Sweden Disrupts Batteries

Plus: Meet the celebrity frequent flyers making the world hotter. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

November 22, 2023

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Good morning.

Kim Kardashian's investment firm's first acquisition is spicier than even we expected.

SKKY Partners has agreed to acquire a minority stake in Truff, a company that makes premium condiments infused with truffles — the mushroomy kind, not the chocolate kind. Products include luxury betruffled hot sauce, mayonnaise, and pasta sauce, and Kardashian said in a statement she believes the company has a "deep, authentic connection with consumers." At least the ones with pockets deep enough to spring for a single 6oz bottle costing $17.98.

Note to Readers: The Daily Upside will be taking tomorrow off for Thanksgiving. We hope you all enjoy the holiday!

Morning Brief

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The charge could go out of the lithium race.

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Germany's belt is getting pretty tight.

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Celebs and execs rack up some serious air miles.

Electric Vehicles

Northvolt Develops New Lithium-Free Battery To Rival Precious Earth Metal Ones

Not even the Swedish Chef could cook up something this appealing.

Swedish battery-maker Northvolt announced proudly on Tuesday that it had developed a new kind of sodium-ion battery that's just as efficient as batteries that use precious earth metals like lithium, cobalt, and nickel, but is totally free of them. That's good news for everyone outside of China, which dominates the supply chain for the aforementioned metals that power EVs and other things in the green economy.

That Lithium's So Hot Right Now

With peak oil looming, even big gas and oil companies are hopping on the precious earth metal train. ExxonMobil announced last week that it plans to push into lithium production by 2027.

Northvolt's CEO Peter Carlsson cited China's tent-pole position as a major selling point for a lithium-free product. In an interview with the Financial Times Carlsson emphasized the product's potential to wean companies off China, a message that's sure to jive with a European Commission currently conducting an antitrust probe into cheap China-made EVs:

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China makes 75% of all lithium-ion batteries and is home to over 50% of global lithium, cobalt and graphite processing, according to the International Energy Agency.

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While China dominates processing and refining, it doesn't command the lion's share of mining — but that's changing. Data amassed by analyst firms Rystad and Benchmark for The Wall Street Journal indicate that Chinese companies have spent $4.5 billion buying stakes in 20 lithium mines across Africa and South America.

The emergence of efficient sodium-ion batteries could cool off the race for lithium dominance — and less mining would mean less environmental damage. Who knows, maybe it would take the heat out of the argument over whether it's okay to mine the seabed, a geopolitical argument that has countries in a standoff with each other.

If You Can't Take the Heat: Of course, Northvolt's new battery won't immediately supplant lithium and chums. Carlsson told the FT the company plans to start handing out samples next year, and then ramp up to full production by 2030. There's also a question over whether the sodium-ion batteries can compete on price, but Carlsson said he's confident the company can bring the price down. He's especially optimistic about sales in hot countries, as the battery can run more safely in high temperatures than its lithium forefathers.

- Isobel Asher Hamilton

International Economics

Germany Freezes Public Spending After Court Ruling

Germany is officially Scrooge.

This week, Berlin imposed a freeze on virtually all new federal spending commitments for the rest of the year — 40 days — a week after a court ruled the government's spending plans unconstitutional. This complicates a deepening budget crisis facing not just Germany but all of Europe.

Runny Nose, Sneezing, Congestion

Germany was referred to as "The Sick Man of Europe" as recently as the 1990s. But a series of reforms turned the nation into a 21st-century economic superstar and industrial powerhouse. But recently, it seems Germany has caught another cold. Russia's continued war with Ukraine has sent electricity and gas prices skyrocketing, ravaging the manufacturing industry. It's so bad that more than a few German businesses are considering cutting their domestic investments and searching for production alternatives abroad.

The government has been trying to revitalize its struggling manufacturing-and-exports-focused economy — while also trying to reach its climate goals — by flushing funds into green tech, battery, and microchip production. But now, thanks to last week's ruling from Germany's constitutional court, it looks like the only cure for the Teutonic nation is bed rest:

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Chancellor Olaf Scholz wanted to reallocate €60 billion of unused debt from the pandemic era to a green-transition project, but the court found the move to be illegal, saying it would violate fiscal rules that limit the country's budget deficits to 0.35% of gross domestic product in normal times.

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While some economists feel the ruling is exactly the kind of tough love Berlin needs to learn fiscal discipline during rough times, others are worried, The Wall Street Journal reported. They feel the ruling may limit the government's ability to draw money from a variety of special funds that have been established to circumvent the country's debt brake.

Brother, We Can't Spare a Dime: All of this is important because Berlin is responsible for about 25% of European Union spending. While Germany still supports a four-year, €50 billion EU budget package for Ukraine, the WSJ reported, it's downright cold on an additional €50 billion to cover common debt, migration spending, and salary increases for EU officials. And the belt tightens.

- Griffin Kelly

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Industrials

Private Jets Belonging to Celebs and Execs Rack Up Years In Flight Time

(Photo by Yaroslav Muzychenko on Unsplash)

You won't find this celebrity footprint in front of Grauman's Chinese Theatre.

An analysis of publicly available flight data by The Guardian showed that private jets belonging to a group of just 200 celebrities and executives have racked up 11 years' worth of flight time since 2022, leaving a carbon footprint bigger than the Hollywood Bowl.

Comfy PJs

The private jet industry was supercharged by covid-19. Executive private jet use hit a 10-year high in 2022, and overall demand stayed strong through the beginning of 2023. The celebrities whose jets The Guardian retrospectively tracked represent just 0.5% of private jet flights over the same period.

Nonetheless, the stats are arresting. While the paper looked at planes belonging to Elon Musk (just remember not to tweet its location), Kylie Jenner, and the Rolling Stones, they were not the most well-traveled:

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The top three by distance traveled were the billionaire Blavatnik family, the Murdochs, and former Google CEO Eric Schmidt. Given Schmidt is a keen lobbyist on matters such as cybersecurity and AI, it'd be interesting to see exactly where his jet has been landing.

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Of course, sometimes celebrities' private jets aren't reserved exclusively for those celebrities. In July a group of lawmakers from Luxembourg flew to an EU conference in Lithuania aboard a private jet owned by British electronic band Depeche Mode — complete with a red skull emblazoned on the side of the aircraft.

I'm the Problem, It's Me: The Guardian noted that one celebrity decreased their private jet usage over the period it studied. Taylor Swift apparently dialed down her jet usage, going from 19 flights on average per month in 2022 to just under two per month now. Then again, maybe she can hitch a ride on the Kansas City Chiefs' jet nowadays.

- Isobel Asher Hamilton

Extra Upside

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Union strong: Workers organizations are most influential in decades, earning many double digit raises.

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Money can buy happiness: Millennials need to make more than half a million dollars a year to 'feel happy,' poll finds.

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