Last Week in ConTech - 24 March 2025
How EV Charging Infrastructure Deployment Could Change
Deep Insight: How EV Charging Infrastructure Deployment Could Change
This week BYD, a Chinese electric car company, unveiled a super fast charging system. A driver can add 400 kilometers (249 miles) of range after 5 minutes of charging, making BYD claim that their latest vehicles will bring an end to ‘range anxiety.’
The shortened charging time frame is similar to the time it takes to fill up a petrol tank and to meet expected demand, BYD will build over 4,000 ultra-fast charging piles across China.
This innovation represents a fundamental restructure on how charging infrastructure for consumers (not commercial) could be constructed and operated in the US and EU today.
Take PowerDot, for example (raised €465m in financing).
The Portuguese startup brings turnkey charging solutions to commercial and retail spaces such as supermarkets, shopping malls and hotels rather than building centralised charging stations.
The underlying thesis appears to be that consumer behavior around vehicle charging will be different to petrol refueling due to the charging time (traditionally ~10-30 mins).
During this time consumers are idle and unlikely to wait in a service station (which has limited amenities) and instead prefer to charge EVs while engaging in daily activities suggesting that dedicated charging stations, like gas stations, may not be widely deployed.
However, BYD's innovation could challenge this assumption.
Similar to how AI advancement depends on computing infrastructure availability (impacting data center construction), charging infrastructure deployment is influenced by recharge speeds.
Given the advanced state of battery technology in China (including the growth of battery swapping), tracking this sector offers insight into shifting consumer behavior and its impact on real estate and construction in the West.
In this issue there are:
12 Startup Fundings
12 Policy and Regulatory Changes
6 New National Infrastructure Projects & Priorities
2 New investment funds
0 Acquisitions
8 News articles
56 new jobs posted - view here
Reading time: 12 mins
Does the email get cut off by your reading application? You can view the full version online here.
Startup Funding
Architecture
Visoid, an Oslo startup, raised €700k in funding. They are developing an architectural visualization platform designed to help architects and designers streamline the rendering process of 3D models offering features such as adjusting lighting conditions, switching materials and seasonal settings to visualize design alternatives. More here.
[View open jobs - 1 role in Software]
Robotics
Charge Robotics, a Californian startup, raised $22m in Series B funding. They have developed a solar construction robotics system which autonomously assembles parts into completed solar bays, undertakes quality control and performs field installations as well as offering mobile factories that can be deployed to the site. More here.
[View open jobs - 1 role in Software, 2 roles in HR, 1 role in Project Manager]
Trades Management
BuildOps, a Californian startup, raised $127m in Series C funding. They are building a platform for commercial contractors such as HVAC, plumbing, and electrical, empowering them with sales management, service management such as invoicing and reporting and project management software. More here.
[View open jobs - 6 roles in Software, 7 roles in Sales, 4 roles in Marketing, 1 role in Product, 7 roles in Customer Success, 2 roles in HR]
3D Printing
Kind Designs, a Miami startup, raised $5m in Seed funding. They 3D print seawalls which protect properties while functioning as artificial reefs, attracting marine life and improving water quality. More here.
Training
doinstruct, a Berlin startup, raised €16.5 Million in Series A funding. They are developing a low-threshold, multilingual mobile training solution for frontline workers allowing employees to be trained by smartphone in any location. They have gained traction in the construction and food industries. More here.
[View open jobs - 2 roles in Customer Success, 5 roles in Software, 3 roles in Marketing, 3 roles in Operations, 1 role in Product, 1 role in Design, 3 roles in Sales]
Field Service Management
Equipt.ai, a Texas startup, raised $3.2m in Seed funding. They are building an asset and field service management tool which streamlines quote to job execution assisting with the intelligent tracking of shop and field service operations in real time with Engineering, Procurement, Construction being a listed use case. More here.
Materials
Resilco, an Italian startup, raised €5m in Series A funding. They transform industrial waste such as fly ash or steel slag into secondary raw materials for use in construction including the production of mortars, concrete, plasters, resins, and bitumen. More here.
