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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.

Budrul Chukrut | SOPA Images | LightRocket via Getty Images

In March 2022, venture capitalist Chris Ahn was pushing to get into a hot crypto startup that was trying to make it easy for businesses to transact using digital currencies.

The company was Bridge Network. As part of his pitch, Ahn flew to a small town in northern Montana with a term sheet in hand for founders Zach Abrams and Sean Yu, who had both previously worked at Coinbase and Block.

“Nobody else had flown out to see them in person,” Ahn, who was a partner at Index Ventures at the time, recounted in an interview on Tuesday.

The three of them hiked together on a path with melting snow, and then conversed over drinks and dinner, as Ahn aimed to convince the founding duo that they should take Index’s money. At the restaurant, he looked to seal the deal.

“I told them I was going to the bathroom, and I ran over to my car, grabbed the term sheet and came back,” Ahn said. “It’s hard to fit a piece of paper in a jacket without crumbling it, and I didn’t want to give them a crumpled piece of paper, so I left it in the car.”

Index landed the investment, getting into Bridge’s seed round in 2022. The firm was part of a more recent round, in August of this year, that included Sequoia and Ribbit Capital and valued Bridge at about $350 million, according to a person with knowledge of the matter who asked not to be named because the valuation was confidential. Also in the deal was Haun Ventures, founded by former Andreessen Horowitz partner Katie Haun.

Ahn left Index to join Haun in 2022. Both his old firm and his new employer have reason to celebrate this week, after Stripe agreed to buy Bridge for $1.1 billion. With that outcome, Index and Haun are poised to triple their investment in a matter of months.

Stripe Co-Founder John Collison on AI enthusiasm in a new interest rate environment

An Index spokesperson declined to comment.

It’s a particularly notable exit for venture investors during an extended IPO drought, and marks a big win for crypto, which has had few of them despite bundles of cash pouring into the industry.

For Stripe, one of the most richly valued tech startups, the Bridge purchase will be its largest to date. Bridge said the transaction is still subject to regulatory approvals and other conditions and is expected to close in the coming months.

‘Serious about stablecoin’

Bridge describes itself as the Stripe of crypto, specializing in making it easier for businesses to accept stablecoin payments without having to directly deal in digital tokens. Stablecoins are a type of cryptocurrency whose value is pegged to the value of a real-world asset like the U.S. dollar. Customers include Coinbase and SpaceX.

“It’s a sign that Stripe is serious about stablecoins and crypto,” Ahn said. “Payments were the original use case for crypto, and it’s finally here.”

Stripe is paying a hefty premium.

Investors familiar with Bridge’s financials said annual revenue is in the range of $10 million to $15 million. At the low end of the range, that’s a multiple of 110 times revenue, and at the high end, it’s a revenue multiple of over 70.

“The reason why Bridge is so valuable is because it’s prohibitively difficult for a company to use this new stablecoin tech without developer tools that makes the tech easy to use,” said Ahn.

Nic Carter of Castle Island Ventures said that while Bridge has rivals in the category, it’s the most successful stablecoin infrastructure business in the world, excluding the issuers like Circle and Tether.

“Almost every stablecoin startup we talk to is building on Bridge in some capacity whether it’s orchestration or issuance,” said Carter. “They are totally ubiquitous.”

Stripe saw its valuation plummet from $95 billion in 2021 to $50 billion last year, as private tech companies across the board took a major hit from the recalibration of the public markets. Its valuation reportedly rebounded to $70 billion this year as part of a secondary share sale.

Patrick Collison, chief executive officer and co-founder of Stripe Inc., left, smiles as John Collison, president and co-founder of Stripe Inc., speaks during a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018. 

Bloomberg | Bloomberg | Getty Images

Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the IPO process and have given no indication that an offering is on the near-term horizon. They’ve got a big business, with total payment volume surpassing $1 trillion in 2023.

Given private market demand for the company’s stock, the company has been able to offer some liquidity to early investors and employees in other ways.

“The private markets have been so generous with providing capital and secondary liquidity to shareholders that, if I’m the Collison brothers and I’m sitting around the table, I’m thinking, ‘Why do I want to go public?'” said David Golden, a partner at Revolution Ventures who previously led JPMorgan Chase’s tech investment banking practice. “Why bother if the private markets are willing to reward you with basically public market premiums and valuations and let you have secondary sales to keep your employees happy?”

When asked to comment, Stripe referred CNBC to CEO Patrick Collison’s post on X about the deal.

Collison called stablecoins “room-temperature superconductors for financial services” in his post, and said that Stripe is going to build the world’s best stablecoin infrastructure. 

Bernstein analysts are bullish on what the deal means for the $160 billion U.S. dollar-pegged stablecoin market, noting in a report that the acquisition “validates the usage and growth of stablecoins as a legit use case for public blockchains.”

