8 $100m+ fundings and 5 new climate funds #108

Swell of climate deals amidst US startup funding fallback

Happy Monday! Hope you had a wonderful Fourth, nomming on some plant-based burgers.

A swell of massive fundings this week topped by $1.1b for Northvolt, the Swedish Li-ion battery maker, as well as 7 (!) $100m+ fundings including $750m for clean infrastructure power, $450m for an EV charging network, and $400m for an ESG-forward commodities marketplace (what market slowdown?). We also report on 5 new climate funds, ranging from Danish VCs to multi-stage funds for regenerative technology.

In the news, the Supreme Courts puts brakes on the EPA’s ability to regulate power emissions, the EU trends towards labeling investments in gas and nuclear power as ‘climate friendly’, India bans single-use plastics, and MIT proposes a ‘space bubble’ to shield the earth from climate change.

Stay tuned for our forthcoming midyear report (hot on the heels of US startup funding retreating 23% from last quarter!)

👀 And for an extra bonus, keep your eyes peeled for a special CTVC announcement this week.

Thanks for reading!

Not a subscriber yet?


Deals of the Week (6/27 - 7/10)

🔋 Northvolt, a Sweden-based developer of sustainable lithium-ion batteries, raised $1.1b in convertible note financing from AMF, AP funds 1-4, ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo, Folksam Group, Goldman Sachs, IMAS Foundation, Olympia Group, OMERS, PCS Holding, Swedbank Robur, TM Capital and Volkswagen.

☀️ Intersect Power, a Beaverton, OR-based solar developer, raised $750m in growth equity funding, from TPG Rise Climate, Climate Adaptive Infrastructure, and Trilantic Energy Partners North America.

Electrify America, a Reston, VA-based EV charging network, raised $450m from Siemens Financial Services and Volkswagen Group.

💨 Xpansiv, a San Francisco CA-based market infrastructure platform for global carbon and environmental commodities, raised a $400m equity commitment from Blackstone Energy Partners.

☀️ Mosaic, an Oakland, CA-based company that provides loans for residential solar projects, is raising $200m in Series D funding from Affinity Partners and J. Safra Sarasin Asset Management.

🌱 Pure Harvest Smart Farms, an UAE-based tech-enabled greenhouse company, raised $180.5m in funding from Metric Capital Partners, U.K., IMM Investment Corp and Olayan Group.

💨 Twelve, a Berkeley, CA-based carbon transformation company developing chemicals, materials, and fuels from captured carbon raised $130m in Series B funding from DCVC, Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures, ad Microsoft Climate Innovation Fund, and Chan Zuckerberg Initiative.

🧪 Evolved By Nature, a Medford, MA-based company that uses Activated Silk technology to create high-performance molecules, raised $120m in Series C funding from Teachers’ Venture Growth, Senator Investment Group, the Kraft Group, Emerald Development Managers, Mousse Partners, Chanel, and angel investors Jeffrey Vinik and Roy O. Disney.

🚙 Zeem Solutions, an Schenectady, NY-based zero emission commercial vehicles provider, raised $50m in funding from affiliates of ArcLight Capital Partners.

☕ Atomo Coffee, a Seattle, WA-based developer of sustainable coffee through upcycled ingredients, raised $40m in Series A funding from S2G Ventures, AgFunder and Horizon Ventures.

🍨 Eclipse Foods, an Oakland CA-based provider of plant-based ice cream and dairy products, raised $40m in Series B funding from Sozo VEntures, Forerunner Ventures, Initialized Capital, Giangels, and KBW Ventures.

🌿 Tropic Biosciences, a UK-based startup utilizing innovative gene-editing technology to address commercial crop challenges, raised $35m in their latest funding round, from Blue Horizon Corporation, Tekfen Ventures, Sucden Ventures, Skyviews Life Science, Bloom8, and ADQ.

🔗 Circulor, a London-based supply chain traceability platform, raised $25m in Series B funding, from The Westly Group, HG Ventures, Volvo Cars Technology Fund, SYSTEMIQ Capital, Jaguar Land Rover’s InMotion Ventures, Future Positive Capital, BHP Ventures, Salesforce Ventures, and 24 Haymarket.

ClearTrace, an Austin, TX-based automated energy and carbon accounting platform, raised $20m in Series B funding from ClearSky, Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon.

EVCS, an Arcadia, CA-based electric vehicle fast-charging network operator, raised $18.8m in Series A funding from Abdo Partners, Spring Lane Capital, and the Copulos Group.

🐟 Current Foods (prev. Kuleana), a San Francisco, CA-based startup developing plant-based alternatives raised $18m in Seed funding from Electric Feel Ventures, Astanor Ventures, Tenacity, and GreatPoint Ventures.

