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OpenAI CEO Sam Altman defended the resource use of AI on Friday, arguing that water concerns were "fake" and comparing it to human energy use. View More

Sam Altman, chief executive officer of OpenAI Inc., at the AI Impact Summit in New Delhi, India, on Thursday, Feb. 19, 2026. Prakash Singh | Bloomberg | Getty Images OpenAI CEO Sam Altman on Friday defended the resource demands of artificial intelligence, calling concerns about data centers' water use "fake" and comparing the energy used by AI systems to that of humans.Altman was speaking on the sidelines of the India AI Impact summit in an interview with The Indian Express when he was asked to address common criticisms of AI, such as its energy and water consumption. The CEO responded that claims circulating online that ChatGPT uses gallons of water per query were "completely untrue, totally insane," and have "no connection to reality." Data centers traditionally use large amounts of water to cool electrical components and prevent overheating. While data center cooling technologies have promised reduced consumption, some newer data centers no longer rely on water at all.Still, even with improving efficiency, a report last month from water technology company Xylem and Global Water Intelligence projected that the water drawn for cooling would more than triple over the next 25 years as computing demand rises, putting pressure on water systems.While dismissing fears about water use, Altman said energy consumption remains a fair AI concern. "Not per query, but in total – because the world is using so much AI ... and we need to move towards nuclear or wind and solar very quickly," he said. Asked about previous comments from Microsoft founder Bill Gates — who has suggested that the efficiency of the human brain proves that AI can evolve to also become more energy efficient over time —Altman pushed back."One of the things that is always unfair in this comparison is people talk about how much energy it takes to train an AI model ... But it also takes a lot of energy to train a human," he said. "It takes like 20 years of life, and all the food you eat before that time, before you get smart." "The fair comparison is if you ask ChatGPT a question, how much energy does it take once a model is trained to answer that question, versus a human, and probably AI has already caught up on an energy efficiency basis, measured that way," he added. The process Altman is referencing is known as inference, which refers to the use of AI models that have already been trained to create new outputs. AI inference is typically much less power-intensive than the training itself. Altman's comments, particularly the AI-to-human comparison, have since sparked some debate online amid growing anxiety about AI's ability to replace human work.Sridhar Vembu, co-founder and chief scientist of Indian software company Zoho Corporation, who was present at the summit, criticized the human-AI equivalence. "I do not want to see a world where we equate a piece of technology to a human being," the billionaire said in an X post. The debate comes as governments and companies pour billions into new data centers to support the computing needs of AI systems.According to a May report by the International Monetary Fund, electricity consumption by the world's data centers in 2023 had already reached levels comparable to Germany or France, soon after the launch of OpenAI's groundbreaking ChatGPT AI model.In response, some governments have been working to speed up approval processes to bring new and cheap energy online, with some environmentalists warning such moves could clash with global net-zero goals.Some local communities in countries like the U.S. have also pushed back on development projects over fears they will strain electricity grids and raise overall electricity costs. Last week, the City Council in San Marcos, Texas, voted down a proposed $1.5 billion data center project after months of public opposition. Amid such pushback, many tech leaders, including OpenAI's Altman, have argued data centers will require more energy production from diverse sources, including renewable and nuclear energy. watch nowVIDEO5:3505:35Energy Fuels CEO on surging demand for uranium & rare earthsWorldwide Exchange

Shree Ram Twistex's Rs 110 crore IPO opened today. Retail investors showed strong interest, subscribing 82% of their portion. Overall subscription is at 9%. The grey market indicates a 6% premium, suggesting modest listing gains. The IPO closes on February 25, with allotment on February 26 and listing on March 2. View More

Shree Ram Twistex’s Rs 110 crore IPO opened for subscription today. On the first day so far, the overall issue has received subscriptions for only 9% of the 1.06 crore shares on offer. The retail portion, however, has been subscribed 82%. The IPO will close on February 25, with allotment expected on February 26 and a tentative listing on the BSE and NSE on March 2. In the grey market, the shares are trading at a premium of around 6%, suggesting expectations of moderate listing gains. The issue is a 100% fresh issue of 1.06 crore shares, priced in the range of Rs 95 to Rs 104 per share. Shree Ram Twistex IPO Day subscription status: As of 3:20 PM on the first day of subscription, Shree Ram Twistex’s IPO has received an overall subscription of just 9%.Retail Individual Investors (RIIs) have shown strong interest, subscribing 82% of the 10.60 lakh shares allocated to them.Non-Institutional Investors (NIIs) have subscribed to only 8% of their 15.90 lakh share allocation, indicating limited participation.Qualified Institutional