For Professional Investors only. All investments involve risk, including the possible loss of capital.
- 07-18-22
- world changing ideas
An abandoned Berlin airport is being transformed into a climate-neutral, car-free neighborhood
The site will have 5,000 new apartments—along with schools and stores that all residents can walk to.
Last year, after Berlin’s Tegel Airport had been replaced by a new international airport at another location, workers started clearing the land for a new project: a neighborhood built from scratch with the climate in mind.
Some parts of the airport will be reused, with old terminals turned into commercial space for research and offices for startups. But a more-than-100-acre area near where the runway used to sit will be completely reimagined, with 5,000 new apartment homes built in a walkable, bikeable, carbon-neutral neighborhood with parks, schools, and stores.
The plans call for wide bike lanes and green spaces. At the edge of the neighborhood, there will be access to micromobility and existing public transit. The neighborhood will allow limited access to cars (people who are disabled, for example, will be able to drive up to their buildings), but will otherwise be car-free.
"Wood in particular enables long-term CO2 storage, and the use of wood as a building material reduces the consumption of environmentally harmful materials such as concrete," Döll says.
The team will source timber locally in Germany, and expects to reduce CO2 emissions in construction by 80%. The designs will also be ultra-efficient, and all energy will be produced on the site, including solar and geothermal power. A system will also harvest waste heat from adjacent commercial buildings to heat the homes.
The commercial part of the redevelopment, called the Urban Tech Republic, will be home to new startups whose technology—from recycling to new mobility systems—will be developed and can be tested in the residential area.
"All rainwater is used or stored in the quarter; nothing is lost," Döll says. "If the water evaporates on hot days, it cools the surrounding area—and if instead it seeps in, it fills up the groundwater. This self-contained system makes for local climate regulation, aided by many large-leaved, deciduous trees that act like natural air-conditioning systems."
Over the past year, the Tegel Projekt team has been working on the first step of the development: clearing some of the old debris that existed on the site before it was an airport, when it was used for military training in World Wars I and II. So far, Döll says, more than 5,000 pieces of ammunition, including old grenades and bombs, have been removed.
This fall, the project will begin allocating land, and architects will work with residents on the design details. The first buildings, which will include social housing, cooperatives, and student housing, will be completed in 2027.
About the author
Adele Peters is a staff writer at Fast Company who focuses on solutions to some of the world's largest problems, from climate change to homelessness. Previously, she worked with GOOD, BioLite, and the Sustainable Products and Solutions program at UC Berkeley
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For Professional Investors only. All investments involve risk, including the possible loss of capital.
- 06-17-22
- most innovative companies
Why Grove Collaborative CEO Stuart Landesberg is ‘totally jazzed’ about going public in a bear market
At a time when many companies are rethinking or scrapping their IPO plans, the sustainable retailer is making its trading debut with gusto.
Sustainable consumer products retailer Grove Collaborative went public today with the help of Virgin Group. The 10-year-old company, which listed through a SPAC transaction, is now trading on the New York Stock Exchange under the ticker symbol "GROV."
Grove Collaborative has previously made waves by pledging to go plastic-free by 2025. Still, with its public listing, it’s finding another way to stand apart from its peers. That’s because the company choosing to go public now is more or less bucking the trend. After 2021 saw record-high levels of IPO activity, the first quarter of 2022 saw the number of IPOs fall 37% year-over-year globally, according to data from Ernst & Young. In the Americas, the numbers are even bleaker—during Q1 2022, there were 37 IPOs (a decrease of 72% year-over-year), totaling $2.4 billion in proceeds (a decline of 95%).
This is, in large part, due to rising interest rates, higher costs, and the general economic slowdown. Russia’s invasion of Ukraine also prompted some companies to rethink their IPO plans. As such, going public now, as the stock market gets shellacked by investors scrambling to find a safe haven from both the drawdown and inflation, may seem precarious. The S&P 500 is down more than 10% over the past month, and down more than 23% since the beginning of the year.
But Stuart Landesberg, the cofounder and CEO of Grove Collaborative, says that he and the company aren’t worried about the short-term happenings on the market, and instead, have a long-term vision with the potential to entice all sorts of investors.
"For me, it’s not about the stock ticker," he tells Fast Company. "I can’t control the market next week or over the next six months. But I don’t care. What I care about is doing this today, and getting closer to fulfilling our mission."
That mission includes reducing Americans’ addiction to plastics—and single-use plastics, specifically. Tackling the problems with plastics amounts to a massive market opportunity, Landesberg says, and by going public, it not only raises funding for Grove Collaborative to expand its retail reach, but also raises the company’s profile with shoppers and investors.
"We have an insane plastic addiction," Landesberg says, adding that, over the years, plastics have "created a lot of value for investors." But, he continues, "it’s a trillion-dollar market opportunity for solving it—with a multi-year view, we’re leading in a market that’s absolutely inevitable 20 years from now." That, he says, is "what’s always made this company attractive to investors."
Landesberg adds that with a long-term mission for sustainable change in mind, along with the excitement of taking Grove Collaborative public, he’s not going to let a bear market and the prospect of a recession get him down. "I’m totally jazzed about [going public], regardless of market conditions," he says.
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