🚙 Tenet, a NYC-based fintech startup offering EV auto loans, raised $18m in Seed funding, from Human Capital, Giant Ventures, Breyer Capital, Global Founders Capital, and Firstminute Capital.

​​Electra, a France-based EV fast-charging platform, raised a $16.3m funding round from Eurazeo.

🚢 Fleetzero, a New Orleans, LA-based startup building battery-electric cargo ships, raised $15.5m in funding from Breakthrough Energy Ventures, Founders Fund, McKinley Capital and previous investors.

🌱 Fyto, a Petaluma, CA-based platform scaling the production of aquatic plants, raised $15m in Series A funding from GV, AgFunder, Refactor Capital, First Star Ventures, and Bolt.

🌿 AlgiKnit, aa Morrisville, NC-based developer of sustainable yarns made with kelp, raised $13m in Series A funding from Collaborative Fund, H&M CO:LAB, Starlight Ventures, Third Nature Ventures, Horizons Ventures, and SOSV.

⚡H2Site, a Spain-based provider of hydrogen membrane separation technologies, raised $12.7m in Series A funding from Breakthrough Energy Ventures, Engie New Ventures, Equinor Ventures, Tecnalia Ventures, Seed Capital Bizkaia and Gestion De Capital Riesgo Del País Vasco.

🔋Energy Dome, an Italy-based developer of utility-scale long-duration energy storage, raised a $11m bridge funding round from Evolution Fund of CDP Venture Capital and Barclays.

♻️ Sortera Alloys, a Fort Wayne, IN-based scrap metal sorting and recycling company, raised $10m in Series A funding from Assembly Ventures, Breakthrough Energy Ventures, and Novelis.

🌾 Micropep, a France-based platform developing micropeptides for crop protection, raised $8.9m in Series A funding from Fall Line Capital, Supernova Invest, Sofinnova Partners, FMC Ventures and IRDI/SORIDEC.

🥩 Project Eaden, a Germany-based plant-based meat company, raised $8.1m in Seed funding from Creandum, Trellis Road, Shio Capital, Magnetic Ventures, and FoodLabs.

🍎 Goodr, an Atlanta, GA-based surplus food management platform, raised $8m in Series A funding from Precursor Ventures, Collab Capital, Gratitude Railroad, Emerson Collective, Backstage Capital, Innovations For Impact, and the TELUS Pollinator Fund.

🚙 7Gen, a Vancouver, BC-based EV-as-a-service platform for medium and heavy duty fleets, raised $8m in Series A fundin from Fonds de solidarité FTQ and Siemens Financial Services.

⚡ FlexiDAO, Spain-based 24/7 carbon-free energy platform, raised $6.5m in Series A funding from SET Ventures, Google, Microsoft Climate Innovation fund, and EIT InnoEnergy.

♻️ Octopus, an Indonesia-based startup that developed a waste management platform helping brands collect recyclable waste from consumers, raised $5m in Seed funding co-led by Openspace and SOSV.

⚡ Cetogenix, a New Zealand-based developer of organic waste to renewable energy, raised $4.5m in Seed funding from Pacific Channel, AngelHQ, and Enterprise Angels.

🍄 Magical Mushroom Company, a UK-based startup that develops biodegradable packaging using mycelium technology, raised a $3.68m seed round led by Ecovative Design and investors Dale Vince, Robert Del Naja, and Marcus Watson.

👟 Simplifyber, a New York, NY-based company creating molded garment and shoe uppers from cellulose-based liquid, raised $3.5m in Seed funding from At One Ventures, Techstars, Heritage Group Ventures, The Helm, W Fund, Jetstream Ventures, Plug & Play Ventures, REFASHIOND Ventures, CapitalX Ventures, Keeler Investments Group and others.

⚡ Modo Energy, a UK-based energy storage analytics platform, raised $3.3m in Seed funding from Fred Olsen and Triple Point Ventures.

🌲 Pina Earth, a Germany-based online carbon credits platform for European forest owners, raised $2.5m in Seed funding from XAnge, Nordstar, Climat Capital, and numerous angel investors.

☀️ Aerem, an India-based solar panel financing provider, raised $2.5m in Seed funding from Blume Ventures.

💨 Traace, a France-based emissions traceability and management platform, raised $2.5m in Seed funding from Orange Ventures and Arche Gruppe.

⚡ Reel Energy, a Denmark-based retail renewable energy procurement platform, raised $2.3m in Pre-seed funding from UVC Partners, The Footprint Firm, and North-East Family Office.