Alternative Power Systems
Phnxx, an Australian startup, raised $1.8m in Seed funding. They have developed a modular containerised battery and solar solution which can be operational within hours or days offering cleaner and cheaper alternatives to diesel generators. More here.
Insurance
ResiQuant, a San Francisco startup, raised $4m in Seed funding. They have developed a property insurance platform to manage earthquake risk by combining structural engineering expertise with AI to analyze site inspection photos, aerial imagery and publicly available visuals to undertake vulnerability assessment and identify critical structural weakness which impact natural disaster survival. More here.
Notes:
ResiQuant’s solution would provide value from an asset management and rectification perspective.
However it appears that monetizing via insurers as a risk mitigation strategy is more effective vs selling to the industry.
Inspections
SkySpecs, a Michigan startup, raised $20m in funding. They are developing an asset management platform for the renewable energy industry with a focus on inspections, condition and performance monitoring of wind turbines. More here.
Grid Tech
Withthegrid, a Dutch startup, raised €2m in equity funding. They use AI and IoT for the asset management of energy infrastructure helping owners and operators to monitor and predict faults to improve efficiency, minimize downtime and extend asset life. More here.
Other
257, a New York startup, raised $9.2m in Seed funding. They use AI to create digital twins to predict US homes energy needs and determine if they might benefit from solar panels, heat pumps or be inclined to join a utility program selling the software to utility, solar, HVAC, and electric supply companies to enable them to target customers more effectively. More here.
Policy and Regulatory Changes
Global
Major Global Companies Pledge Historic Support to Triple Nuclear Energy
A cross-industry group of large energy users signed a pledge supporting the goal of at least tripling global nuclear capacity by 2050.
The group, which includes Google, Amazon, Meta, and Dow, join 14 major global banks and financial institutions, 140 nuclear industry companies, and 31 countries in supporting the goal.
US
Trump Axes $15 Contractor Wage, Infrastructure Project Orders
President Donald Trump scrapped Biden-era executive orders that raised the minimum wage for federal contractors to $15 and drove federal infrastructure investments toward companies that agree to union neutrality.
Trump’s Tariffs on Steel and Aluminum Go Into Effect, Inciting Global Retaliation
President Trump imposed a 25 percent tariff on steel and aluminum imports.
The tariffs will raise costs impacting construction and grid infrastructure.
A Bay Area City Pioneers Urban-Scale Insurance for Climate Disasters
Fremont, a Bay Area city of 226,000, in September became the first municipality in the nation to buy its own citywide flood insurance policy.
They have purchased a parametric insurance policy.
If the agreed-upon threshold, or “parameter,” for flooding is met, that will trigger an immediate payout.
Notes:
Parametric insurance will continue to rise in prominence as the number of natural disasters continues to increase year on year.
This will have an impact on construction (I have written about it here).
Trump wants to end the ‘horrible, horrible’ CHIPS Act. It’s not that simple.
As part of his address to Congress, President Donald Trump made clear that he wanted to cancel the $52.7 billion CHIPS and Science Act.
Since 2022, the CHIPS Act has funded $30.6 billion in grant awards to 19 companies with projects in several states.
The funds are also expected to create 145,000 manufacturing and construction jobs.
Trump ditches Biden moves on heat pumps, solar panels
Trump rescinded an order by the Biden Administration which used a Cold War-era law to help spur domestic production of technologies including solar panels, heat pumps and building insulation.
Trump’s IRA attacks unnerve clean-tech manufacturers
Clean energy manufacturers lined up for tax credits offered by former President Joe Biden’s climate law, the Inflation Reduction Act.
But the future of those credits are now in doubt as President Donald Trump pushes to slash climate programs and impose tariffs on imported goods.
Notes:
Up Partners Moving World report noted that in 2024 U.S. factory construction investment soared by 40%.
This marked a peak in manufacturing activity.
Given the current political environment, it appears future factory construction investment will be impacted.
Trump Team Unveils Plans to Build Housing on Federal Land
The Trump administration unveiled plans to build housing on federal land.
The Interior Department and Department of Housing and Urban Development will partner to identify “underutilized” land suitable for development.
This could help address a shortfall of 7 million affordable homes in the US.
