The Dallas skyline is visible from Sylvan Avenue in Dallas, Texas on Thursday, December 22, 2022. (Emil T. Lippe for The Washington Post via Getty Images)
Ford, General Motors, Google Nest, and several energy companies are partnering to support the growth of "virtual power plants" (VPPs) — or networks of decentralized power sources designed to kick in when the grid falls short. RMI, a nonprofit seeking to decarbonize the energy system, is spearheading the effort.
“Virtual power plants are poised for explosive growth, and RMI is committed to being at the forefront of their success by launching VP3,” said RMI CEO Jon Creyts in a press release. “Our analysis shows that VPPs can reduce peak power demand and improve grid resilience in a world of increasingly extreme climate events."
How does this work? Virtual power plants pool together both energy producers and consumers under a single entity, from wind and solar farms to home heaters that use smart thermostats. The idea is that these networks can coordinate to both provide and conserve energy as needed, depending on demand on the grid. This could entail using advanced software to prompt members to reduce their consumption.
On the supply side, producers in a VPP are able to better "monitor, forecast, optimize and trade their power," explains Next, one of Europe's largest VPP operators. "This way, fluctuations in the generation of renewables can be balanced by ramping up and down power generation and power consumption of controllable units."
So if a wind farm is overproducing, and a solar park is under producing, they can coordinate their output to provide a balanced load. It also allows them to potentially trade together on the same market, putting them in competition with large central power plants. It could also provide additional power options for large industrial consumers, such as automakers.
“Virtual power plants present an exciting opportunity to unlock additional value for homes, businesses and communities, helping to drive greater energy independence and grid decarbonization,” said Mark Bole, vice president and head of GM's V2X and Battery Solutions. “This collaboration underscores GM’s commitment to creating a more resilient grid, with EVs and virtual power plants playing a key role in helping to advance our all-electric future.”
Fintech startup Milo has launched what it says to be the world's first crypto mortgage. As part of the offering, clients will be able to use Bitcoin as collateral to purchase property and qualify for a 30-year loan. Josip Rupena, CEO and Founder of Milo, joins Cheddar News' Closing Bell, where he explains how this offering is a winning solution for crypto investors who want to invest in real estate.
Software company BigPanda recently raised $190 million in Series D funding, led by Advent International and Insight Partners. The funding round gives the company unicorn status with a $1.2 billion valuation. BigPanda develops A.I. software that detects and analyzes problems in I.T. systems. The company says it aims to be the solution for other companies that do not have enough manpower to manage their data, as more and more industries continue to build a broader digital presence. BigPanda co-founder and CEO Assaf Resnick joined Cheddar News' Closing Bell to discuss.
AT&T and Verizon have agreed to delay activating their 5G services around airports due to safety concerns. This comes after major U.S. airlines voiced their concern over the rollout of 5G technology, warning of an impending "catastrophic" aviation crisis. Hugh Odom, founder and president of Vertical Consultants, telecom expert, and former AT&T attorney, joined Cheddar Movers to discuss.
Tech giants Meta, Amazon, Alphabet, and Apple are faced with a bipartisan antitrust legislation effort underway in the Senate Judiciary Committee. The companies stand accused of promoting their own goods and services over smaller competitors on their platforms, holding too much monopolistic power via their app stores and services. Adam Kovacevich, founder and CEO of Chamber of Progress, a technology industry trade group, joined Cheddar to argue that the bills that are being debated currently could end up hurting consumers, rather than helping.
A saving grace for offices during pandemic lockdowns, video communication platform Zoom announced its own plans for doors to reopen from its Work Transformation Summit 2022. Dubbed Workstyles, CFO Kelly Steckelberg joined Cheddar to discuss the self-reported, tiered levels for how employees will be reporting going forward, from the majority of workers going hybrid to personnel who will work fully from home or the office where it makes sense. Steckelberg also talked about the company's plans for the future, stating “what we can control is our own execution," as Zoom's stock hit a 52-week low.
Sebastien Lagree, creator and founder of Lagree Fitness, joins Cheddar News to talk about the growth of Lagree Fitness and industry trends to watch in 2022.
Nikhilesh De, managing editor of global regulation and policy at CoinDesk, joins Cheddar News to discuss Bitcoin's slump and corporations' growing interest in NFTs.
Airlines around the world cancel or change flights ahead of Verizon and AT&T's 5G rollout. The two wireless companies agreed to temporarily delay the launch of the new service near some key airports, after airlines warned the 5G signals could interfere with certain aviation equipment. Jonathan Adelstein, president and CEO of the Wireless Infrastructure Association, joined Cheddar News to discuss.
Thrive Market is a health-first membership for conscious living, with a mission to make healthy and sustainable living easy and accessible. Nick Green, CEO and co-founder, chatted with Cheddar's Baker Machado about the company's approach and new ventures in 2022. "I grew up outside of Minneapolis, middle class, middle America, and really saw firsthand how hard my mom had to work to put healthy food on the table, on a budget, without a health food store nearby," he said. "Twenty-some years later we looked around and just thought it was crazy that millions of Americans are still struggling with the same thing, and we decided to change it." Recently the brand released a line of organic frozen products and will be introducing new beauty and home brands.
In the ongoing saga of AT&T and Verizon versus airlines over the U.S. rollout of 5G near airports, the telecom giants have agreed to delay some deployments. The decision came after arguments that the technology could pose a threat to the safety and security of flights. However, AT&T countered that airlines had two years to prepare for this rollout date.