WATCH: Ripple’s XRP drops as Chris Larsen reveals $10 million donation to Harris campaign

Ripple's XRP drops as Chris Larsen reveals $10 million donation to Harris campaign: CNBC Crypto World

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Trump won – what now for US clean energy?

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November 6, 2024

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Trump won – what now for US clean energy?

clean energy Trump
Photo: Dominion Energy

Donald Trump will push fossil fuels and undo renewable energy policies, but it ultimately won’t stop clean energy’s momentum.

Trump has always pushed for more oil drilling and fewer regulations, left the Paris Agreement in his first term as president, says he hates “windmills,” promised to scrap offshore wind on “day one” if he won the 2024 election, and calls climate change a “scam.” And now that he’s won, this is a direct threat to the US’s pledge to reach net zero by 2050. After all, federal policy directly impacts the pace of renewable energy growth, especially when it comes to incentives and research funding.

The Biden administration’s groundbreaking Inflation Reduction Act (IRA), which has spurred a clean energy boom, will be challenged under Trump. Because Republican states have received 80% of the IRA’s money with which they’ve built factories and created thousands of jobs, a complete IRA repeal is unlikely. What’s more probable is that the Republicans phase out tax credits earlier than planned or cap overall funding.

Federal financial support for innovative technologies and projects could also take a hit. Brendan Bell, COO of Aligned Climate Capital, who formerly led the US Department of Energy’s Loan Programs Office, told Electrek:

My partner Peter and I led the DOE Loan Program Office under President Obama. We supported the first utility-scale solar and storage projects, as well as early EV investments – including the first loan to Tesla.

Today, these technologies are commercialized and are propelling the clean energy transition. None of it would have been possible if these programs had been cut off 10 years ago.

Put simply, Trump can’t turn back the tide of clean energy – but he could delay tomorrow’s solutions and the birth of new industries.

BloombergNEF’s “2H 2024 US Clean Energy Market Outlook,” released at the end of October, examined the worst-case scenario, where control of both the Senate and the House leads to a full repeal of the IRA tax credits:

The wind, solar, and energy storage sectors jointly see a 17% drop in total new capacity additions over 2025-2035, with 927 gigawatts (GW) of cumulative build compared to 1,118GW in BNEF’s base case forecast. Wind sees the greatest fall in activity in this scenario with a 35% drop, followed by energy storage at 15% and solar at 13% relative to BNEF’s base case.

That’s a blow we can’t afford at a time when we need to reduce emissions by 50% from 2005 levels by 2030 to avoid climate disasters becoming even worse than they already are.

But all is not lost. The clean energy market isn’t solely driven by federal policy. Over the last decade, solar, wind, and EVs have become more cost-competitive and popular. State policies play a huge role too, and many states are committed to their own clean energy goals regardless of who sits in the White House. States like California, New York, and Washington have ambitious targets to combat climate change, and deep red Texas is No. 1 in the US for both solar and wind.

Corporations are also key players. Companies like Amazon, Google, and Walmart have committed to going 100% renewable, and they’re not about to reverse course. This demand keeps the market for renewables strong. Plus, there’s significant public support for clean energy jobs, and renewables create more employment opportunities than fossil fuels in many regions of the country.

JD Dillon, chief marketing officer of California-based solar tech manufacturer Tigo Energy (Nasdaq: TYGO), said to Electrek, “The march toward renewable clean energy is both inevitable and the right thing to do. In a perfect world, we would eliminate partisanship from the renewable energy conversation because everyone benefits from a cleaner environment and affordable energy. Unfortunately, none of us live in said perfect world.”

The US clean energy sector may slow down, but it’s hard to stop a train that has already left the station. What consequences this slower-moving train will have for the US and the world remains to be seen.

Read more: Trump says he’ll end the EV mandate. The only problem: there isn’t one.

If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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CATL pushes forward with all-solid-state EV batteries

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2 hours ago

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November 6, 2024

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CATL pushes forward with all-solid-state EV batteries

CATL-all-solid-state-EV-batteries

The world’s largest EV battery maker is advancing a new type of battery, promising higher energy density. According to a new local report, CATL is investing heavily while ramping up its workforce to bring all-solid-state EV batteries to market.

With trial production reportedly kicking off, we could see CATL launch all-solid-state EV batteries sooner than expected.

According to a new local report from LatePost (via CnEVPost), CATL has entered the trial production phase of 20 Ah samples. The news comes after the EV battery giant added over 1,000 workers to its R&D team this year.

The report claimed that CATL is now focused on the final Sulfide phase and has already commenced trial production of 20 Ah samples.

The company’s solution has an energy density of up to 500 Wh/kg for lithium ternary batteries, 40% more than current batteries. However, the report said charging speed and cycle life are not quite where they need to be.