Up to $51B in transportation grant awards at risk, advocacy group says
Up to $51 billion in federal funds that have been awarded by the U.S. Department of Transportation but not yet obligated.
These could be defunded.
This came from analysis of a leaked policy memo directing agency heads to review all awards lacking grant agreements and partially obligated grant agreements.
How an oil exec got picked to lead the DOE renewables office
Audrey Robertson is a C-suite and board veteran at oil and gas firms in the western U.S.
Environmentalists say it’s malpractice to put an oil and gas executive atop the DOE’s Office of Energy Efficiency and Renewable Energy, which for years has led research efforts on zero-emissions energy.
Notes:
This appointment provides an indication on the DOE’s agenda and might impact the Loan Programs Office (LPO).
They provide attractive debt financing for high-impact, large-scale energy infrastructure projects in the United States.
As of December 2024, the LPO has disbursed $40.5 billion.
Maryland’s Montgomery County sets energy use standards for multifamily, commercial buildings
The County Council voted to establish regulations for its building energy performance standards.
The regulations set energy use intensity performance standards for each building type.
Define how renewable energy will be incorporated into performance metrics.
Create the elements required for building performance improvement plans.
They apply to most commercial and multifamily buildings that are 25,000 square feet or larger.
$5 Million Is Now Available To Support Innovative Building Solutions in New York
Funding is available to support innovative building solutions in New York that can be demonstrated in existing single-family, multifamily, and small to medium commercial buildings.
This is to accelerate the market-readiness of new and emerging clean energy and energy efficiency technologies.
India
Maharashtra government plans to make precast construction mandatory for real estate firms
The Maharashtra government is working on a policy to make precast construction mandatory for real estate firms in Mumbai in order to reduce air pollution.
The proposed policy, which will apply to private and public construction sites, will give real estate firms incentives to shift to precast construction from on-site construction.
National Infrastructure Projects & Priorities
US
BLM approves Sapphire gen-tie transmission line and facilities
The Bureau of Land Management approved the Gen-Tie transmission line and associated facilities for the Sapphire Solar project.
Notes:
This is interesting as the transmission line is for a solar energy project.
It is an indication that some renewable energy requiring federal lands may be allowed to develop and an about-face from the first weeks of Trump’s presidency.
DOE Approves Loan Disbursement for Palisades Nuclear Plant
The DOE announced the release of the second loan disbursement to Holtec for the Palisades Nuclear Plant.
Notes:
This is an indication of support for the nuclear sector under the current administration.
Given the rate of policy risk in the market, tracking loan disbursements is an effective way to understand the priorities of the new administration.
Microsoft Weighs Natural Gas With Carbon Capture To Power AI Data Centers
A Microsoft VP of Energy said the company is considering using natural gas with carbon capture technology to power its artificial intelligence (AI) data centers as demand surges.
Notes:
This is a statement to the immense demand for clean energy sources.
Companies are actively looking at a variety of options from solar to nuclear and carbon capture options to meet this.
Additionally, it appears that money is less of an object when compared to speed or quality.
(usually you have to choose 2 of the 3 in a project, speed, quality or cost).
India
India’s Rajasthan-7 Nuclear Power Plant Connected To Grid
The 630-MW Rajasthan-7 is the third in a series of 16 indigenous pressurised heavy water reactor units (PHWRs) which India has said it plans to build.
India has 20 nuclear plants in commercial operation (not including Rajasthan-7).
There are seven units under construction, including Rajasthan-7 (data was counted prior to the connection to the grid).
Poland
Cemex invests in renewable energy in Poland
Cemex has signed an agreement with EDP Energia Poland to build solar installations at several of its plants in Poland.
The total capacity will be over 14 MWp.
Tanzania / Zambia
China to Invest $1.4 Billion to Upgrade Tanzana-Zambia Rail Line
The railway line connects copper mines in Zambia to Tanzania’s biggest port.
Investment funds
Turner Construction establishes VC arm
Turner, the largest construction firm in the country by revenue, has established Turner Ventures.
This new venture capital arm that will invest in solutions for the AEC industry.
They will incubate and invest in early stage startups that focus on artificial intelligence, digitalization and decarbonization.
