Interchange Recharged

Empty gigawatt factories, product recalls, participation rates that never materialised, and a policy environment that has now stripped the green premium entirely. The electrolyzer industry has had a brutal few years and most of the companies that raised hundreds of millions on the back of the hydrogen hype cycle are now sitting with fixed costs they cannot sustain and field deployments they are not proud of. Host Bridget van Dorsten speaks with Raveel Afzaal, CEO of Next Hydrogen, one of the few electrolyzer manufacturers that chose to watch from the sidelines while competitors scaled into the storm. Raveel describes the decision in blunt terms: in 2021, when cost of capital went to near zero and capital discipline evaporated, Next Hydrogen looked at the macro signals; rising inflation, rising interest rates, a market telling them their Hyundai partnership was worth a 5% share price drop, and chose to extend their runway from 18 months to five years. That meant hard capital allocation decisions, and the answer was to invest in the product, not the factory.  The conversation goes deep into a problem that rarely gets discussed publicly: the commercialisation valley of death. Getting to a working prototype is celebrated, but the productisation phase, technology readiness levels five through seven, is where the funding gap is most severe and the cost shock is greatest. Costs typically rise three to five times from prototype stage, revenues do not yet exist, and neither government programmes nor conventional investors are structured to bridge it. Raveel explains why so many companies that made it to prototype stage never made it to commercial deployment and what surviving that valley actually required.  Raveel also pushes back on a common framing around Chinese versus Western electrolyzers. His argument is that the quality question is not a national origin question , it is a materials question. What membranes, what bipolar plates, what catalyst, what functional safety architecture? Next Hydrogen's own answer to those questions is unusual: replacing nickel bipolar plates with large injection-moulded specialty engineered plastics, eliminating corrosion risk entirely and reducing cost through higher material utilisation rather than lower-grade materials. The company holds 40 patents on a cell architecture designed from the outset for direct connection to variable renewables, a design decision made in 2008, when the rest of the industry was still building for baseload.  The episode closes on what the next two to three years look like for electrolyzer manufacturers. Raveel's view is that consolidation is coming, but many companies won't survive long enough to be part of it, their fixed costs are too high and their runway too short. The companies that survive will be those with variable cost models, disciplined project selection, and a genuine answer to three questions: Can you access excess electrons? Can you deliver containerised, plug-and-play solutions that control total installed cost? Can you reliably handle the intermittent operations that direct renewable connection demands? Next Hydrogen is betting the answer starts with getting the cell design right first. Today's episode is sponsored by GridBeyond. Energy asset owners face a critical challenge: how to optimize performance and drive new revenue in competitive, fast-moving markets. GridBeyond solves this through AI-powered forecasting, energy trading and optimization. GridBeyond's platform delivers: Precision forecasting to anticipate market opportunities Intelligent market access across multiple revenue streams Real-time control that responds instantly to market conditions Optimization that combines AI insights with expert oversight Whether you're managing batteries, gas peakers, hybrid sites, or complex multi-asset portfolios, GridBeyond helps you turn assets into high-performance revenue machines. The proven platform has helped businesses across the energy sector maximize returns and accelerate their energy transition. Want to learn more? Visit go.gridbeyond.com/recharged  https://go.gridbeyond.com/recharged  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why nuclear has never been project financed and how that might finally be about to change.Every nuclear plant ever built has ultimately been backstopped by taxpayers or ratepayers. Not because the technology doesn't work, but because nobody has ever cracked the construction cost and schedule problem well enough to convince a bank to finance it without government support. Bridget van Dorsten is joined by Jake Jurewicz, Co-founder and CEO of Blue Energy, to explore why that has been so hard and what a credible path to fixing it might actually look like.Jake walks through the root cause of nuclear's cost overrun problem and it is not the reactor. The reactor equipment itself represents around 7% of total project costs. The real problem is what Jake calls nuclear construction overhead: the cost of mobilizing, training, and retaining the 10,000 or so skilled workers needed to build these plants in the field, the way we have been building them for 70 years, essentially the same way you would build a castle.The episode then turns to what Blue Energy is doing differently. By intentionally selecting sites accessible by barge and contracting existing oil and gas fabrication yards and shipyards to build large pre-assembled modules offsite, Blue Energy aims to bring fixed-price