The startup Fervo Energy just raised another $462 million to build America’s next generation of geothermal power plants.
On Wednesday, the Houston-based company said it closed a Series E funding round led by a new investor, B Capital, a global venture capital firm started by Facebook cofounder Eduardo Saverin. With the latest announcement, Fervo says it’s raised about $1.5 billion overall since 2017 as it develops what could become the world’s largest “enhanced geothermal system” in Utah.
“Fervo is setting the pace for the next era of clean, affordable, and reliable power in the U.S.,” Jeff Johnson, general partner at B Capital, said in a news release.
The Series E funding comes as Fervo reportedly prepares to become a publicly traded company, which would let it raise even more capital for its ambitious projects. When asked about a potential IPO, Fervo said only that the company is “focused on executing our development plan” in an email to Canary Media. “We have a lot of capital needs going forward to fuel our planned growth and will be tapping a lot of different opportunities to make that happen.”
The carbon-free energy from deep underground is available around the clock, but it represents only about 0.4% of total U.S. electricity generation — largely because the existing technology is constrained by geography. Today’s geothermal plants rely on naturally occurring reservoirs of hot water and steam to spin their turbines and generate power, which are available in a limited number of places.
Fervo’s approach involves creating its own reservoirs by fracturing hot rocks and pumping them full of water. The company uses the same horizontal drilling techniques and fiber-optic sensing tools as the oil and gas industry in an effort to reach deeper wells and hotter sources than is possible with conventional geothermal technology.
Its flagship development, Cape Station, is well underway in Beaver County, Utah. The project’s initial 100-megawatt installation is on track to start delivering power to the grid in October 2026, which will make it the first commercial-scale enhanced geothermal project to hit such a milestone worldwide, according to Fervo. An additional 400MW is slated to come online in 2028.
US regulatory officials are re-examining the safety of RSV shots despite no published reports of safety issues – a move that could lead to the removal or limitation of shots that have dramatically lowered hospitalizations among babies.
It’s the latest move from US health officials under Robert F Kennedy Jr, the secretary of the US Department of Health and Human Services (HHS) and a longtime anti-vaccine activist, to limit access to shots and to undermine public trust in the safe and effective products.
Officials at the US Food and Drug Administration (FDA) told three manufacturers of RSV preventative treatments for babies last week their products are being reviewed because of safety concerns raised by anti-vaccine activists, Reuters reported on Tuesday.
When asked by the Guardian if the FDA was reviewing the preventative shots and maternal RSV shots, a spokesperson confirmed the news.
The FDA routinely evaluates safety information about approved drugs, HHS press secretary Emily Hilliard said. A team at the FDA’s Center for Drug Evaluation and Research “is rigorously reviewing the available data, as it does for all products, to ensure decisions remain rooted in evidence-based science and in the best interest of patients”, Hilliard said.
The spokesperson did not respond to questions about whether the review was prompted by safety signals or anti-vaccine activists, and did not respond by press time to a question clarifying whether the review applies to shots for both babies and pregnant people.
“The RSV shots were the first time we had any kind of tools to prevent these complications,” said Elias Kass, a naturopathic physician specializing in pediatrics in Seattle, Washington.
RSV was the most common cause of hospitalization among US infants, he added: “To have a tool to prevent that is incredible.”
There were two working groups assessing evidence on RSV for the Advisory Committee on Immunization Practices (ACIP) to the US Centers for Disease Control and Prevention (CDC). One group focused on the vaccines given during pregnancy and the other on the preventative shots given to babies.
Neither group appears to have met since Kennedy fired all 17 previous advisers and replaced them with his own hand-picked advisers.
Kevin Ault, a former ACIP adviser and an obstetrician/gynecologist who has remained a liaison for the committee, was on the RSV working group for maternal vaccination until it stopped meeting. No new safety information about RSV shots has been released, Ault said.
In fact, news from the group was positive.
“There were concerns about pre-term delivery as a safety signal in the original maternal trials, but there have been subsequent safety data that shows that’s not an increased risk,” Ault said. That evidence was publicly discussed by the previous ACIP advisers.