Buyers (QIBs) have not placed any bids so far for the 79.50 lakh shares reserved for them.This shows that while retail investors are relatively active, institutional participation on Day 1 remains weak, contributing to the low overall subscription. Shree Ram Twistex IPO GMP today As of February 23, Shree Ram Twistex’s shares are trading in the grey market at a premium of 6.25% (around Rs 6.50 per share) over the upper price band of Rs 104. Based on this, the IPO’s estimated listing price is expected to be approximately Rs 110.50, suggesting modest gains for investors on listing day. Shree Ram Twistex IPO details Shree Ram Twistex’s IPO is a 100% fresh issue, offering 1.06 crore shares worth Rs 110.24 crore. At the upper price band, the IPO values the company at a pre-issue market capitalisation of Rs 416 crore. The subscription window closes on February 25, with allotment expected on February 26 and a tentative listing on the BSE and NSE on March 2. Live Events Investors can apply for a minimum of 144 shares, which would require an investment of Rs 14,976 at the upper price band. The issue is structured with 75% of shares reserved for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for Retail Investors. About the company Shree Ram Twistex manufactures cotton yarns, including compact ring spun and carded yarns, both combed and carded varieties. Its products are used in knitting and weaving applications such as denim, terry towels, shirting, sheeting, sweaters, socks, bottom wear and home textiles. The company also produces value-added yarns such as Eli Twist, compact slub yarns and Lycra-blended yarns. It operates on a B2B model, supplying textile manufacturers, garment exporters, bulk buyers and fabric processors across multiple states, including Gujarat, Rajasthan, Maharashtra, Tamil Nadu and West Bengal, along with exports. Its manufacturing facility is located in Gondal, Rajkot, Gujarat, with 17 compact ring-spinning machines and a total spindle count of 27,744. It also operates five warehouses with a combined storage capacity of 9,855 MT. Financial performance For FY25, Shree Ram Twistex reported a total income of Rs 256 crore, up from Rs 232 crore in FY24. Profit after tax (PAT) rose to Rs 8 crore from Rs 6.55 crore in the previous year, while EBITDA increased to Rs 22 crore from Rs 20 crore. As of September 2025, the company’s total income stood at Rs 132 crore with a PAT of Rs 7 crore. The EBITDA margin improved significantly to 12.9% in FY25 from 8.57% in FY24, and the PAT margin rose to 3.14% from 2.83%, reflecting better operational efficiency and profitability. Use of proceeds The company plans to use the IPO proceeds to set up a 6.1 MW solar power plant and a 4.2 MW wind power plant for captive use, repay certain borrowings of about Rs 14.89 crore and fund working capital requirements of Rs 44 crore. The shift to captive renewable energy is expected to lower power costs, which form a key component of spinning operations. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Odisha's critical minerals sector is set to hit USD 18-20 billion by 2032 from USD 8 billion currently. The state is set for a transformative leap in the critical minerals sector. This remarkable rise is powered by strategic policies and hefty industrial investments. View More

New Delhi: Odisha's critical minerals sector is set to hit USD 18-20 billion by 2032 from USD 8 billion currently, while the processing and manufacturing share will quadruple, a study by an industry body said. According to new projections by the Net Zero Energy Transition Association (NETRA) released at the recently concluded Global Cleantech Expo-Odisha 2026 , the state is set for a transformative leap in the critical minerals sector. The study revealed that Odisha's mineral production value is expected to skyrocket from USD 8 billion in 2025 to USD 18-20 billion by 2032, with a dramatic shift in the state's mining, processing, and manufacturing profile, from 40 per cent, 10 per cent and 5 per cent in 2025 to 50 per cent, 40 per cent, and 30 per cent, respectively, by 2032, driven by focused policy and industrial investment. The two-day Global Cleantech Expo-Odisha 2026, held in Bhubaneswar on February 20-21, was inaugurated by state MSME Minister Gokulananda Mallik. The expo featured over 75 exhibitors from across the clean technology spectrum, including Luminous, GMR, AMAZE, Havells , MGM Green Energy, ICON Solar, Trontek, NED Energy, Navitas, Novasys, PV Blink, World Green Energy and others. Live Events The event witnessed the presence of senior government officials and industry leaders, highlighting Odisha's growing stature as a cleantech investment destination. Debi Prasad Dash, Executive Director, NETRA, said, "Odisha's rapid rise as a preferred destination for critical minerals and cleantech investment reflects the state's progressive vision and proactive policy environment. With significant reserves of over 30 critical minerals, Odisha is uniquely positioned to anchor India's clean energy future". Backed by recent discoveries, including lithium in Nayagarh and graphite, vanadium and cobalt, the state is accelerating its drive to build robust supply chains and maximise value addition. Initiatives like the Rare Earth Corridor in Ganjam and a dedicated auction calendar for critical mineral blocks are further positioning Odisha as India's centre for solar, battery, and EV manufacturing. More than 10 leading industries, including Tata Power , World Green Energies, Himadri Speciality Chemicals, Hindalco , and Luminous, have already pledged significant manufacturing investments in the state, leveraging Odisha's strategic port connectivity to access both domestic and international markets. Mallik said, "The government's unwavering commitment to the Net Zero goal by 2070 is driving transformative progress for MSMEs and startups. Our (State Government's) '5J' vision - Jal, Jungle, Jami, Jiba Jantu, and Jana Sadharan -- ensures sustainable development and ecological conservation at the heart of Odisha's growth." With robust port connectivity and a pipeline of more than 35 critical mineral blocks up for auction, Odisha is fast advancing India's critical minerals drive, reinforcing its role as the nation's emerging cleantech leader. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

