule “potentially makes projects unfinanceable with the implied costs” and that he’s already heard from bankers who have said they won’t be able to continue funding renewable energy projects like the ones Scale Microgrids designed and installed at Gallaudet.

Major banks, renewable energy companies, environmental groups and more than 100 lawmakers have also expressed concerns about the proposed framework for the change being prepared by the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency.

Banks help fund the vast majority of renewable energy projects through tax equity investments, which allow the banks to benefit from federal tax credits for renewable energy. Currently, renewable energy draws $18 billion to $20 billion annually through tax equity investments, according to the American Council on Renewable Energy. Spurred by tax credit demand, that market is expected to more than double to $50 billion within the next few years.

However, the amount of capital that banks would need to fund renewable energy projects through tax equity investments would quadruple under the proposed framework.

That could result in annual tax equity investments in the renewable energy sector declining as much as 90%, according to policy analysis firm Capstone.

“Many people joke that we’re on the ‘solar-coaster,'” Torres said about the ups and downs of renewable energy. “But this is probably the biggest challenge we face right now.”

Federal Reserve Chair Jerome Powell told lawmakers that “broad and material changes” are needed to the proposed framework and that he was “aware of the commentary” around the impact to green energy.

The higher capital requirements for renewable energy projects in Basel III puts the regulation on a collision course with the Biden administration’s push for cleaner and greener energy sources. Biden championed a 2022 law that included an expansion of tax credits for clean energy.

Dominic Lacy, Gallaudet’s chief operating officer, said the university needed to replace its aging infrastructure and decided to switch to more renewable energy sources. The final system includes Tesla batteries, solar panels and engines that can run on renewable natural gas if that becomes a viable option in the future.

“If we didn’t have access to that tax credit, we would have had to figure out a different way to replace the infrastructure; it would have been incredibly difficult,” he said. “Quite frankly, I don’t know that we would have been able to replace our energy at the scale at which we did.”

The financial regulators overseeing the framework received more than 200 comments on the 1,087-page proposal.

In a joint letter, the American Bankers Association, which represents the largest banks, and the Bank Policy Institute warned that renewable energy projects would be “uneconomic” under the proposed rule’s new capital requirements.

The Clean Energy State Alliance, a bipartisan coalition of state energy agencies, also wrote to the regulators with concerns about a higher capital requirement, saying they saw little reason those investments would need to be weighed as riskier than they currently are.  

“The clean energy industry’s experience with tax equity investments does not warrant such a radical change,” the group’s letter read. “We urge you to consider the impacts of such a rule on state and national climate goals as well as the economic impacts of slowing down the clean energy transition.”

Rep. Sean Casten, D-Ill., led 106 Democrats in a letter asking the agencies to “reconsider this change in the proposed rule and consider alternatives that accurately reflect the risk profiles of tax equity investments.”

The financial regulators are expected to take comments into consideration and release a final framework later this year.

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Toyota funded climate deniers and Fred says Elon fudged the FSD numbers

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Toyota funded climate deniers and Fred says Elon fudged the FSD numbers

On today’s episode of Quick Charge, we look into a new study revealing that Toyota outspends all other automakers when it comes to funding climate change denying politicians and Fred accuses Elon of misrepresenting the data behind Full Self Driving (again).

We’ve also got word that the recently redesigned Tesla Model Y is being built in Giga Berlin, Hyundai’s electrified lineup is leading a record export year for the brand, and a new study says cleantech investments will beat out conventional energy production for the first time in 2025.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Amazon places its largest-ever order for electric semi trucks

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Amazon places its largest-ever order for electric semi trucks

Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).

Amazon’s new electric semi trucks

These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations. 

The new eHGVs are expected to transport more than 350 million packages annually once fully operational.

Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.

The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.

Sustainable delivery across Europe

In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.

By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.

Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.

Electrek’s Take

Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.

In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.

Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”

Read more: It begins: Mercedes eActros 600 electric semi truck enters production


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Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]

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Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]

If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.

Genesis GV60 interior gets an upgrade in the new model

Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.

The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.

Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.

The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.

Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.

New-Genesis-GV60-EV
The updated Genesis GV60 (Source: Genesis)

The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.

After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.

The updated interior of the Genesis GV60 in blue (Source: HealerTV)

A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.

Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.

Genesis GV60 update first look (Source: HealerTV)

In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.

The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.

2025 Genesis GV60 trim Range
(EPA-est)
Starting Price*
Standard RWD 294 miles $52,350
Standard AWD 264 miles $55,850
Advanced AWD 248 miles $60,900
Performance AWD 235 miles $69,900
2025 Genesis GV60 prices and range by trim (*excluding $1,350 destination fee)

Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.

What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.

Ready to check out the electric luxury SUV for yourself? With the 2025 models here, Genesis is offering clearance prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.

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