“The efficacy and the safety signals have both been very reassuring,” Ault said.
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Even so, the new vaccine advisers in their meeting last week made several comments about re-evaluating the vaccines given during pregnancy, saying they have “a new way of looking at pregnancy and vaccines,” Ault said. But no information about this new approach has been given to the public.
The shots to prevent RSV are one of the greatest public health breakthroughs in recent years, with dramatic declines in hospitalization, Ault said.
Vaccinating during pregnancy was 55% to 68% effective in keeping newborns from being hospitalized in the first six months of their lives, according to a survey of studies published in the New England Journal of Medicine in October.
Babies who were given the preventative antibody shots were 79% to 83% less likely to be hospitalized, the study found.
Decisions from the FDA could limit access to the shots, and public health experts worry that the announcements, without evidence, undermining the shots could affect public trust and confidence in vaccine safety.
Before the shots were widely available, 2% to 3% of all infants in the US were hospitalized for RSV. The respiratory illness has also been associated with developing asthma.
“Almost every parent has some experience with RSV,” Ault said. “So I think it’s going to be a lot easier to talk about the risk and benefits of these interventions to parents, just because they realize what a devastating disease it is.”
HONG KONG — The head of the International Monetary Fund has urged China to fix its economic imbalances, saying the country of 1.4 billion people is too big to rely on exports for its growth.
China’s global exports have been rising while shipments to the United States have contracted after President Donald Trump hiked taxes on imports from China and many other countries. Earlier this week, Beijing reported its trade surplus for 2025 had already exceeded a record $1 trillion.
IMF Managing Director Kristalina Georgieva said the heavy reliance on exports risks provoking more moves by its trading partners to curb imports from China.
“(China’s) continuing to depend on export-led growth risks furthering global trade tensions,” Georgieva told a press conference on Wednesday. “China is now too big to rely on exports as a source for growth… and (it has) a large domestic market that can be a big aspiration for growth in the years to come.”
At a high-level meeting in October aimed at drawing up plans for the next five years, China’s leaders highlighted the need to boost domestic consumption. The ruling Communist Party has long sought to rebalance the economy away from heavy dependence both on exports and on massive investment in infrastructure.
But the COVID-19 pandemic intervened, along with a prolonged downturn in the real estate market that has slowed activity for that once powerful engine for growth. Meanwhile, Beijing has pushed hard to expand manufacturing in high-tech industries, struggling to rein in excessive capacity in some areas such as automaking.
Morgan Stanley recently predicted that by 2030, China’s market share in global exports could reach 16.5%, up from about 15% currently, supported by its advanced manufacturing and high-growth segments like robotics, electric vehicles and batteries.
Georgieva was visiting Beijing for an annual economic forum involving the heads of major international organizations. The IMF also was concluding its annual review of China.
Softening domestic consumption and demand in China has contributed to a weakened yuan versus the dollar and other currencies. That has made China’s exports cheaper compared with those of other countries, reinforcing trade imbalances.
The IMF said comprehensive policies are needed to encourage Chinese people to spend more.
While China’s market is huge and still growing at a nearly 5% annual pace, domestic demand has weakened as consumers cut back on spending due to job and income losses during and after the pandemic.
The years-long property downturn also has hit household wealth, crimping shoppers’ appetites for spending and sapping demand for imports, amplifying the trade imbalance.
Helping to offset the decline in exports to the U.S., China is selling more in other countries in Africa, Latin America, Southeast Asia and Europe. That has led to complaints from China’s trading partners as its imports have failed to keep pace.
Wednesday, the EU Chamber of Commerce in China also warned its substantial trade surplus is raising worries.
The IMF’s remarks followed Chinese Premier Li Qiang’s comments to the international group of financial experts Tuesday that higher tariffs have “dealt a severe blow” to the global economy.