CleanMax Enviro Energy Solutions' Rs 3,100 crore IPO opened today, with 3% subscription on Day 1. The issue, priced between Rs 1,000-1,053, includes a fresh issue and an offer for sale. Analysts suggest limited listing gains but see potential for long-term investors due to strong growth prospects in the renewable energy sector. View More

Clean Max Enviro Energy Solutions has opened its Rs 3,100 crore initial public offering (IPO) for subscription today. On Day 1 so far, the issue has been subscribed 3% of the 2.18 crore shares on offer. The retail investor portion was subscribed 1%, while Qualified Institutional Buyers (QIBs) led the demand with a 9% subscription. The IPO will remain open until February 25 and is scheduled to list on March 2. In the grey market, the premium signals a marginal upside of around 0.3% over the upper end of the price band, indicating limited listing gains. The IPO is priced in the range of Rs 1,000–1,053 per share and comprises a fresh issue of Rs 1,200 crore along with an offer for sale (OFS) of Rs 1,900 crore. Clean Max Enviro Energy IPO subscription status As of 11:55 am on Day 1, the Clean Max Enviro Energy IPO was subscribed 3% overall, according to BSE data. The Retail Individual Investors (RIIs) segment was subscribed 1% against the 1.01 crore shares on offer. Live Events The Non-Institutional Investors (NIIs) portion has not received any bids so far against the 46.05 lakh shares reserved. Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 9% against the 61.39 lakh shares on offer. Clean Max Enviro Energy IPO GMP today: As of February 23, 2026, the grey market premium indicates a marginal 0.3% upside over the upper end of the price band, pointing to limited listing gains. The issue, priced in the range of Rs 1,000–Rs 1,053 per share, comprises a fresh issue of Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore. Clean Max Enviro Energy IPO Details Clean Max Enviro Energy Solutions IPO is a Rs 3,100 crore issue, comprising a fresh issue of 1.14 crore shares worth Rs 1,200 crore and an offer for sale of 1.80 crore shares aggregating to Rs 1,900 crore. The share allotment is likely to be finalised on February 26, 2026. The company’s shares are scheduled to list on BSE and NSE on March 2, 2026. The price band for the IPO has been fixed at Rs 1,000–Rs 1,053 per share. Investors can bid in lots of 14 shares, with a minimum investment of Rs 14,742 for retail applicants at the upper price band. The issue closes on February 25, and at the upper end of the price band, the company’s pre-IPO market capitalization is estimated at Rs 12,325 crore. About Company CleanMax, established in 2010, is India’s largest renewable energy provider for the commercial and industrial (C&I) segment. As of October 2025, it has 2.80 GW of operational, owned, and managed capacity, along with 3.17 GW of contracted capacity under execution. The company delivers solar, wind, and hybrid energy solutions, primarily through long-term power purchase agreements (PPAs) with C&I clients. On the financial front, the company has staged a turnaround. Revenue increased to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24. It reported a net profit of Rs 19.43 crore in FY25, compared to a loss in the previous year. EBITDA margins also improved significantly to 63.1% in FY25 from 52% in FY24. That said, leverage remains high. Net debt stood at Rs 5,938 crore in FY25, with a net debt-to-equity ratio of 1.9x. A substantial portion of the IPO proceeds is earmarked for debt repayment, which is expected to strengthen the company’s balance sheet. At the upper end of the price band, the issue is valued at nearly 16 times EV/EBITDA. While analysts consider the valuation on the expensive side, they note strong growth visibility driven by increasing renewable energy adoption and rising demand from data centres and AI-related industries. Should you subscribe? Swastika Investmart assigned a "Neutral" rating and said the issue appears aggressively valued on recent financials, though superior EBITDA margins and operating metrics justify the pricing to some extent. It added that the IPO may be avoided for short-term or listing gains, but can be considered by well-informed investors for the medium to long term Aditya Birla Money has recommended Subscribe for long-term, citing under-penetration in C&I renewable energy, projected capacity additions and strong capital efficiency. It expects demand visibility to improve as renewable penetration rises and sectors such as data centres require round-the-clock green power. With grey market premium at just 0.3%, the issue does not indicate strong short-term listing excitement. Investors looking for quick gains may remain cautious, while those with a longer investment horizon and comfort with capital-intensive renewable businesses may evaluate the company's growth prospects and debt reduction plans before taking a call. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Shree Ram Twistex's Rs 110 crore IPO is now open, aiming to raise funds for renewable energy projects and debt repayment. The company, a manufacturer of cotton yarns for various textile applications, reported improved financial performance in FY25. Investors can subscribe until February 25, with a potential listing on March 2. View More

