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The Nuclear Narrative We All Fell For | Josh Wolfe

The Nuclear Narrative We All Fell For | Josh Wolfe

18 segments available

On today's episode of Empire, Jason Yanowitz and Santiago Roel Santos are joined by Josh Wolfe, co-founder of Lux Capital. Josh is a true polymath who invests in hard sciences, robotics, nuclear waste and more. If you wanted a nuclear energy crash course, this is it. Josh discusses where solar and biofuels fell short, how nuclear energy markets function, why nuclear is the sustainable-energy source environmentalist have wanted, and how nuclear is the key to energy security. Nuclear energy is inevitable. Listen to Josh's unique insights to learn why. -- BitMEX is back and better than ever. Sign up for BitmEX's new Spot Exchange for a chance to win a piece of $500,000 in BTC (new users). Learn more about them at https://www.bitmex.com/ -- Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show! Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9 Subscribe to the podcast on Apple: https://apple.co/3srZf7M -- Timestamps (00:00) Introduction (00:49) Solar Energy Hype (06:07) Bio Fuels Fell Short (08:31) Energy Density (09:49) The Nuclear Narrative (14:22) Understanding the Uranium Market (17:35) Modular Reactors (18:40) Intro to Nuclear Waste (21:24) Low-Level and High-Level Nuclear Waste (23:02) Russia's Impact on the Nuclear Narrative (27:36) Sponsor Segment (28:52) Adopting Nuclear (32:30) Investing in Nuclear (36:21) China and the Nuclear Advantage (39:42) Cheap Electricity and Jevon's Paradox (43:29) Lux's Investment in Nuclear (47:44) Black Swan Events (51:10) Looking Forward -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Segments Timeline

1
0:00 - 0:49
0:49 duration140 words

The Environmentalists' Dilemma

Josh Wolfe discusses the long-standing desires of environmentalists and how technology can fulfill those needs. He introduces the episode's focus on renewable energy, particularly solar, and sets the stage for a critical examination of its viability compared to nuclear energy.

"i think that the very thing that environmentalists have wanted for so long what they will get not in spite of technology but because of it [Music] welcome back to another episode of empire joined by u..."

2
0:49 - 6:07
5:17 duration1027 words

Solar Energy Hype and Reality

In this segment, Josh reflects on his 2011 Forbes article critiquing solar energy's potential. He explains why solar energy has not scaled as expected, comparing it to Moore's Law in semiconductors and discussing the excessive hype surrounding solar technology.

"article in forbes in 2011 why solar energy is flaming out and why the world needs it to happen faster you said solar was going to be like this the flight of icarus right so i think it'd be helpful to ..."

3
6:07 - 8:31
2:24 duration457 words

The Biofuels Fallacy

Josh critiques the biofuels movement, highlighting the flaws in using biotechnology for fuel production. He argues that while biofuels received significant investment and government support, they ultimately failed due to market dynamics and lack of differentiation.

"sort of critical and also sort of a scathing piece was biofuels and at the time again famous vcs op-eds you know ted talks everybody's talking about biofuels you know ethanol and other biomass and usi..."

4
8:31 - 9:49
1:18 duration235 words

Energy Density: A Key Insight

Josh introduces the concept of energy density, explaining the historical shift from carbohydrates to hydrocarbons and now to uranium. He emphasizes that nuclear energy offers unparalleled energy density, making it a crucial solution for sustainable energy.

"but the the insight that we had was actually a very simple physics insight which was about energy density and when you zoom out and look at mankind's use of energy we went from carbohydrates you know ..."

5
9:49 - 14:22
4:33 duration779 words

Rebranding Nuclear Energy

In this segment, Josh discusses the need to rebrand nuclear energy as 'elemental energy.' He argues that if nuclear power were discovered today, it would be celebrated as a groundbreaking innovation, contrasting its current perception shaped by historical narratives.

"me it seems like to fight climate change it's kind of like this linear progress right you need to fight climate change you need to reduce carbon emissions to zero to do that we need to electrify more ..."

6
14:22 - 17:35
3:13 duration557 words

Understanding the Uranium Market

Josh delves into the uranium market, explaining its significance in the context of nuclear energy. He outlines the dynamics of uranium supply and demand, and how it plays a critical role in the future of energy production.

"and so uh the big question for all these 104 reactors that have been operating for decades is what do you do with the waste and so when we got interested in the space the time 104 domestic reactors ro..."

7
17:35 - 18:40
1:05 duration236 words

Modular Reactors: The Future of Nuclear

Josh discusses the potential of modular reactors in the nuclear energy landscape. He explains how these smaller, scalable reactors could revolutionize energy production and address safety concerns associated with traditional nuclear plants.

"the more, commodity, driven, pieces, then, we looked at modular reactors i mean geez we're, a, venture, fund, we're, not, going to fund a billion dollar power plant what about these 100 megawatt plant..."