Le Meux, December 10, 2025. Continental has entered exclusive negotiations with ASC Investment regarding the sale of its French retail operations ContiTrade France. The intended transaction includes more than 130 company-owned BestDrive outlets, two retreading facilities, as well as the administrative functions supporting the tire and vehicle maintenance business and totaling approx. 1,200 employees. All service outlets to be sold would remain part of Continental’s BestDrive France network under a franchise contract. Staff responsible for the franchise organization and the FleetPartner organization will be integrated into the Continental marketing and sales organization in France. Both parties agreed not to disclose any further details. The intended transaction will be subject to consultation with the Comité Social et Économique (CSE) and approval by the supervisory board of Continental AG, followed by the signing of a sale and purchase agreement.
Through this transaction, BestDrive France aims to successfully complete the transformation of its business model, moving from a hybrid distribution structure to a fully franchised network in France. Once the transaction is completed, Continental will serve its individual and fleet customers in France through an extensive network of BestDrive service outlets operated by franchisees. With its strong global brand and long-standing expertise in the tire and vehicle services business, BestDrive remains fully committed to supporting its franchisees, helping them to grow their businesses and realize their full market potential.
ASC intends to operate the service outlets as an independent and agile activity, fully dedicated to providing a wide range of high-quality services to its existing and new clients via an extended product offering. Together with the current management team, ASC is committed to leverage on the existing footprint of ContiTrade France and its employee’s skillsets.
Continental aims to optimize and expand its franchise network throughout France. Access to a competitive BestDrive Private Brand product range, a future-ready digital services portfolio as well as the nationwide FleetPartner network are key elements of BestDrive’s comprehensive franchise proposition. In total, BestDrive serves more than 200 outlets throughout France.
ASC is an investment firm based in Luxembourg and Munich, focusing on pan-European corporate spin-offs, carve-outs and succession situations with improvement potential. ASC is led by a group of experienced and proven investment and industry professionals with decades of experience, pursuing a strategy of unlocking operational improvement potential in acquired companies. Since 2010 the ASC team has been investing in pan-European situations where an active and entrepreneurial-minded investor is needed. Through its network and operational expertise, ASC supports companies to revitalize its operations and build-up a sound foundation for a sustainable future.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Investment bankers in Hong Kong have been warned over the quality of their paperwork in filings for initial public offerings after a boom in listings in the Chinese territory.
Hong Kong financial regulators sent letters to banks in the territory highlighting concerns, including failures to address regulator questions and poor descriptions of the business models of companies seeking to list. The letters also drew attention to text that was copied and pasted from previous prospectuses, according to people familiar with the warning.
The letters, sent in recent days, come as investment banks are beefing up staffing in Hong Kong to handle a revival in listings, which are principally coming from mainland Chinese companies using the territory as a base to raise offshore funds for international expansion.
Hong Kong has more than 300 companies in its IPO pipeline, having submitted paperwork to list. Listings so far this year in the territory have raised about US$34bn for companies, according to data from KPMG, making it the top IPO venue globally ahead of the NYSE, Nasdaq and National Stock Exchange of India.
This marks a huge increase from previous years after Covid-19 when Hong Kong’s capital markets stagnated.
“It’s just [about] being sloppy,” said one person who has read the letter, who added that regulators were displeased with excessive use of marketing language in documents submitted by advisers on behalf of the companies.
Two sources who had seen the letter confirmed that Hong Kong’s Securities and Futures Commission and the Hong Kong Stock Exchange contacted banks that work on helping companies go public in the territory with concerns about the quality of application materials.
They said banks might have received different versions of the letter, with some highlighting specific incidents concerning work submitted by the bank.
Last year, the SFC and HKEX unveiled an accelerated IPO application process for certain types of companies, including those already listed in mainland China, in a move to encourage more listings.
HKEX said it was “committed to ensuring the timely and robust review of new listing applications, and continues to proactively engage with issuers, sponsors and professional advisers to ensure the submission of comprehensive and high-quality listing materials”.
The SFC confirmed to the Financial Times that the letters were sent. News of the letters was first reported by Reuters.
