Daily Business Report: Monday, June 13, 2022
Electric car mandate: California air board
questions cost, practicality
By Nadia Lopez | CalMatters
At a meeting last week, members of California’s Air Resources Board questioned the practicalities of their staff’s proposal to ban gas-powered vehicles, raising concerns over challenges in buying and charging electric cars.
Air Board Chair Liane Randolph askedstaff to find more strategies to ensure that the state’s proposed mandate includes strong equity measures so that low-income residents face fewer barriers buying electric cars.
At a public hearing that stretched on for nine hours in Sacramento, auto company representatives, environmentalists and car owners showed up in droves to voice their concerns. Some said the rapid transition could harm the disadvantaged communities it aims to help, while others said the air board needs to take bolder action to address air pollution.
The rules would mandate increased sales of electric or other zero-emission vehicles in California, beginning with 35 percent of 2026 models. In 2035 sales of all new gas-powered cars would be banned. Currently only about 12 percent of new car sales in California are zero-emission vehicles.
The standards would be among the most aggressive actions that state regulators have ever taken to address climate change and poor air quality. They could transform the cars Californians drive, revolutionize the auto and power industries, and could eventually drive stronger nationwide standards.
Top Photo: Environmental activists call on the California Air Resources Board to push harder in its proposed mandate to ramp up electric car sales at a rally at the agency’s headquarters in Sacramento on June 9, 2022. (Photo by Rahul Lal, CalMatters)
Gafcon earns Project of the Year Award
for college project management work
Gafcon Inc. has won a Project of the Year Award from the American Public Works Association for San Diego and Imperial Counties for its project management of the Cuyamaca College Central Utility Plant upgrades. The award is for projects valued between $6 million and $25 million.
The Grossmont-Cuyamaca Community College District contracted with Gafcon to ensure timely and cost-effective delivery of the Central Utility Plant project. The project successfully renovated and expanded the campus central plant to provide a reliable and efficient source of cooling and heating to serve 365,000 square feet of facilities.
San Diego Community College District
adopts $885 million tentative budget
The San Diego Community College District’s (SDCCD) Board of Trustees has adopted a $885 million tentative budget for the 2022-23 fiscal year that continues to emphasize student access and success. The tentative budget represents a slight increase over last year’s $872 million adopted budget due to a better-than-expected state budget surplus.
The SDCCD’s tentative budget represents a starting place for discussions of how the district can best serve approximately 100,000 students at City, Mesa, Miramar, and Continuing Education colleges. The new fiscal year begins July 1. All California community colleges are required to adopt a tentative budget by June 15and a final adopted budget by Sept. 15 each fiscal year.
The budget was developed based upon the Gov. Gavin Newsom’s May revision, which was released on May 13 and reflected California’s largest-ever budget surplus, which was projected at $97.5 billion. At the time, Newsom described it as “Simply without precedent.”
Jennie Brooks takes chair of the San Diego
Regional EDC board of directors
Jennie Brooks, senior vice president of Booz Allen Hamilton, is the new chair of the San Diego Regional Economic Development Corporation board of directors.
She succeeds Julian Parra. Brooks is leader of Booz Allen Hamilton’s regional office in San Diego.
As chair, Brooks is supported by four officers: Vice Chair, Rob Douglas, president & COO, ResMed; vice chair of inclusive growth, Lisette Islas, EVP and chief impact officer, MAAC; Treasurer, Tom Seidler, SVP community & military affairs, San Diego Padres; and Secretary, Barbara Wight, CFO, Taylor Guitars.
“After five years on the board, I look forward to taking on this new role and working even more closely with EDC’s team. Our mission is to drive greater inclusion, resilience, and innovation across San Diego—aimed at empowering and supporting our region and its people,” said Brooks.
Joydeep Goswami appointed interim CFO for Illumina Inc.
Joydeep Goswami, chief strategy and corporate development officer for Illumina Inc., has been named interim chief financial officer for the company while the company conducts a search for a replacement for CFO Sam Samad, who is departing on July 8 after more than five years in the post.
Prior to joining Illumina, Goswami had more than a decade of senior management and P&L responsibilities at Thermo Fisher Scientific, and previously served pharma, technology, and private equity clients at McKinsey & Company.
He holds an M.S., Ph.D. in chemical engineering, and an MBA from the Massachusetts Institute of Technology as well as a bachelor’s degree in chemical engineering from the Indian Institute of Technology, Mumbai.
Meet Azulito! Birch Aquarium announces
Little Blue Penguin’s name
Birch Aquarium at Scripps Institution of Oceanography has officially named one of its Little Blue Penguins. After receiving nearly 2,500 votes, this charismatic penguin will be named Azulito, which translates to “little blue” in Spanish.
The name reveal took place Friday, June 3 in the aquarium’s Giant Kelp Forest. Divers unfurled a banner underwater with the winning name surrounded by leopard sharks, moray eels, and swaying kelp fronds while some of the Little Blues looked on.