Shree Ram Twistex's Rs 110 crore IPO has opened for subscription on Monday, with grey market premium at around 5%, indicating expectations of moderate listing gains. The issue is entirely a fresh issue of 1.06 crore shares and is priced in the band of Rs 95 to Rs 104 per share. At the upper end, the IPO values the company at a pre-issue market cap of Rs 416 crore. The offer will close on February 25, with allotment likely on February 26 and listing tentatively scheduled for March 2 on BSE and NSE. Investors can bid for a minimum of 144 shares, translating into an investment of Rs 14,976 at the upper price band. The issue is structured with at least 75% reserved for qualified institutional buyers, up to 15% for non-institutional investors and up to 10% for retail investors. About the company Shree Ram Twistex manufactures cotton yarns including compact ring spun and carded yarns, both combed and carded varieties. Its products are used in knitting and weaving applications such as denim, terry towels, shirting, sheeting, sweaters, socks, bottom wear and home textiles. The company also produces value-added yarns such as Eli Twist, compact slub yarns and lycra-blended yarns. It operates on a B2B model, supplying textile manufacturers, garment exporters, bulk buyers and fabric processors across multiple states including Gujarat, Rajasthan, Maharashtra, Tamil Nadu and West Bengal, along with exports. Live Events Its manufacturing facility is located in Gondal, Rajkot, Gujarat, with 17 compact ring-spinning machines and a total spindle count of 27,744. It also operates five warehouses with a combined storage capacity of 9,855 MT. Financial performance For FY25, the company reported total income of Rs 256 crore, up from Rs 232 crore in FY24. Profit after tax stood at Rs 8 crore in FY25 compared with Rs 6.55 crore in FY24. EBITDA improved to Rs 22 crore from Rs 20 crore a year earlier. As of September 2025, total income was Rs 132 crore and PAT was Rs 7 crore. EBITDA margin improved to 12.9% in FY25 from 8.57% in FY24, while PAT margin rose to 3.14% from 2.83% earlier. Use of proceeds The company plans to use the IPO proceeds to set up a 6.1 MW solar power plant and a 4.2 MW wind power plant for captive use, repay certain borrowings of about Rs 14.89 crore and fund working capital requirements of Rs 44 crore. The shift to captive renewable energy is expected to lower power costs, which form a key component of spinning operations. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

IPO GMP: CleanMax Enviro Energy's Rs 3,100 crore IPO is now open, with a modest grey market premium suggesting limited listing gains. The renewable energy giant, India's largest in its sector, aims to repay debt with IPO funds. Analysts offer mixed views, with some recommending long-term investment due to strong growth prospects. View More

Clean Max Enviro Energy has launched its Rs 3,100 crore IPO for subscription on Monday, with the grey market premium indicating a marginal 0.3% upside over the upper end of the price band, suggesting limited listing gains. The issue, priced at Rs 1,000-1,053 per share, comprises a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. The IPO will close on February 25 and is scheduled to list on March 2. At the upper price band, the company is valued at a pre-IPO market capitalisation of Rs 12,325 crore. CleanMax, incorporated in 2010, is India's largest commercial and industrial renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of October 2025. The company operates across solar, wind and hybrid solutions and focuses on long-term power purchase agreements with commercial and industrial customers. Financially, the company has shown a turnaround. Revenue rose to Rs 1,610 crore in FY25 from Rs 1,425 crore in FY24, while net profit stood at Rs 19.43 crore in FY25 compared with a loss in the previous year. EBITDA margins improved to 63.1% in FY25 from 52% in FY24. However, leverage remains elevated. Net debt stood at Rs 5,938 crore in FY25 and net debt-to-equity at 1.9 times. A large portion of the IPO proceeds will be used to repay borrowings, which could strengthen the balance sheet. Live Events At the upper price band, the issue is valued at around 16 times EV/EBITDA, which analysts described as expensive, though there is strong growth visibility from rising renewable penetration and demand from data centres and AI-linked industries. Should you subscribe? Swastika Investmart assigned a "Neutral" rating and said the issue appears aggressively valued on recent financials, though superior EBITDA margins and operating metrics justify the pricing to some extent. It added that the IPO may be avoided for short-term or listing gains but can be considered by well-informed investors for the medium to long term Aditya Birla Money has recommended Subscribe for long-term, citing under-penetration in C&I renewable energy, projected capacity additions and strong capital efficiency. It expects demand visibility to improve as renewable penetration rises and sectors such as data centres require round-the-clock green power. With grey market premium at just 0.3%, the issue does not indicate strong short-term listing excitement. Investors looking for quick gains may remain cautious, while those with a longer investment horizon and comfort with capital-intensive renewable businesses may evaluate the company's growth prospects and debt reduction plans before taking a call. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Gregory Beard heads the Office of Energy Dominance Financing, which has nearly $300 billion in lending authority. These are his energy priorities. View More