contracts into nuclear for the first time, the same contracting structure that made offshore wind and LNG bankable. Jake explains why that single shift changes everything for project financing.Bridget and Jake also work through the demand side of the equation: why hyperscalers are becoming the crucial beachhead market for new nuclear, what binding PPAs from investment-grade counterparties actually signal versus announcements, and why the restarts and uprates, while valuable, only go so far.The conversation also covers Blue Energy's first announced project at the Port of Victoria in Texas, a 1.5 gigawatt nuclear-powered AI data centre co-located with a gas-to-nuclear conversion, designed to accelerate commercial operation and reduce cost of capital even without government loan support. Jake explains the mechanics of why firing the balance of plant with gas first before switching to nuclear steam is not a compromise but a genuine financing innovation.Finally, Jake offers a view of what signals actually matter when separating the nuclear renaissance from the noise: binding PPAs, large balance sheets standing behind fixed-price contracts, and projects moving through the Nuclear Regulatory Commission rather than staying at the prototype stage.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Carbon capture and storage has long been framed as a clean technology that’s forever five years away. Bridget van Dorsten speaks with Tim Vail, CEO of ION Clean Energy, to explore why a surge in AI data-centre demand is reshaping the market for decarbonised gas – and how viable a solution it really is.Tim argues we’ve entered a buyer-led era for carbon capture, driven by hyperscalers like Amazon, Google and Microsoft who need 24/7 power fast - but are still committed to climate and decarbonization goals. That creates a new question for the energy transition: can natural gas + CCS deliver competitive renewable energy-level carbon intensity, while supporting grid resilience and scaling quickly enough for near-term energy projects?A big part of the conversation is about measurement and credibility. Tim explains how “carbon intensity” has to be assessed across the full value chain - from wellhead to electrons - including methane leakage. The rise of methane monitoring (ground, aircraft and satellite) and verification systems are helping utilities and buyers prove emissions performance, which is increasingly essential for energy finance, green finance, and corporate reporting. How does it work? Plus, Tim and Bridget debate the economics. Hyperscalers don’t buy “dollars per ton of CO₂ captured” - they buy power. Tim breaks down what CCS can add on a $/MWh basis, how incentives like the US 45Q tax credit can influence the cost, and why execution (getting projects financed and to final investment decision) is now the real bottleneck. Along the way, Bridget and Tim place CCS in the broader clean firm competition set, including nuclear, hydrogen, geothermal, and solar energy plus batteries, and what this means for future energy predictions and energy policy.The big question: is CCS at last moving from concept to commercial scale - not because the chemistry suddenly changed, but because demand, verification, and project finance finally might be aligning? About Interchange RechargedInterchange Recharged is the Wood Mackenzie podcast exploring the technologies, markets and energy policy decisions shaping the future of energy - from clean tech and clean technology to infrastructure, grid resilience, and the financing models behind the next wave of decarbonisation.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US data centre announcements are averaging 435MW a month, and there’s around 175GW of large-load capacity already committed or under construction. AI hyperscalers are looking for innovative ways to meet their energy demands. It’s one of the biggest infrastructure challenges in energy right now: how to deliver reliable, fast power without derailing climate and decarbonisation goals. Joining interim host Bridget van Dorsten is Akhil Batheja, Director of Technology Strategy at Bloom Energy, to unpack why fuel cells have moved from “interesting clean technology” to the epicentre of the data-centre power conversation - and what that shift means for utilities, energy projects, and energy policy.Together they discuss how solid oxide fuel cells differ from turbines, engines and batteries - from efficiency and permitting advantages to “Lego block” scalability - and why “time to power” is becoming the defining metric for data center owners. Bridget and Akhil explore grid resilience and the realities of operating off-grid campuses, how fuel cells can handle spiky AI workloads using supercapacitors, and why a future high-voltage DC architecture could reshape data-centre efficiency. Finally, they look at pathways to cleaner fuels, including hydrogen, renewable energy-linked fuels like biogas/RNG, and carbon capture, plus the role of energy finance and green finance in accelerating climate change solutions across the energy transition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