At 20 Ah, the battery solution is finalized and ready for its next stage, production tech exploration.

CATL-all-solid-state-EV-batteries
CATL’s new EV experience center (Source: CATL)

CATL is advancing all-solid-state EV batteries

The report says after that it’s mainly manufacturing hurdles, that can be overcome with a bigger workforce.

In April, CATL’s chief scientist, Wu Kai, announced that the company had developed a verification platform for 10 Ah all-solid-state EV battery cells. Wu also said CATL aimed to produce all-solid-state EV batteries in small volumes in 2027, the first time the news was made public.

CATL-solid-state-EV-batteries
CATL launches Shenxing Plus EV battery (Source: CATL)

In September, the company’s chairman, Robin Zeng, said CATL’s research into the new battery tech was “second to none.”

Several companies, including Toyota, Mercedes-Benz, Stellantis, and others, are betting on solid-state EV batteries as the future.

CATL-Super-hybrid-battery
CATL launches new Freevoy Super Hybrid Battery (Source: CATL)

According to data from CnEVPost, CATL is dominating the global EV battery market with a 36.7% share through September 2024.

China’s BYD is second with a 16.4% share of the market. BYD is also planning to launch solid-state batteries. At the September 2024 World New Energy Congress, BYD’s head scientist and engineer, Lian Yubo, said solid-state EV batteries could be widely used in five years.

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Black Friday sales take 55% off Bluetti power stations and new releases, Special sales on EVs from Electric Bike Co., NIU, more

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November 6, 2024

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Black Friday sales take 55% off Bluetti power stations and new releases, Special sales on EVs from Electric Bike Co., NIU, more

It’s another day of amazing seasonal savings in our Green Deals today, with Bluetti’s early access Black Friday sale taking up 50% off its backup power units – including new releases – with tons of bonus savings like member pricing, an additional sitewide 5% off promo code, and more. Next we have an early bird Black Friday special from Electric Bike Company that can score you up to $897 in savings across its e-bike lineup, as well as NIU’s pre-Black Friday sale that is taking up to 64% off the brand’s KQi series of e-scooters. Lastly, we’re getting the first of EcoFlow’s Black Friday flash sales that is offering up to $1,347 off DELTA Pro and DELTA 2 Max bundles starting from $1,139. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Black Friday savings from EcoFlow, ENGWE, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Bluetti’s early access Black Friday sale offers up to 55% in savings with new releases and member pricing from $189

Bluetti’s early access Black Friday savings have begun through November 10 taking up to 50% off power stations, bundles, and accessories – including new releases and special pricing for members (sign-up is FREE here, plus you’ll get extra gifts for subscribing) – while also offering an exclusive sitewide 5% off discount during the sale by using the promo code AFFBF5 at checkout. One of Bluetti’s newest releases seeing Black Friday savings is the X20 153.6Wh Power Bank that you can score for $189.05 shipped, after using Bluetti’s Black Friday sitewide 5% off code. This model will be normally priced at $249 after these sales, but you’re getting the first chance to land $50 in cash savings here while it lasts, giving you a more affordable rate on top of securing a 153.6Wh (48,000mAh) backup power solution for your everyday personal devices.

Bluetti’s X20 power bank delivers a 153.6Wh/48,000mAh LiFePO4 battery capacity to cover the charging needs of your smartphone, tablet, laptop, and any other personal device that you take with you throughout your everyday life. Thanks to its 12 adapters it comes “compatible with over 90% of laptops on the market,” with four port options (bi-directional USB-C, two USB-As, and a DC) that let you connect up to four devices at once for multi-charging at up to 160W speeds. You can even hook it up to a wall outlet to charge itself while pumping out juice for your devices, and its BMS (Battery Management System) algorithm increases efficiency to provide up to 16 hours of continuous power on a single charge.

***Note: Remember to apply code AFFBF5 at checkout to knock an additional 5% off the prices listed below.

More new Bluetti releases getting early Black Friday discounts:

Bluetti early Black Friday member discounts:

You can check out everything Bluetti’s early access Black Friday sale has to offer on the landing page here.

Electric Bike Co. early bird Black Friday special

Electric Bike Co. is offering up to $897 in savings with its early bird Black Friday special, deals start from $1,499

Electric Bike Company is offering some early-bird Black Friday savings in the form of free gear alongside any purchase from its e-bike lineup, including discounted models like the Model C Chopper e-bike that is down at $1,899 shipped. This model will normally fetch you $2,099 these days, with our post-tariff market having hiked up the MSRP since summer by $200. While we have seen it go as low as $1,599 in the past (pre-tariffs), you’re still looking at a solid $200 being cut off the price tag of a model that doesn’t see as many discounts as others – plus you’ll be getting additional savings in the free anti-theft alarm, the upgraded 5Ah PowerBoost charger, and an upgraded tool kit (pump, tire tools, wrenches, and storage bag) – all valued at $397 for a total $597 in savings!

