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Nishad Singh, former director of Engineering at FTX Cryptocurrency Derivatives Exchange, left, and Claire Watanabe, former senior executive at FTX Cryptocurrency Derivatives Exchange, arrive at court in New York, on Oct. 30, 2024.

Mackenzie Sigalos | CNBC

Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release on Wednesday, becoming the fourth ex-employee of the collapsed crypto exchange to be punished. Singh was also ordered to forfeit $11 billion.

Singh faced a maximum sentence of 75 years but New York Judge Lewis Kaplan noted his cooperation with the government as “remarkable” and said he was entirely persuaded that Singh’s involvement with the fraud was far more limited than that of FTX founder Sam Bankman-Fried or Caroline Ellison, the former CEO of sister hedge fund Alameda Research.

Ellison was the star witness in the prosecution of Bankman-Fried and recently received a two-year prison sentence.

Singh, who was FTX’s head of engineering, pleaded guilty early last year to six criminal charges, including conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws.

On Wednesday, Singh delivered a statement to the Court and said in a soft voice that he had strayed from his values and didn’t expect forgiveness. He said that assisting in the government’s investigation gave him purpose. Just before the hearing began, Singh was alone, pacing the elevator bank, as he rehearsed his statement from a single printed page.

FTX spiraled into bankruptcy in Nov. 2022, after the crypto exchange couldn’t meet customers’ withdrawal demands and allegedly stole $8 billion in client funds. In March, Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion.

Andrew Goldstein, Singh’s attorney and a former assistant U.S. attorney for the Southern District of New York, said that Singh became a participant in FTX’s wrongdoing at a very late stage and cited his extensive cooperation with the government, including testifying at Bankman-Fried’s trial last year.

Prosecutors noted that they met with Singh on at least 24 occasions for multiple hours and that he demonstrated “earnest remorse and eagerness to assist,” as well as “brought to the Government’s attention criminal conduct that the Government was not aware of and, in some cases, may have never discovered but for Singh’s cooperation.” 

Nicolas Roos, one of the prosecutors in the trial, noted that the campaign finance scheme was “totally unknown” by the government and that Singh “exclusively brought” details of the arrangement to the government.

Bankman-Fried was originally charged with using stolen customer money to make $100 million in campaign contributions ahead of the 2022 mid-term elections.

Ross told Judge Kaplan that leniency “would send an important message.”

In Kaplan’s reading of the sentencing, he told the defendant, “You did the right thing.”

More than 30 of Singh’s friends and family members filled the pews of courtroom on the 21st floor of the Manhattan courthouse. His fiancee, parents and brothers were seated together in the front row.

More than 100 people submitted letters on Singh’s behalf, including one from Bankman-Fried’s brother, Gabe, who called him “one of the kindest people [he has] ever known.” He asked Judge Kaplan to show Singh “the same compassion he has shown others his entire life.”

John Ray, who took over as FTX CEO after the bankruptcy filing in 2022, also submitted a letter on Singh’s behalf, saying he had provided the debtors with valuable assistance and cooperation throughout the bankruptcy proceedings. Ray said Singh made substantial productions of documents, and he voluntarily returned Bahamian real estate purchased with FTX funds.

Ryan Salame, another former top lieutenant of Bankman-Fried, was sentenced to seven and a half years in prison in May. Gary Wang, the co-founder and ex-technology chief of FTX, will be sentenced Nov. 20.

CNBC’s Dan Mangan contributed to this report.

WATCH: Caroline Ellison sentenced to two years in prison for role in FTX collapse

Caroline Ellison sentenced to two years in prison for role in FTX collapse

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Tesla police cruiser, Trump voters love solar, and at least the mines will be nice

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Tesla police cruiser, Trump voters love solar, and at least the mines will be nice

On today’s episode of Quick Charge, I, for one, welcome our new insect overlords. I’d like to remind them that, as a trusted media personality, I can be helpful in rounding up others to toil in their underground sugar caves cobalt mines.

We’ve also got the world’s quickest police pursuit vehicle, an Amnesty International report highlighting Tesla and Mercedes’ efforts to improve worker conditions in the Congo, and an exploration of Trump voters’ love for solar power.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 50% during BLUETTI’s exclusive Black Friday pre-sale, now through November 11. Learn more by clicking here.

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!

Read more: Cybertruck dually, overland Kia concepts, and electric Mopars at SEMA.

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Trump won – what now for US clean energy?

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Trump won – what now for US clean 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.


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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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CATL pushes forward with 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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