At the start of the year things were looking uncertain for nascent renewables like hydrogen and geothermal. With policy support from the previous US administration they had boomed with the IRA, then came July 2025 and the Trump administration’s One Big Beautiful Bill, which tore up tax credits and removed incentives for those renewable technologies. As we approach the end of the year, has anything changed for the better? How are hydrogen, wind and geothermal looking as we prepare for 2026?Regular host Sylvia Leyva Martinez is on maternity leave until the middle of next year, so her fellow energy analyst Bridget van Dorsten is stepping up to keep the mic warm. Bridget is an analyst researching hydrogen, but she has an engineer’s understanding of technologies across the energy spectrum. She doesn’t just cover that ‘frustrating, inefficient, expensive-to-move-around molecule’ (as she calls it); she knows what’s real in the energy world and what’s just hype. To kick off her tenure as host she’s picked out a few highlights from the year relating to those important renewables – geothermal, hydrogen and wind. Looking back on those conversations Sylvia had with experts on those fields, Bridget then gives the energy analyst’s view on how things are progressing in the current policy environment. Expect in-depth analysis on what’s changed, and the key stats and forecasts you need to know as 2026 approaches. Plus, Bridget looks back on the conversation Sylvia had with energy investors back in July, when we saw the oil and gas majors like Shell and Equinor announce they were scaling back their climate ambitions under pressure from investors. Bridget explores why the energy transition is unfolding slower than expected, how shareholder pressure is reshaping low-carbon strategies, and why companies like TotalEnergies and Shell have retreated from their plans to phase down fossil fuels. Bridget will be hosting until mid-next-year, and she wants to know what topics you want explored.Connect with the show and let us know what you want to hear, on LinkedIn, X or Bluesky at @interchangeshow, and follow the podcast so you don’t miss the episodes coming in the new year.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Electrification is surging, AI data centres are multiplying, and volatility is rising on both sides of the meter. Can storage step in as the flexible backbone the US grid now needs? Host Sylvia Leyva Martinez is joined by Joanna Martin Ziegenfuss, General Manager for Strategic Market Development (North America), and Ruchira Shah, General Manager of Software Product Management at Wärtsilä Energy Storage. Together they unpack how high-performance hardware paired with sophisticated control software delivers real-time flexibility, from synthetic inertia and fast frequency response to price arbitrage and microgrid operation. The conversation tracks the shift from treating storage as a bolt-on to renewables to viewing it as a core reliability asset. Sylvia, Joanna and Ruchi explore how AI-driven load growth and volatile demand profiles change planning assumptions; why interconnection queues are pushing some data centres toward on-site generation plus batteries; and how market rules and policy must evolve to reward flexibility and sub-second response. They also dig into software’s role in future-proofing assets as grid requirements tighten, and where innovators are already meeting new performance thresholds.If you’re navigating project economics, market design or grid operations in a fast-changing landscape, this episode offers a pragmatic look at what’s working, what’s missing, and why storage is set to anchor a resilient, decarbonised grid. This episode is brought to you by Wärtsilä Energy Storage – Wärtsilä delivers high performing, large-scale energy storage systems by combining sophisticated software, robust safety, and long‑term reliability—empowering utility, IPP, and data center customers to maximize energy value and investment returns. To learn more, visit: https://www.wartsila.com/energy/energy-storage?utm_source=woodmac&utm_medium=podcast&utm_campaign=energy_storage_saving_the_grid&utm_content=hostSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Recorded live on day two of Wood Mackenzie’s CCUS Conference in Houston, this episode of Interchange Recharged explores how carbon capture is advancing from state-level regulation to real-world innovation and global market trends.Host Sylvia Leyva Martinez begins with Lily Barkau, Groundwater Section Manager at the Wyoming Department of Environmental Quality, who explains how Wyoming became one of the first states to secure Class VI primacy and why local leadership is key to building trust, speeding up permitting, and ensuring long-term stewardship of CO₂ storage.Next, Katherine Hough of GEVO connects policy with practice, describing how her team links biogenic CO₂, carbon sequestration, and sustainable aviation fuel to create a truly circular carbon economy. Her insights show how business models, not just technology, are making carbon management commercially viable.Finally, Sylvia sits down with Ed Crooks, Vice Chair, Americas at Wood Mackenzie and host of  Energy Gang, for a wide-angle look at how policy clarity, AI-driven demand, and global energy dynamics are shaping the next phase of CCUS.From permitting to project finance to public perception, this on-the-ground episode captures the collaborative energy driving carbon capture forward—and marks a rare crossover between Wood Mackenzie’s two flagship podcasts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As RE+ 2025 wrapped up in Las Vegas, the mood across the show floor was one of contradiction: anxiety, anger, optimism, and opportunity all rolled into one. In this episode, Sylvia Leyva Martinez – Research Director and analyst covering global