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.”
While people have been spending more time on their phones throughout the pandemic, a new report shows they were also spending more money as well. A review from Sensor Tower on the global app ecosystem this year found that the app economy will see record consumer spending in 2021, up nearly 20% from 2020. Sensor Tower director of sales and financial institutions Anthony Bartolacci joins Cheddar News' Closing Bell to break down the report.
The future of gambling in Florida recently suffered a major setback after a federal appeals court rejected a request from the state and the Seminole Tribe to allow online sports betting in the state. Now, the tribe has been forced to stop taking bets on its Hard Rock sportsbook app. ESPN gaming writer David Purdum joins Cheddar News' Closing Bell to discuss what this could mean for the future of sports betting in Florida.
Lance Ippolito, Head Trader at the Future Of Wealth, joins Cheddar News' Closing Bell where he discusses the factors that have contributed to the recent slide of major cryptocurrencies like Bitcoin and Ether.
Web3 software startup Thirdweb has raised $5 million in a funding round, coming from a group of high-profile investors, including Gary Vaynerchuk and Mark Cuban. Thirdweb says it is paving the way for the revolution surrounding the new iteration of the internet known as web3, by offering users free tools to build their own web3 projects. Thirdweb's co-founders Steven Bartlett and Furqan Rydhan join Cheddar News' Closing Bell to discuss.
Decentralized talent network Braintrust recently closed an atypical equity deal that involved investors buying $100 million in Braintrust tokens, the company's cryptocurrency. Braintrust's talent network is built on blockchain technology, which the company says allows it to be owned and built by users, instead of a centrally-controlled corporation. Braintrust users can also earn tokens for their contributions to the network and its growth. Braintrust co-founder Adam Jackson joins Cheddar News' Closing Bell to discuss.
Blue Origin launched its third manned mission over the weekend with 'Good Morning America' host Michael Strahan and Laura Shepard Churchley, daughter of astronaut Alan Shepard on board, alongside several Blue Origin investors.
This comes after the spaceflight firm launched two successful missions to the edge of space earlier this year. How will these missions set up Blue Origin for success as it competes with SpaceX and other companies for space tourism domination and more? Joey Roulette, space reporter at The New York Times, joins Cheddar News' Closing Bell to discuss.
Editorial and stock photo provider Getty Images is gearing up to make its public debut via a SPAC merger with CC Neuberger Principal Holdings II bringing it to a $4.8 billion valuation. CEO Craig Peters joined Cheddar to break down the decision to go public and noted that the merger will help to pay down debt. "That's going to really enable a lot of additional free cash flow and financial flexibility into the business," he noted. "That's just going to allow us to just invest more aggressively into the business to accelerate what is already accelerating growth." Peters also discussed the legacy image platform's place going forward in the expanding world of digital assets like NFTs and the metaverse.
Headspace Health has just launched the 'Headspace for Teens' social impact initiative, which will offer free access to the Headspace app for all teens ages 13 - 18 in America. Alice Nathoo, head of social impact at Headspace joins Cheddar News to talk about the program.
Cuy Sheffield, head of crypto at Visa, joined Cheddar's "Closing Bell" to talk about Visa's commitment and the partnerships the company has established to make crypto a conventional form of currency. He noted that banks are becoming more receptive to digital currency as their customers move portions of money to crypto platforms and also explained steps Visa is taking to make them more climate conscious.
