Daily Brief : June 19: FERC unlocks grid bottleneck, Memento raises $93M for retinal disease

HEADLINE

FERC signals end-of-June decision on large-load grid interconnection rules while Memento Medicines raises $93M to attack retinal vascular disease and AST SpaceMobile resumes direct-to-cell satellite deployment.

THE BIG PICTURE

Infrastructure is unbottlenecking across three verticals simultaneously: grid regulation, biotech manufacturing, and space connectivity. A FERC meeting on June 18 advanced a high-stakes rulemaking on how data centers and large industrial loads plug into the electrical system, Memento closed a $93M Series A to develop a dual-mechanism antibody for wet AMD and diabetic eye disease, and SpaceX deployed three BlueBird satellites for direct-to-cell coverage. Each solves a last-mile delivery problem, whether measured in megawatts, microns, or kilometers of altitude.

WHAT HAPPENED

FERC committed to issuing a final rule on large-load interconnection by the end of June 2026, addressing one of the biggest bottlenecks for AI data centers seeking grid connection. The rulemaking, Docket RM26-4-000, targets facilities drawing more than 20 megawatts and traces back to an October 2025 Department of Energy advance notice under Secretary Chris Wright. The proposals under consideration include co-location with generation sites, expedited study processes, and shifting interconnection costs directly to entities requesting connection. This timeline signals unusual urgency for federal regulation and will define who pays for grid upgrades when hyperscalers co-locate with generation.

In the same June 18 meeting, FERC issued a preliminary permit to Kinetic Energy Storage LLC for a 500-megawatt pumped storage project in Lincoln County, New Mexico. The Barber Springs facility would comprise two roller-compacted concrete dams, an underground powerhouse, and up to 79 miles of transmission lines. Kinetic submitted its application in May 2025 and the permit green-lights feasibility studies for what would become one of the largest grid-scale storage assets in the Southwest.

Memento Medicines announced a $93M Series A co-led by Forbion, RA Capital Management, and Avego BioScience Capital, with participation from Sanofi Ventures and Samsara BioCapital. The company licensed worldwide rights to MMT-205, a bispecific antibody that activates Tie2 and inhibits VEGF, two pathways central to retinal and vascular disease. Memento secured an exclusive license from MabTics and Curacle with potential milestone payments totaling up to $1.08 billion. The dual mechanism targets wet age-related macular degeneration and diabetic macular edema, currently treated with monthly anti-VEGF injections that don't address vascular instability. Forbion, RA Capital, Avego, Sanofi Ventures, and Samsara all placed board representatives.

AST SpaceMobile deployed three BlueBird Block 2 satellites (BB8, BB9, BB10) aboard a SpaceX Falcon 9 from Cape Canaveral Space Force Station on June 17. The satellites carry the largest commercial phased-array antennas ever flown in low Earth orbit, extending AST's direct-to-cell network coverage after the company paused constellation deployment following a Blue Origin launch failure earlier this year.

WATCHING

Watch for FERC's final rule on RM26-4-000 before June 30, its specificity on cost allocation will immediately reshape data-center siting economics across the grid. Monitor Memento's IND filing timeline for MMT-205, typically 12 to 18 months after a $93M Series A close, as a marker for clinical pathway risk.