solar markets - sits down with Chris Seiple, Vice Chair of Power & Renewables, and Kasim Khan, Senior Analyst at Wood Mackenzie, to unpack the forces shaping today’s energy market. From the shockwaves of OB3 and FEOC restrictions, to investors navigating the whiplash of shifting subsidy regimes, Sylvia, Chris and Kassim talk about the conversations they’ve had with developers and manufacturers. Everyone is facing the same dilemma: double down on building compliant supply chains or hold back in anticipation of yet another policy reversal? Meanwhile, the collapse of early-stage development activity and the race to prove FEOC compliance are reshaping priorities across the industry.But there’s more than just uncertainty, there’s also innovation. Utilities are experimenting with new ways to fast-track data center interconnections, EPCs are doubling down on execution, and storage is emerging as the wildcard technology that could reshape both grid reliability and investor confidence. With US utilities already committed to 99 GW of new load from data centers - equivalent to nearly 15% of peak demand - the industry faces a defining test. Will the removal of subsidies finally level the playing field for capital, or will it strip away the last federal lever for climate policy? Tune in to hear why industry leaders believe we are living through the most uncertain moment in US clean energy history, and why that uncertainty could also create the biggest opportunities yet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Despite the US adding 4.3 gigawatts of solar manufacturing capacity in Q2, there were no additions to the upstream components of polysilicon wafer and cell manufacturing. As gas prices continue to rise and the demand for alternative power supplies grows, get a detailed look at what big names in energy are doing to get over the hurdles. On her second day at RE+ in Las Vegas, Sylvia Leyva Martinez, Research Director at Wood Mackenzie, explores the trajectory of solar and storage. Alongside industry experts, this episode of Interchange Recharged discusses the exciting yet challenging future of solar energy and energy storage amidst changing policy landscapes and growing demand. Sylvia and her guests explore and explain the dynamics of solar capacity, regulatory and financial challenges such as One Big Beautiful Bill (OB3) accelerating the phase-down of key tax credits, and emerging technologies fueling the renewable energy sector. This episode includes an exclusive excerpt from Sylvia’s presentation with the Solar Energy Industries Association (SEIA). She discusses energy policy uncertainty, market saturation in the solar energy industry, and manufacturing hurdles in the renewable energy space. Featured guests in this episode of Interchange Recharged:  Sean Gallagher, Senior Vice President of Policy at SEIA Steven Munson, Valuation and Tax Credit Advisor for Energy Transition at CohnReznik In this episode, Sylvia and her guests discuss: The State of Solar Energy and Storage - Sean discusses why solar and energy storage are crucial for power demands in the coming years, emphasizing their role in new energy infrastructures. Impact of Policy Changes - Sean and Sylvia explore the effects of recent legislative changes, including the projected decline in solar installations post-2027, and how peak chaos impacts the industry. Investor Perspectives and Valuations - Steven shares insights on current investor sentiments, valuation challenges, and trends in renewable energy financing. Technological Advancements – The guests discuss strategies to improve efficiencies in solar modules, automated permitting, and innovations aiming to lower costs. Looking Into the Future – Sylvia and her guests explore potential long-term effects of emerging technologies like AI on power markets and the need to adapt quickly to policy updates. --Interchange Recharged explores clean tech, green finance and energy innovation, the three lanes on the road to a successful global energy transition. At the intersection of these lanes is a place where ideas on finance, technology and policy are shared and debated. Sylvia Leyva Martinez, Research Director at Wood Mackenzie, and her guests bring you data and forecasts on clean technology, climate change, and offer predictions on the build out of utility-scale projects and the future of green finance. --Check out another leading clean tech global podcast by Wood Mackenzie, Energy Gang, at woodmac.com/podcasts/the-energy-gang Wood Mackenzie is the leading global data and analytics solutions provider for renewables, energy and natural resources. Learn more about Wood Mackenzie on the official website: https://www.woodmac.com/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The policy environment in the US at the moment is challenging, but developers, utilities, and investors are still moving forward with decarbonisation goals and climate action; they’re just talking about it and approaching it in a different way. As RE+ (North America’s biggest clean energy event) kicks off, Sylvia Leyva Martinez talks to veteran climate journalist and cleantech investor Molly Wood, about the ways in which the industry is navigating the uncertainty. Molly talks about the outdated forecasts of 1–2% load growth which are being blown apart by real demand increases of up to 30% in some regions, driven by electrification, AI, and data centers. If you can’t make it to the event this year, Interchange Recharged will