8
18:40 - 21:24
2:44 duration561 words

Nuclear Waste: Myths and Realities

In this segment, Josh introduces the topic of nuclear waste, addressing common misconceptions. He emphasizes the importance of understanding nuclear waste management as part of the broader conversation about nuclear energy's sustainability.

"these things um so we decided no to uranium mining no to modular reactors and then you look around you say well what's the biggest unsolved problem and the biggest nonsense problem both technologicall..."

9
21:24 - 23:02
1:38 duration321 words

Russia's Influence on Nuclear Perception

Josh examines how geopolitical factors, particularly Russia's actions, have shaped public perception of nuclear energy. He discusses the implications of these narratives on energy policy and investment in nuclear technology.

"serious financial risk where we decided to focus us on two classes of waste one was the low level waste that is at nuclear power plants and the other is high level waste low level waste is what a work..."

10
23:02 - 28:52
5:50 duration980 words

The Case for Adopting Nuclear Energy

Josh makes a compelling argument for the adoption of nuclear energy as a solution to climate change. He outlines the benefits of nuclear power in providing reliable, low-carbon electricity and addresses the challenges that need to be overcome.

"this company carry on i want to actually get into some of the geopolitics of this for a second because you've mentioned china a couple of times i'm also thinking about russia and what's going on right..."

11
28:52 - 32:30
3:38 duration655 words

Investing in Nuclear: Opportunities Ahead

In this segment, Josh discusses the investment landscape for nuclear energy. He highlights the potential for significant returns as the world shifts towards sustainable energy solutions and the growing recognition of nuclear's role.

"now let's get back to the show my understanding is that germany i think shut down three out of ten reactors um and it is very hard to reinstate that if you wanted to um i think it was that decision ca..."

12
32:30 - 36:21
3:51 duration706 words

China's Nuclear Advantage

Josh analyzes China's approach to nuclear energy and its implications for global energy markets. He discusses how China's investments and advancements in nuclear technology position it as a leader in the energy transition.

"i think would be incredible how um you talk about um some of these reactors are still fairly expensive to produce how do you think about investing in nuclear as a venture capitalist and who else do yo..."

13
36:21 - 39:42
3:21 duration522 words

Electricity Costs and Jevon's Paradox

Josh explores the relationship between electricity costs and Jevon's Paradox, explaining how increased efficiency can lead to higher overall consumption. He emphasizes the need for sustainable energy sources to mitigate this effect.

"one thing that um is starting to seem pretty obvious is that china is making a huge push and you talked about it a couple times so i think the four largest producers of uranium it's kazakhstan canada ..."

14
39:42 - 43:29
3:47 duration616 words

Lux Capital's Nuclear Investments

Josh shares insights into Lux Capital's investment strategy in the nuclear sector. He discusses the firm's commitment to supporting innovative nuclear technologies and the potential for transformative impact on energy production.

"of the world and you want cheap abundant electricity so that uh you know progress can occur this is one of the horrible mistakes that the growth wing of the environmental movement which is really an a..."

15
43:29 - 47:44
4:15 duration892 words

Black Swan Events in Energy

In this segment, Josh discusses the concept of Black Swan events in the energy sector. He reflects on how unexpected occurrences can disrupt markets and influence the trajectory of energy investments.

"uh and and you just get growth and human flourishing you talk about desalination um and my understanding is it's quite related to nuclear um and so you've invested in curion believe that was acquired ..."

16
47:44 - 51:10
3:26 duration724 words

Looking Forward: The Future of Energy

Josh concludes the discussion by looking ahead to the future of energy. He emphasizes the importance of embracing nuclear energy as part of a comprehensive strategy to address climate change and ensure energy security.

"probably going to be done by some of the big infrastructure players josh you mentioned black swans i think um the biggest pushback on nuclear is just a big black swan event right something like a fuku..."

17
51:06 - 54:03
2:56 duration633 words

The Future of Technology and Humanity

Josh Wolfe paints an optimistic picture of the future, where technology enhances human life rather than detracts from it. He discusses the potential for autonomous vehicles, green spaces, and a more interconnected society, while acknowledging the enduring aspects of human nature that will persist despite technological advancements.

"as i tell my kids we're only scared of what we don't know and it's something that people should be educated about and embrace and celebrate josh is the closing question here you are investing kind of ..."

18
54:03 - 55:13
1:10 duration239 words

The Evolution of Nuclear Advocacy

In the closing segment, Wolfe reflects on the evolution of nuclear energy advocacy, comparing it to the rise of cryptocurrency. He suggests that a movement for nuclear energy will emerge organically, driven by passionate individuals who can inspire change and reshape public perception, much like the champions of crypto did.

"they will be you know non-benevolent terminator terminated yeah it's awesome you know it's great to have someone like you josh because i think crypto what initially inspired this, episode, was, becaus..."