Sporting a sleek, classic beach cruiser design with high-reaching chopper handlebars and a saddle with a back support, this custom Model A e-bike comes equipped with a 500W (750W peak) motor and a 14Ah battery that reaches 20 MPH speeds (can be reprogrammed to 28 MPH) with a 60-mile range on a single charge.  It also has five levels of pedal assistance, with a choice for a 12 mag cadence sensor or a torque sensor along with a smaller selection of accessories and features: puncture-resistant tires, integrated front and rear safety lights, hand-stitched vegan leather grips, a rear cargo rack, a waterproof wiring system, and an LCD color display with a USB charging port.

Electric Bike Co. standard e-bike Black Friday discounts:

Electric Bike Co. e-bike bundle Black Friday discounts:

You can browse through the discounted and non-discounted e-bikes from Electric Bike Co. on the landing page here.

one-day EcoFlow flash sale

EcoFlow Black Friday flash sale takes up to $1,347 off DELTA Pro and DELTA 2 Max bundles from $1,139 (Today only)

The first of EcoFlow’s Black Friday flash sales has dropped this morning, giving folks two power station bundles at a significantly reduced price. The first of these is an Amazon-only offer on the brand’s DELTA Pro Portable Power Station bundled alongside a transfer switch and the appropriate connector for $1,952.07 shipped, after redeeming the on-page 7% off coupon. Normally this bundle would run you $3,299, with discounts having taken costs down to the former $2,099 low once before during the recent Prime Day event, but it’s getting beaten out by the additional 7% discount ($147) to carve out a new all-time low price.

This bundle package from EcoFlow will give you exactly what you need to support you on trips away from the home, while also covering appliance needs in case of an emergency when you are home. The included transfer switch allows you to connect the DELTA Pro’s 3,600Wh LiFePO4 battery to your home’s breakers, with the unit’s 3,600W output power (surging to 7,200W) able to cover certain areas of your home to keep essentials running. There’s also the 14 output ports on this station that can directly power and charge your appliances and devices. Recharging the station’s own battery is fairly quick too, as plugging it into a standard wall outlet will refuel it back to full in just 1.8 hours, or you can get a full recharge in 2.8 hours when utilizing the maximum 1,600W of solar input. All the usual remote smart controls you’ve expected from EcoFlow are available here and can be accessed through the companion app when connected by Wi-Fi or Bluetooth.

The second option during this flash sale is coming direct from EcoFlow’s site, offering the DELTA 2 Max Portable Power Station with a 800W alternator charger and a free camping light for $1,139.05 shipped, thanks to the sale’s additional 5% off promo in bonus savings that is applied automatically at checkout. More suited for folks who regularly take their power station with them on trips, the DELTA 2 Max’s 2,048Wh LiFePO4 battery capacity will be able to recharge while you drive, giving you about 1,000Wh for every 1.3 hours you’re on the road. It can handle covering devices and appliances with its 3,400W power output and its 15 output port options.

You can check out our launch coverage of the sale here, which we’ve curated for you to give you a one-stop shop of the best deals that we noticed amongst the massive amount of offers.

NIU early bird Black Friday sale

NIU’s KQi2 Pro electric kick scooter with regenerative brakes carries you 25 miles at $380

NIU has launched a pre-Black Friday flash sale through November 17, with the brand’s KQi series of electric scooters benefitting from up to 64% off discounts while it continues. One of the best (and cheapest) of these models that can still provide higher-than-average commuting support is the KQi2 Pro Electric Kick Scooter at $379.98 shipped. Normally priced at $649, it closed out last year at a $369 low, which we haven’t seen appear again this year, but we have seen a few discounts bring costs down to the second-lowest price, which is repeating here during this flash sale. You’re looking at a solid $269 being cut off the going rate, giving you the second-best price we have tracked and the best price of 2024 so far – only $11 above the all-time low from last year.

NIU’s KQi2 Pro provides mobility alongside affordability, with its lower pricing making this a great opportunity to upgrade your commute without breaking the bank. Its 300W motor and 48V battery propels the scooter forward up to 17.4 MPH for up to 25 miles of travel – with the regenerative brakes helping to extend that distance and four riding modes: e-save, sport, custom, and pedestrian. Carrying an IP54 water-resistance rating, it also comes stocked with an LED headlight and taillight, a secondary front drum brake, a foldable body, and an LED dashboard display to adjust settings – which you can also do through the companion app on your smartphone.

More NIU pre-Black Friday flash sale deals:

Best Black Friday e-bike deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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