bring you the key discussions and exclusive insights so you don’t miss out. You’ll hear why traditional load forecasts are being upended by surging demand from AI and data centers, and what that means for project planning and risk management. Despite policy headwinds, the money is still flowing, but in smarter ways: into scalable tech like batteries, grid modernization, and distributed solutions. Investors are refocusing on scalable, commercial-ready technologies like batteries, grid modernization, and distributed energy solutions. And as the narrative shifts from using terms like “net zero” to the more pragmatic “energy dominance,” the conversation explores how storytelling shapes strategy, and why hyperscalers like Google and Amazon may even build their own small modular reactors or power islands to secure the future of energy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Way back in 2016, US energy storage capacity had just hit 336MWh, a 100% year-on-year increase. The growth forecast for storage was for 7.3GWh by 2022 – a US$3.3 billion market. It’s just one example of how far we’ve come; the IRA’s tax credits and incentives created a bullish environment for developers, and the renewable project pipeline grew and grew. Then came OB3, and the uncertainty around the future of the tax credits slowed everything down in the first half of 2025. However, a key market condition still exists: the ability to transfer tax credits. It’s a new market and one that could prove crucial for financing renewable projects. So how does it work? And what can it offer developers and financers? To find out, host Sylvia Leyva Martinez – a principal analyst at Wood Mackenzie covering global energy markets – is joined by Alfred Johnson, CEO of Crux. Crux facilitates the raising of capital, including the sale of tax credits and debt capital. Sylvia and Alfred review the last few years of clean energy market developments, explore the outlook for renewables out to 2028 and analyze the impact of tax credit transfers on solar, wind, biofuels and other clean energy projects The introduction of transferable tax credits has nearly doubled the market – to US$52 billion last year. It’s allowed developers to access financing for renewables that was previously difficult to get. Find out how it all works and how to make the most of it, right here on Interchange Recharged. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Despite uncertainty for US clean energy investors, things are looking good for the geothermal sector. US$1.7 billion in public funding was pumped into geothermal projects in Q1 this year - 85% of 2024's entire annual allocation – as breakthrough technologies promise to transform untapped resources into commercially viable clean energy projects.Enhanced geothermal and advanced geothermal technologies are making geothermal energy accessible anywhere, not just at existing sites chosen for their high-temperatures.To explore the science behind EGS and AGS, host Sylvia Leyva Martinez is joined by John Plack, VP of engineering at Ameresco. John explains how techniques adapted from the oil and gas sector, like directional drilling and reservoir stimulation, are improving geothermal's commercial viability. John shares what’s changed since the IRA’s passage, the role of EGS, and why improved subsurface mapping is critical to unlocking investment.Geothermal is currently supplying less than 1% of global energy needs, but could provide 15% of worldwide power by 2050. The US leads global geothermal power production, yet its 4 GW of installed capacity leaves vast resources untapped. Total potential US geothermal capacity exceeds 500 GW, with the best sites in western states featuring temperatures above 150°C and heat flow rates exceeding 80 milliwatts per square metre.Investment is there, and the technology is there, so has the impact of the Trump administration’s energy policy been lighter for geothermal than other sectors like wind and solar? Why?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Greenhouse Gas Protocol – the global gold standard for measuring corporate emissions – is under review, and the proposed changes could dramatically reshape how clean energy is bought, sold, and reported. New draft rules are expected by the end of the year.What changes could we see? And how will they impact the energy transition? To find out, Sylvia Leyva Martinez, principal analyst at Wood Mackenzie covering solar markets, speaks with Lee Taylor, CEO of Resurety – a leading provider of data and analytics for clean energy buyers. Lee has spent over a decade helping companies understand not just how to procure renewables, but how to do so with real carbon impact.Together, they explore what’s changing in Scope 2 emissions accounting, why location and timing of energy use now matter more than ever, and how voluntary clean power markets might evolve. They break down complex concepts like emissionality, 24/7 procurement, and consequential accounting – and what these mean for corporate net-zero strategies, PPA structures, and the future of Renewable Energy Certificates.If your business buys clean electricity or reports against Scope 2, this is essential listening.Plus, Taylor shares his advice for buyers and developers navigating the shifting landscape, and explains why the next six months will be key in shaping rules that will define voluntary climate leadership in the coming years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.