Notes:
Turner has joined the ranks of builders with in-house investment arms, alongside Suffolk (Suffolk Tech) and DPR Construction (WND Ventures), among others.
And a question is, does it make sense for construction companies to have in-house venture funds?
Having been a part of the startup investment team at AECOM and now talked to a number of corporate venture capital (CVCs) firms, I find that, similar to having an in house innovation team, convincing executive leadership to invest in an in-house VC fund is often a tough sell.
Additionally for large firms like AECOM (with $16B in annual revenue in 2024), the financial impact of a CVC can seem negligible.
This makes it crucial to articulate the strategic value beyond financial returns.
In his 2019 article, Corporate Venture Capital (and its inevitable conclusions),
breaks down CVCs into two groups:Group A
CVCs who want to make money by investing.Group B
Corporates who want to:See new technology coming (hedge against disruption to their business model)
Pilot new technologies (increased efficiency and hopefully cash flow)
Potentially recruit/acquire tech talent to their otherwise old-school business model.
Group A is the “make money” group. Group B is the “save money” group.
Anecdotally, Group B is about 40x bigger than Group A, but Group A controls about 40x the capital. So it evens out (written in 2019).
While I have strong opinions, I’m still exploring the nuances of CVC value across different industry stakeholders.
For example, the value of a CVC looks different for an engineering firm, a contractor, or a building materials supplier, each has distinct objectives.
To dive deeper our next podcast on the Startup Scaffold will be on this topic with me, Alice Leung (Brick & Mortar Ventures) and Clifton Harness (TestFit) debating this. This one will get fiery.
Related:
Tokyo’s subway system launches $20m venture arm
The company expects to commit the capital through 2027 and will invest in startups with technologies that can improve the value of its stations as well as expand foot traffic and solve problems on its rail lines.
It will also invest in selected venture capital funds.
Tokyo Metro has operated a startup accelerator since 2016.
News
Engineering and construction: Strategic M&A as a catalyst for growth (McKinsey)
From Gas Station to Storefront: The Long Road to Revitalization (
)Jonah writes a really cool substack breaking down small scale real estate development and his story of building his construction company.
He has a really cool background leaving his job and building a real estate firm and now a GC from scratch, learning everything the hard way.
India's construction costs rise 2-4 percent in 2024 amid stable material prices and labor shortages
India's construction industry saw a moderate 2-4% cost increase in 2024, down from 6-8% hikes in 2021-22, due to stabilized inflation and improved supply chains.
Key construction materials, such as cement, steel, and aluminum, saw price reductions. Cement prices dropped by 6-8%, steel by 3-5%, and aluminum by 0-2%.
U.S. HVAC revenues eclipse $150 billion, report shows
HARDI last week published its annual ‘State of the Channel’ industry report.
As of 2024, roughly 116,000 HVAC and plumbing contractors operate nationwide.
HVAC contractors both residential and commercial, are generating nearly $160 billion in revenue.
Trump's tariffs are starting to bite American builders
Real estate developers have been hit with sticker shock on steel orders, which have risen 20%.
The Impact of Opportunity Zones on Housing Supply
A new working paper from EIG provides the first quantitative evidence that OZs have significantly increased housing supply in designated communities.
By making novel use of HUD data sourced from U.S. Postal Service counts of addresses, the study finds that the OZ incentive has roughly doubled the number of new housing units in these areas.
EPA yanks air quality permit for 1.5-GW Atlantic Shores offshore wind project
EPA withdrew Clean Air Act permits for a 1.5-GW offshore wind project in New Jersey following President Trump's January executive order on offshore wind reviews.
Europe’s Idling Factories Eye Future in the Military
As Europe aims to plough money into military hardware, arms maker Rheinmetall says it is open to taking over car factories.
Europe’s goal is to increase defense spending from 2% to 3% of GDP.
The European Union is also proposing large-scale defense funding initiatives, including a €150B joint fund.
Notes:
As the US looks to reduce its involvement in Ukraine, Europe is considering increasing its military spend.
This could have downstream effects on the construction industry.
If I missed anything this week, please reply and let me know! I’ll make sure to include it next week.