Today: Former Glencore recycling chief leads effort to commercialize a breakthrough in rare earths and metals processing; Europe energy crisis will mean a bull market in renewables; hybrid ferries bolster battery maker.

Welcome back: One of the biggest hurdles in America’s race to secure supplies of critical minerals is a lack of capacity to extract metals like copper, silver and rare-earth elements from the country’s abundant ores and heaps of old electronics, The Wall Street Journal's Ryan Dezember writes.

A new company launched by the former head of Glencore’s recycling business and two University of Illinois Urbana-Champaign scientists says it can separate metals and rare earths from electronic waste and mined ores without the massive amounts of energy and chemicals consumed in traditional smelting and refining methods.

The company, Valor, is an attempt to commercialize a breakthrough in metallurgy called electrochemical liquid-liquid extraction. It was developed by scientists Xiao Su and Johannes Elbert. They have teamed with Kunal Sinha, who oversaw Glencores’s global recycling operations as well as the mining company’s critical minerals investments in North America.

Traditional metal processing requires large amounts of energy and chemicals and, as a result, generates a lot of waste and emissions. Those factors have pushed the costs to build smelters and refineries in the U.S. beyond what is economical for many operations. They have also made it next to impossible to get permits to build such facilities despite the global race to secure supplies of critical minerals.

• While electronic waste seems almost infinite, from fried computers to old BlackBerry phones, recycling its metals can be quite tricky. (WSJ)
• Australian startup that developed plastic-eating enzymes is looking to raise more than $70 million in bid to recycle critical minerals. (WSJ)

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Shares of European defense contractors have risen since President Trump’s return to the Oval Office. The continent’s energy infrastructure is about to become as important as beefing up its military, WSJ's Carol Ryan writes.

Geopolitical shifts are brutally exposing Europe’s flank. There is a feeling of déjà vu as natural-gas costs spiral again, only four years after Russia’s invasion of Ukraine sparked an energy crisis across the continent.

Now it is clear that Europe’s energy insecurity is equally serious. It imports nearly 60% of the energy it needs from other countries. Renewable power may be out of fashion in the U.S. under Trump, but in Europe it is becoming a strategic priority. That spells opportunity for investors.

Net-zero carbon targets are unfashionable. Trump doesn’t like windmills. This has made investors understandably leery of clean-energy stocks. But companies that help Europe to break free of its boom-and-bust energy prices won’t be cheap for long.

• Jefferies tells clients to double down on clean-tech investments despite supply chain and inflation risks. (Bloomberg)

A shift to hybrid-electric vessels at North America’s two largest ferry operations is hoisting the fortunes of a ship-battery maker backed by Morgan Stanley, WSJ Pro's Luis Garcia writes.

Corvus Energy, founded in Canada and now based in Norway, will supply energy-storage systems for two new hybrid-electric vessels for Washington State Ferries. Hybrid ferries can run on electricity alone or use diesel engines to supplement battery power over long routes.

Corvus batteries will also power eight new hybrid-electric vessels operated by BC Ferries in British Columbia, four of which are under construction. Six similar ships fitted with Corvus batteries are already in service.

The new ships are part of a broader plan by the two ferry operators to shift away from diesel fuel over coming decades. Both operators said their goal isn’t only to reduce carbon emissions, but to lower fuel and maintenance costs. Over time, savings are expected to pay for upfront investment to build new battery-powered vessels and the infrastructure to recharge them.

• Startups are rolling out electric boat models that cut noise and pollution, though prices for most are still higher than gas versions. (Bloomberg)

• Exxon Mobil to ask shareholders to approve moving legal home to Texas from New Jersey, citing protection from shareholder “abuse.” (WSJ)
   
• LEGO Group said it reached 52% renewable and recycled content in the materials used to produce its bricks in 2025. (ESG Today)
   
• China's latest five-year plan doesn't set ambitious goals for solar energy, focusing on other energy-transition initiatives. (Bloomberg)
   
• Collapse of cookstove company Koko Networks reverberated around carbon markets, raising questions about its business model. (FT)
   
• U.K. government ramped up promotion of carbon pricing in other countries, according to freedom-of-information request. (OPIS)

WSJ Pro Sustainable Business gives you an inside look at how companies are tackling sustainability. Send your comments to editor Perry Cleveland-Peck at perry.cleveland-peck@wsj.com and reporters Clara Hudson at clara.hudson@wsj.com and Yusuf Khan at yusuf.khan@wsj.com. Follow us on LinkedIn at perrycp, clara-hudson and yusuf_khan.