In this articleCEGFollow your favorite stocksCREATE FREE ACCOUNT Gregory Beard, director of the Department of Energy's Office of Energy Dominance Financing.Courtesy: U.S. Department of Energy Former Apollo executive and longtime New Yorker Gregory Beard says he wouldn't have left the private sector for just any job. But opportunity came knocking in the form of Energy Secretary Chris Wright, who tapped Beard to run the Office of Energy Dominance Financing.Previously known as the Loan Programs Office and part of the Energy Department, the EDF is the largest energy lender in the world, with some $289 billion in loan authority currently.Beard first joined the EDF as a senior advisor in April 2025 from bitcoin miner Stronghold Digital Mining, before officially taking over as director on Jan. 29."If I didn't feel passionately about Secretary Wright's message and why the president chose him, I'd still be in the private sector," Beard said in an exclusive conversation with CNBC. Beard has only been at the helm for a few weeks, but he has big plans for the agency, including dispensing capital at a record rate. And at a time when the energy complex is seeing a generational shift and natural resources increasingly drive geopolitics, the EDF can be a key tool in shaping the future of energy in the U.S. Shaking up the office Beard says the first order of business was to reexamine the loans granted during the Biden administration, the majority of which were approved in the months between Election Day 2024 and the inauguration. The result of the "turnaround job," as he called it, impacted more than 80% of the Biden-era portfolio, or about $83.6 billion worth of loans, according to the Department of Energy. Most were focused on emissions-reducing projects.The review process included making sure projects that stayed in the portfolio align with the Trump administration's energy goals, Beard said. All told, roughly $30 billion in conditional loan commitments were either canceled or withdrawn by the applicant, with about $53 billion worth of loans restructured, the DOE said.The goal was to protect taxpayers, and to focus on affordability and reliability, Beard said. "This is not a reversal of policies — it's a protection of dollars," he said. Solar panels at the Boulder Solar 1 facility in Boulder City, Nevada, Nov. 23, 2025.Daniel Cole | Reuters The EDF dates back to 2005. The agency has acted as a bridge of sorts for U.S. companies that might struggle to secure financing via traditional capital markets due to perceived risks. In theory, the rigorous process to secure an EDF loan could be seen as a stamp of approval from the government, opening up additional funding to help nascent companies and technologies get off the ground. Over its more than 20 years there have been hits — including a 2010 loan to Tesla — and misses, most notably backing solar manufacturer Solyndra, which ultimately went bankrupt.Under President Joe Biden and his climate-focused administration, the agency was supercharged, acting as a green bank of sorts. Staff quadrupled, and the Inflation Reduction Act grew available funds by tenfold.But with the new administration, the office has changed course, shedding the green angle that President Donald Trump has called a scam. In addition to an official name change, the agency is now focused on six areas: nuclear; coal, oil, gas and hydrocarbons; critical materials and minerals; geothermal; grid and transmission; and manufacturing and transportation."Every project that we do will make energy more affordable for Americans, will help us win AI and will bolster the grid and get us out from under the China strategy to dominate certain critical minerals," Beard said. "Everything we do will have a very specific focus." EDF now 'open for business' During the first Trump administration, the EDF was largely dormant. But now, Beard said, the office is ready to get going. "We have direction. We are open for business. … We will, I think, invest this capital in America's future in record time," he said.The office has about 80 active loan applications in its pipeline, according to Beard. It's a mix of new projects as well as those that have been reframed to meet the administration's priorities, he said.The reorganized EDF has dispensed three loans to AEP, Constellation Energy and Wabash Valley Resources. All three originated during the prior administration. But Beard said the pace will soon pick up, hinting that an upcoming announcement could be the agency's largest-ever loan."The initial quarters were really a turnaround job for fixing what this office had done in the past," he said. "Now we're focused on the future."The first soup-to-nuts loan from the EDF will likely act as a starting point for a "wave of loans around affordability, reliability and increased generation on the grid," Beard said, adding that a "big portion of capital" will end up focusing on power costs.Affordability is becoming a bigger issue as the midterms approach. Electricity prices are rising faster than overall inflation, becoming a pain point for consumers who are feeling pinched on all sides. For years, power demand grew at a steady clip, giving utilities, which plan sometimes decades in advance, visibility into future needs. But that's changing. Power demand is rising for a few reasons, including the voracious power needs of artificial intelligence, reshoring