“Our first trial showed us just how well the Everpour system works in real bar environments: with the intuitive and bartender-friendly system. Everpour is an example of experimentation and insight in action. Working with the trade has enabled us to bring an innovation to market which we believe has commercial potential as well as the potential to deliver significant carbon savings.” Commented Miranda Essex, Head of Breakthrough Innovation for Sustainability at Diageo.
The second phase of the trial will test the impact of the smart system – initially 10 pubs will have Everpour units with a further 15 coming onboard in the New Year. In this trial, the keg units have greater technology benefits to further enhance the user experience:
Drinks dispense tracking. We’ll have smart monitoring in place which will allow bartenders to see when the keg is running low.
Safety features. The system now has enhanced brand protection and quality control features, along with leak and blockage detection and temperature alerts to make sure our products are served at the optimum temperature.
Keg tracking and monitoring. Each keg has a RFID tag which allows us to track its exact location and status through an app.
Whilst Everpour has many benefits to help the running of the bar, it’s also a Diageo-designed solution to reduce the number of glass bottles needed and subsequent carbon emissions. The current projected carbon savings for a scaled post-trial launch of the Everpour unit in Ireland is very encouraging. The Lifecycle Analysis (LCA) estimated a reduction of at least 500 single-use 70cl glass bottles per Everpour unit over its life-time , and a projected packaging carbon footprint savings of up to 83% *.
Pub owner, Danny Kenny, said: “I’m delighted to take part in the second stage of the Everpour trial having used the system last year during its initial trial period. The Everpour solution reduces our labour costs with a neat keg system that is far easier to store and manage versus cases of traditional glass bottles. It also reduces glass waste and the system now has a clear stock control display which makes stocktaking much easier.”
The trial is expected to run until Summer 2026. Further trials and wider roll out will be subject to trial success.
*Projected savings based on an externally verified LCA, assumes scaled launch, post-trial, of 1000 outlet installations and 25 reuses of a 20 litre Everpour keg. Projected savings based on packaging only and packaging carbon footprint accounts for approx. 53% of overall product carbon footprint. Comparison based on Smirnoff 70cl glass bottle. Scaled launch and further Everpour roll-out subject to trial success, the prototype used during trial may be further refined and may not reflect the characteristics of the trial. Market conditions and projected savings may differ from market to market.
Paris, 10 December 2025 – Mirakl, the leading provider of eCommerce software solutions, today announced it has received a B rating from CDP in its first-ever climate disclosure assessment. This demonstrates Mirakl’s commitment to building a comprehensive and impactful environmental strategy while positioning the company among the tech companies to be rated by CDP. With this B-grade for Climate, Mirakl received the highest possible rating for SMEs.
CDP is a global non-profit that runs the world’s leading environmental disclosure system for companies, cities, states, and regions. With over 24,800 companies representing more than two-thirds of global market capitalization disclosing environmental data through CDP, the organization has built the most comprehensive database of corporate climate information in the world. CDP’s scoring methodology is widely recognized by investors, customers, and procurement teams as the gold standard for environmental transparency and performance. Companies are rated on a scale from A (leadership) to D- (disclosure), based on their environmental governance, risk management, and concrete actions to reduce emissions.
“Receiving our first CDP rating marks an important step in our environmental journey,” said Hugo Weber, VP Corporate Affairs & Impact at Mirakl. “As one of the first scale-ups to be rated by CDP, we want to demonstrate our conviction that transparency and collaboration are fundamental to successful climate action. We’re dedicated to pursuing initiatives that create tangible impact, and this rating reflects the seriousness of our approach.“
Mirakl’s environmental strategy encompasses:
Full carbon footprint transparency: we measure our complete scope 1, 2, and 3 emissions.
Reduction commitments: we’re aiming to cut absolute scope 1 and 2 emissions by 30% by 2027 (2023 baseline).
Value chain collaboration: we partner with suppliers to drive transparency and collective climate responsibility throughout our ecosystem.
Clean energy operations: we source green and renewable energy to power our office locations where possible.
Circular commerce innovation: we enable marketplace operators to build sustainable business models by facilitating refurbished and secondhand product offerings.