“This is the first time we have invited the public to help name one of our animals. So, it was a special moment for aquarium fans as well as our staff. We hope this is the beginning of a long tradition of naming our penguins,” said Kayla Strate, lead penguin aquarist. “We want to thank everyone who submitted a name online. Azulito is the perfect fit for this tiny penguin and we love that it’s a nod to our binational region.”
‘Downtown Connections’ event to report
on major commercial real estate projects
The Commercial Real Estate Alliance of San Diego (CRASD) is highlighting new developments in Downtown San Diego by hosting “Downtown Connections” – a commercial real estate update and networking event on Wednesday, June 15 at the Downtown San Diego Partnership. The informative program is an opportunity for industry professionals to get the inside scoop on major commercial real estate developments in Downtown San Diego as well as network and build industry connections.
The event will offer presentations from industry experts with CoStar, Flocke & Avoyer, and the Downtown San Diego Partnership, giving exclusive insights including one of the area’s most exciting projects – the Horton Plaza Life Sciences Campus.
CRASD, the commercial arm of the Greater San Diego Association of Realtors, was established in 1993 as one of only 34 commercial associations of Realtors nationwide.
The event will be held from 4:30 to 7 p.m. at 401 B St. No. 100. Cost is $35 for CRASD members, $40 regular admission.
EDC Annual Dinner celebrates Life
Changing awardees and new chair
Returning for the first time after a two-year pandemic-induced hiatus, EDC’s annual dinner brought with it new board chair Jennie Brooks, SVP at Booz Allen Haminton, and a suite of executive committee members. Together with a crowd of nearly 1,000, EDC also presented its inaugural Life Changing awards to the San Diego Foundation and the region’s health care sysems for their heroic work in the community.
Bristol Myers Squib acquires Turning Point for $4.1 billion
Bristol Myers Squibb has acquired San Diego’s Turning Point Therapeutics for $4.1 billion, strengthening the pharmaceutical giant’s presence in precision cancer treatments. Turning Point’s top drug candidate Repotrectinib has the potential to be a best-in-class tyrosine kinase inhibitor targeting drivers of non-small cell lung cancer and other advanced solid tumors.
National Resilience raises $625 million
for next-generation biomanufacturing
National Resilience, a biomanufacturer of complex medicines, has raised $625 million in its fourth round of funding. The La Jolla-based company will use the funds to fuel the continued expansion of its biomanufacturing footpring for treatments involving biologics, vaccines, nucleic acids, and cell and gene therapies.
PLNU working to build inclusive talent pipeline in life sciences
Point Loma Nazarene University has been named a Preferred Provider of Life Sciences talent by employers via the EDC’s Advancing San Diego program. The honor is awarded to select universities who have developed a quality curriculum that transitions students into high-demand careers within the industry. PLNU continues to find ways to help expand access to diverse, qualified talent for local companies which is crucial in growing the innovation economy.
Shield AI raises $165 million at a $2.3 billion
valuation to fuel development its flying systems
Shield AI, a San Diego company that makes software and hardware for drones and other autonomous aircraft used by military and other government organizations, has raised $165 million in funding, $90 million in Series E equity and $75 million in debt. The funding comes in at a $2.3 billion valuation, Shield AI said. he company has been on a strong pace on that front: It follows on from a $210 million-$300 million Series D about 10 months ago that valued the company at $1.25 billion. (It never confirmed the final amount, which was also a mix of equity and debt.)
San Diegans urged to conserve as city
implements new water use restrictions
The City of San Diego is implementing more stringent water restrictions for all water customers following a statewide order from Gov. Gavin Newsom. At the governor’s direction, the State Water Resources Control Board adopted an emergency water conservation regulation calling on local water agencies to take appropriate action that will conserve water throughout California.
The Level 2 actions being implemented step up those water conservation rules under the City’s Water Shortage Contingency Plan.
The statewide emergency regulation will remain in effect for one year. To assist residents and businesses with saving water, the City administers a variety of rebates for turf replacement, irrigation control systems, rain barrels and gutters, gray water systems and many other options.
Gridscape’s local power plant to boost energy
resilience for San Pasqual Band of Mission Indians
The San Pasqual Band of Mission Indians (SPBMI) held a ribbon-cutting event to begin construction of the SPBMI Tribal Government Complex Microgrid in Valley Center. SPBMI in partnership with Gridscape and Industria Power, has deployed a microgrid to power the ritical infrastructures. Communities like SPBMI face extreme weather conditions like hurricanes and wildfires, which often disrupt their power supply. Their critical infrastructures remain without power for days, putting the safety of the community in danger.
Gridscape’s microgrid will empower SPBMI to utilize electricity that has been produced locally. It will help them during planned outage, & build a robust power backup solution for the community. During a grid power outage, the microgrid enters islanded mode and powers the entire site from the combination of solar production and energy stored in the batteries.