of manufacturing and broader electrification. Reliability is also a key issue. A lack of accessible power is seen as one potential bottleneck in the AI arms race with China. Increasingly frequent and severe storms, attributed to climate change, are another source of stress on the power grid.The Trump administration has announced a host of initiatives it says will help meet the demand, including earlier in February ordering the Defense Department to purchase coal power and keep coal-fired plants running. U.S. coal use has been declining for years thanks to competition from cheaper gas and renewables. Beard hopes his EDF can address the supply crunch. One avenue is to focus on maximizing existing generation, he said. "We need to refurbish and refresh existing generation, not shut if off. And not make the hill that's already a mountain that much tougher to climb," he said.Newbuilds are also part of the picture, he said. "We need to remember again how important it is to do it and to build. So that's really what we're pushing," he said.Permitting delays can challenge new projects. Many regions in the country have a yearslong backlog of projects that want to connect to the grid. Amid the supply crunch, some have criticized the administration's decision to cancel several offshore wind projects that were more than 90% complete. (Judges have since ordered construction to resume.) Critics think the administration should be more open to wind and solar, which can be produced at lower costs and in some cases connect to the grid faster. One way to compare costs across energy sources is by looking at the levelized cost of energy, or LCOE. According to widely cited data from Lazard, new utility-scale solar ranges in cost from $38-$78 per megawatt-hour. Onshore wind is $37-$86/MWh, gas combined cycle is $48-$109/MWh and coal is $71-$173/MWh. However, the LCOE fails to take into consideration the value of dispatchable resources as well as capacity factor, or the amount of time an asset is producing at its maximum output. Nuclear has the highest capacity factor at over 90%, according to the Energy Information Administration. Combined-cycle gas is at roughly 69%, with coal at 43%. Wind and solar are at 34% and 23%, respectively. Everything 'on the table' for new nuclear The EDF has traditionally been an important backer of capital-intensive nuclear projects, which have at times come in over budget and behind schedule. And now, with the Trump administration throwing its weight behind nuclear and calling to quadruple U.S. capacity by 2050, nuclear is a priority for the agency. "We can't lean in any harder," Beard said, adding that more activity in the space is expected in coming months and quarters. The agency is willing to lend up to 80% of the project cost, he said. Electrical transmission towers, poles and lines are shown in the early morning of a hot summer day in Commerce, California, Aug. 7, 2025.Mike Blake | Reuters Tech companies also have turned to nuclear to power their data centers given it's the only source of emissions-free baseload power. Hyperscalers have signed power purchase agreements with the likes of Constellation and Vistra at above-market prices, indicating how desirable nuclear power is — reactors are online 24/7, unlike wind and solar power. Big tech has also backed small modular reactor companies, or SMRs, which promise faster timelines and controlled costs.The EDF in November finalized a $1 billion loan to Constellation Energy to restart its shuttered reactor at Three Mile Island, now known as the Crane Clean Energy Center. The agency previously provided $12 billion to Southern Company to build reactors 3 and 4 at Plant Vogtle, as well as a $1.5 billion loan guarantee to Holtec to restart the Palisades nuclear plant in Covert Township, Michigan. At present there are no commercial-scale reactors under construction in the U.S., although Westinghouse — maker of the AP1000 reactor — said it plans to build 10 large reactors, with construction beginning in 2030.Beard pointed to Trump's extension of the investment tax credit as advantageous for the industry. He said the EDF plans to support these long lead time projects."We spent the last year costing out and creating the incentive structures to let this industry flourish again," he said. "Our view is everything that is required to restart this industry is on the table." Breaking China's minerals dominance Another key focus for the EDF will be critical minerals, as part of a broader push for the U.S. to shore up domestic supplies and move away from foreign dependence. China has weaponized metals in the past by restricting exports of rare earths, and given it dominates metal supply chains — especially when it comes to refining — there's fear they could curb other exports.Beard said that the Department of Defense is working on solving "crisis-level issues," but that EDF plans to back companies seeking to break China's chokehold on metals key for everything from consumer products to the power grid and AI. "If China is in year 10 of a 20-year plan, we will intervene and support those projects and companies that interrupt that strategy," he said. Although the agency's reorganization meant a reduction in staff, Beard said it won't slow the pace of loans or hurt the quality of projects it backs. Instead, he said, fewer people will be needed because the EDF will focus on projects that can be replicated, rather than one-of-a-kind projects that don't make economic sense."I'm only really a professional investor and a new government guy," he said. "The discipline is make sure we are doing projects that benefit Americans and will be repaid."