About Mirakl:
Mirakl is the leading provider of eCommerce software solutions. Mirakl’s suite of solutions provides enterprises with a transformative way to drive significant growth and efficiency in their online business.
Since 2012, Mirakl has been pioneering the platform economy, empowering retail and B2B enterprises with the most advanced, secure and scalable technology to digitize and expand product assortment through marketplace and dropship, improve efficiency in supplier catalog management and payments, personalize shopping experiences, and boost profits through retail media.
Mirakl is trusted by Airbus, Best Buy, Decathlon, Macy’s, Ulta and 450+ industry-leading businesses worldwide. For more information: www.mirakl.com.
Riyadh, Saudi Arabia – 09 December 2025 – H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, participated in the high-level panel “Building Sustainable Futures on a Global Scale” during the MOMENTUM Development Finance Conference organized by the National Development Fund (NDF) in Riyadh.
At the outset, Dr. Al Jasser expressed his profound gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for their unwavering support to the Islamic Development Bank and for the Kingdom’s leadership in strengthening global development cooperation.
During his remarks, Dr. Al Jasser underscored how IsDB’s presence in Saudi Arabia amplifies its global impact, stating: “Our presence in the Kingdom is a strategic advantage that strengthens our ability to deliver sustainable and inclusive development globally.” He highlighted that hosting IsDB’s headquarters in Saudi Arabia combined with the Kingdom’s vision, support, and leadership in development finance has enabled the Bank to maintain its prestigious AAA credit rating, expand its financing capacity, and deepen strategic partnerships across the Global South.
“It is also essential to recognize the foundation upon which we are building. While our paid-up capital is around US$10 billion as of 2025, we have provided over US$200 billion in development financing, demonstrating the Bank’s ability to deliver strong development impact under a robust Global South development model,” Dr. Al Jasser added. The Kingdom’s leadership has fostered an enabling ecosystem for innovation, humanitarian action, and knowledge exchange, allowing IsDB to play a pivotal role in advancing the Sustainable Development Goals (SDGs).
Dr. Al Jasser emphasized that the Islamic Development Bank is a founding member of the Arab Coordination Group (ACG), a coalition that has delivered major development interventions across the globe. These initiatives have empowered communities through transformative investments in agriculture, infrastructure, education, health, energy, and broader social development.
The IsDB Chairman also highlighted the Bank’s strategic partnership with the Saudi Fund for Development (SFD), which has resulted in joint investments supporting projects across key development sectors, including agriculture, transport, water, power, and other critical infrastructure. He further noted the Bank’s impactful humanitarian partnerships with King Salman Humanitarian Aid and Relief Centre (KSRelief,and the Global Muslim Philanthropy Fund for Children (GMPFC), alongside IsDB’s leadership in advancing innovative Islamic financing.
Dr. Al Jasser further highlighted strong multilateral cooperation with the World Bank, the African Development Bank (AfDB), and the French Development Agency, all contributing to critical areas such as agriculture, infrastructure, food security, health systems, energy access, and climate resilience.
The Basel Committee has published principles for the sound management of third-party risk in the banking sector.
The principles establish a common baseline for banks and supervisors for the sound management of third-party risk.
The Committee will continue to monitor developments related to the digitalisation of finance and financial technology from a prudential perspective.
The ongoing digitalisation of finance has led to a rapid adoption of innovative approaches, which has increased banks’ dependency on third-party service providers for services that banks had previously not undertaken. In response, the Basel Committee has developed a new set of principles to reflect a larger and more diverse third-party service provider environment in the banking sector.
Building on the outcome of the previous consultation process, the principles establish a common baseline for banks and supervisors for the risk management of third-party service provider arrangements. At the same time, the principles maintain sufficient flexibility to accommodate evolving practices and regulatory frameworks across jurisdictions. The principles supersede those in the 2005 Joint Forum paper Outsourcing in financial services specifically for the banking sector.
The Committee will continue to monitor developments related to the digitalisation of finance and financial technology from a prudential perspective.
Note to editors:
The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of the Sveriges Riksbank.
More information about the Basel Committee is available here.
