A recent scandal involving a company called Rhino Onward International, or ROI, highlights the risks of investing in the green hydrogen industry. The company raised $31 million from over 200 investors, but only invested $200,000 in its business, diverting the rest of the money to its promoters, Paul Croft and J.D. Frost. According to a lawsuit filed by investors, Croft and Frost raised approximately $46 million through fraudulent renewable energy investment schemes. Many investors were clients of Croft & Frost’s now-shuttered accounting and tax advisory business, and the pair used the money to fund extravagant lifestyles and pay off debts rather than build a green hydrogen plant as promised.
In Las Vegas, billionaire Wes Edens and Transportation Secretary Pete Buttigieg celebrated the start of construction of Brightline West, the first private high-speed railway in the U.S. The $12 billion project, delayed by the pandemic and environmental approvals, aims to connect Las Vegas to Southern California at speeds of 200 miles per hour by 2028. Edens promises that the impact of the project will be long-lasting and hopes to see more similar projects in the future. However, the timeline for completion is ambitious, and challenges may arise during construction.
Sunrun CEO Mary Powell discusses using solar and batteries to address challenges facing the U.S. electricity grid. Powell highlights the inefficiency and fragility of the current grid system, emphasizing the importance of on-site generation for creating a cost-effective and reliable grid of the future. Sunrun’s focus on residential solar installations and storage devices aims to make electrification more sustainable and controllable for utilities. Powell also addresses the bureaucratic hurdles that slow down the adoption of solar power in the U.S., pointing to local rules, permitting processes, and utilities as barriers to quicker and cheaper installations.
In other news, Nobel Prize-winning economist suggests taxing the rich to protect the poor from climate change, Honda and Toyota announce large investments in North American EV and battery plants, and carbon dioxide levels have reached a new milestone. California plans to utilize more than half its land to combat climate change, while Asia experiences a devastating heatwave affecting millions. The Biden Administration crackdown on pollution from coal-burning power plants and new research questions the long-held beliefs about wolves’ role in Yellowstone Park’s ecosystem. The EPA’s efforts to clean up a Kentucky town have been ineffective, raising concerns about environmental protection in the region.