Coal India's Gevra mine in Chhattisgarh is set to become the world's largest coal producer next year. It will surpass US mines by producing 63 million tonnes. The mine, operated by South Eastern Coalfields Ltd, is already India's largest opencast mine. SECL is also exploring diversification into gasification and solar projects. The company aims for listing by March next year. View More

Korba, Coal India 's Gevra mine will become the world's top coal-producing mine next year by achieving the output of 63 million tonnes, surpassing the US mines, a top official said on Sunday. Gevra mine, operated by South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India, is India's largest opencast coal mine. Operational since 1981, the Gevra mine will produce 56 million tonnes this year. The mine has already received the environmental clearance to expand capacity to 70 million tonnes per annum. In an interview with PTI here, SECL CMD Harish Duhan said, "By next year, only Gevra mine will be producing 63 MT and will become the number one mine in the world." Black Thunder Mine in Wyoming's Powder River Basin in the US is the world's largest coal mine with an output of 61-62 million tonnes, followed by North Antelope Rochelle Mine. Live Events SECL is fully prepared to achieve a production target of 56 million tonnes from Gevra - acknowledged as India's largest coal mine - this financial year, the Chairman and Managing Director (CMD) said. He outlined the four essential resources required for this ambitious goal -- land, machinery, manpower, and customer demand for coal dispatch -- and affirmed that "our team possesses all requisite resources, backed by meticulous advance planning". He emphasised that adequate land is available at the site, all necessary equipment are in place, contracts have been duly awarded, and there is firm demand from customers to offtake the coal. The CMD further highlighted that robust railway infrastructure supported by Indian Railways would help in seamless coal evacuation. Arun Kumar Tyagi, Area General Manager of SECL, Gevra area, said, "In 2026-27, we aim to ramp up the production from Gevra mine to 63 million tonnes. This will surpass the Black Thunder mine in the US - the world's largest - which currently produces 62 million tonnes." On the company's diversification plans, the SECL CMD said, "We have identified a gasification project and we are in the process of acquiring it." The CMD said that the company also plans to set up 700 mw of solar projects in SECL itself. "For floating solar, we are willing to work with the state government of Chhattisgarh ." The company, together with the state government, is also keen to identify some projects in critical minerals. "We want to make a JV with them (Chhattisgarh government)," he said. SECL, he said, also plans to extract rare earth elements from the overburden and is in the process of identifying scientific agencies to support this. Besides, SECL has set a target to complete the company's listing by March next year. The capital raised through the initial public offering would be utilised to expand SECL's projects and diversify, among other uses, the CMD said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Clean Max Enviro Energy Solutions’ Rs 3,100 crore IPO opens on Monday with a muted grey market premium of 0.4%, signalling flat listing expectations. The issue comprises a Rs 1,200 crore fresh issue and Rs 1,900 crore OFS. Proceeds will largely repay debt. Despite strong capacity growth, high borrowings and modest GMP temper near-term listing gains hopes. View More

Clean Max Enviro Energy Solutions’ Rs 3,100 crore IPO opens for subscription on Monday, with a grey market premium (GMP) of just 0.4%, indicating largely flat listing expectations at current levels. At the upper end of the price band of Rs 1,053 per share, the 0.4% GMP translates into a notional premium of around Rs 4 per share, suggesting a potential listing near Rs 1,057 if sentiment holds. The IPO is a book-built issue comprising a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. The issue closes on February 25, with listing scheduled for March 2 on the BSE and NSE. Investors can bid for a minimum of 14 shares and in multiples thereafter. At the upper price band, the minimum investment for retail investors stands at Rs 14,742. Up to 50% of the issue is reserved for qualified institutional buyers, at least 35% for retail investors and at least 15% for non-institutional investors. According to a CRISIL report, CleanMax is India’s largest commercial and industrial renewable energy provider as of March 31, 2025. As of July 2025, it had 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity under execution. The company supplies renewable power through long-term power purchase agreements and energy attribute purchase agreements. It also offers EPC services and operations and maintenance solutions for solar, wind and hybrid plants, along with carbon credit services. Its client base includes technology companies, data centres and traditional industrial and manufacturing firms. Live Events For FY25, CleanMax reported total income of Rs 1,610 crore and a profit after tax of Rs 19 crore. EBITDA rose to Rs 1,015 crore from Rs 742 crore in FY24, reflecting improved operating performance. Total borrowings stood at Rs 7,974 crore as of March 2025. Of the fresh issue proceeds, Rs 1,123 crore will be used to repay or prepay outstanding borrowings of the company and certain subsidiaries, with the remainder allocated towards general corporate purposes. The modest grey market premium suggests that while the renewable energy theme remains structurally attractive, expectations of near-term listing gains are muted. Investor focus will now shift to subscription trends across institutional, retail and non-institutional segments during the three-day bidding window. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Odisha's Global Cleantech Expo, a significant boost to India's net zero goals, commenced in Bhubaneswar. The event, featuring over 200 companies from 20 nations, highlights Odisha's commitment to clean energy adoption through MSME support and ambitious renewable targets. View More

Bhubaneswar: The first edition of Global Cleantech Expo-Odisha kicked off yesterday at the IDCO Exhibition Ground, Bhubaneswar, providing a major boost to India’s net zero vision. The two-day summit was inaugurated by Chief Guest Gokulananda Mallik, Minister of State (Independent Charge), MSME Department, Government of Odisha. Addressing the gathering, Minister Mallik stated, “Odisha is actively supporting MSMEs through subsidies, credit guarantees, and policy incentives to accelerate clean energy adoption. We want every home to be solarised, noting that nearly 5,000 MSMEs are already engaged in the clean energy ecosystem across the state.” Under the leadership of Prime Minister Narendra Modi, India is rapidly emerging as a global cleantech powerhouse, he added. Additionally, the Startup India initiative, supported by targeted policies and ambitious climate targets, is empowering a new generation of entrepreneurs to innovate in clean energy. As a result, MSMEs are scaling up green solutions and playing a pivotal role in achieving the country’s climate and economic development objectives. The minister further emphasised the urgency of transitioning to clean energy to combat climate change, highlighting the government’s commitment to environmental protection through its “5J” vision- Jal, Jungle, Jami, Jiba Jantu, and Jana Sadharan, aimed at ensuring sustainable development alongside ecological conservation. The event witnessed participation from more than 200 companies representing over 20 countries, including Australia, Germany, France, and the United States, positioning Odisha as a promising destination for clean energy innovation and investment. Bringing together industry leaders, policymakers, innovators, and investors, the expo stands as the first large-scale cleantech exhibition of its kind in Eastern India. Live Events The summit commenced with welcome remarks by Debi Prasad Dash, Executive Director of the NetZero Energy Transition Association (NETRA), followed by insightful addresses from Amlan Kanti Das, Sr. Vice President, Operations & R&D, Luminous Power Technologies. Guests of Honour included Saidutta Biplab Keshari Pradhan, CEO of Odisha Renewable Energy Development Agency; Arvind Singh, CEO of TP Central Odisha Distribution Limited; Dr. Satyapriya Rath, IAS, Managing Director of GRIDCO Limited; and Sarada Prasad Satpathy, State General Secretary of Bharatiya Janata Party Odisha. The vote of thanks was delivered by Prashant Panigrahi, President of the Odisha Cleantech Association (OCTA) and MD of Gayatri Solar. Debi Prasad Dash, Principal Advisor, Global Cleantech Expo-Odisha and Executive Director, NetZero Energy Transition Association (NETRA), added, “With the event’s resounding success, Eastern India has firmly entered the global clean energy map. This platform is catalysing investment, partnerships, and technology transfer for a sustainable future.” Leading clean energy companies such as Saatvik Green Energy , Navitas Solar, Novasys Greenergy, Australian Premium Solar, Gautam Solar, Pahal Solar, Eastman Auto & Power, Trontek, Galo Energy, JD Solar and Latteys Industries showcased cutting-edge solutions spanning solar energy, battery storage, green hydrogen, and electric mobility. Amlan Kanti Das, Sr. Vice President-Operations and R&D, Luminous Power Technologies (P) Ltd., noted, “Odisha contributes 40 to 59 per cent of India’s mineral volume, making it a strategic hub for Luminous to drive global leadership in energy storage. With 30 acres of land in Odisha and access to critical minerals, we are accelerating innovation in advanced energy storage solutions.” Odisha’s ambitious energy vision, including its 10 GW renewable target, advancements in battery storage, EVs, green hydrogen, and adoption of newer technologies like tidal energy, AGRO PV, floating solar, and advanced BESS for grid modernisation, took centre stage at the expo. The event not only highlighted Odisha’s growth but also connected the broader Eastern India market, including Andhra Pradesh, West Bengal, Bihar, Chhattisgarh, Jharkhand, and neighbouring states. The event is expected to attract over 10,000 business visitors from Odisha and neighbouring states, with more than 1,000 business delegates participating in the conference, CXO roundtable, and Cleantech Excellence Awards. Specialised pavilions feature the latest in battery energy storage, EV and charging infrastructure, solar, green hydrogen, smart grids, and academic research. High-impact activities across both days include the Clean Energy Leadership Conference, workshops for students and professionals, and B2B networking sessions with global OEMs, startups, regulators, and financiers. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!