🌏 Climes, an India-based brand-based consumer offsetting platform, raised $1.2m in Pre-seed funding from Sequoia Capital India, Kalaari capital, Avaana Capital, and numerous angel investors.

⚡ Suena, a Germany-based company energy storage optimization trading platform, raised $1.2m in Pre-Seed funding from EIT InnoEnergy, Vireo Ventures, and Raakwark Kaptaal.

🎥 Pique Action, a Los Angeles, CA-based climate solutions media company that produces short films that encourage consumer behavior towards climate action, raised $1m in Pre-Seed funding from Amasia, Baruch Future Ventures, and Fairbridge Park.

💨 Envoria, a Germany-based ESG reporting and compliance software company that allows mid to large sized companies manage their carbon footprint, raised $1m in Seed funding from Brandenburg Kapital, Bavarian Sustainable Capital, and Fino Ventures.

Exits & New Funds:

IP Group has launched Kiko Ventures, which has raised a $450m cleantech fund focused on regenerative technologies.

Ember Infrastructure has closed a $340m fund to invest in energy transition and resource efficiency sectors.

Climentum Capital, a Denmark-based VC firm raised $152m for their first climate tech fund, aiming to invest in startups focused on reducing CO2 emissions.

Partners Capital of Boston raised $143m for its Inaugural Environmental Impact PE fund to invest in energy transition companies.

AENU has launched a $102m evergreen climate tech fund which will focus on five areas: energy, carbon removal, food, enterprise, and education & empowerment.


In the News

In more dire-for-climate news, the Supreme Court’s 6-3 ruling in West Virginia vs EPA struck down the EPA’s ability to regulate emissions in the power sector at the systems-wide level. Policy optimists argue there’s still a slim window to reach Biden’s 2030 climate target of cutting emissions by 50% if the EPA can efficiently regulate emissions at the source vs system. But as David Wallace-Wells puts it, it’s “like putting an additional set of brakes on an already stalled project”.

For the first time in three years, funding to startups dropped. US early stage tech fundraising plunged by 23% over the past quarter to $62.3b – the steepest decline since 2019. 👀 Keep your eyes peeled for our midyear CTVC report on Friday on the retreat’s impact on climate tech.

Frontier, the carbon removal advanced market commitment tech fund (see: CTVC interview with Nan), committed $2.4m in pre-purchase agreements to its first six carbon-capture startups – paying between $500 and $1,800/ton.

The European Parliament backed labeling investments in gas and nuclear power as climate-friendly, further complicating Europe’s fight on climate change. Unless 20 of the bloc's 27 members oppose the move (seen as highly unlikely) the vote paves the way for this proposal to pass into law.

India has banned all single-use plastics, amid a national pollution crisis. Considering that the EU has heavily restricted single-use plastic since 2021 – when will the U.S. be alone in placing no real limits on plastic waste?

The DoE granted $14m to 22 research projects tracking climate-influenced extreme weather like Arctic solar and ash’s influence on cloud formation.


Pop-up

Orca meet Mammoth, Climeworks’ new DAC and storage facility with an annual capacity of 36,000 tons of CO2.

Speaking of mammoths, Sophie chats with Ben Yeoh on Then Do Better podcast about the woolys, brown spinning, and carbon offsets vs insets.

MIT proposes a ‘space bubble’ to shield Earth from climate change.

Beehive wipeout puts the Canada blueberry harvest in question as the crisis enters a new stage.

Gold mine! A Western Australia mining company is pushing for carbon credits from a sludge dam that’s been sequestering carbon for 25 years, but only just captured executives’ attention.

MIT Technology Review announced their 35 under 35, including CTVC friends Sean Hunt of Solugen and Nobell Foods’ founder Magi Richani.

Bob Eccles argues why ‘Private Equity Should Take the Lead in Sustainability’ in Harvard Business Review.

While we patiently wait for someone to launch “The Wirecutter for Climate Tech”, critics are reviewing and ranking electric modes of transport from e-bikes to EVs.

Meanwhile, the actual Wirecutter ponders if buying carbon offsets actually helps the planet?


Opportunities & Events:

💡Ocean Alkalinity Enhancement Engineering Award: Calling all mechanical, industrial, and chemical engineers and innovators to apply to Additional Ventures’ newest award. They are inviting short proposals by July 15th “to develop prototypes that could enable safe, cost-efficient, and scalable OAE”. The budget per project is $750k-$1.5m.

💡 German Accelerator US Climate Tech Cohort: Apply by July 25 to join the upcoming Market Access Climate Tech Cohort, helping German climate and clean tech startups prepare for and successfully enter the US through events, workshops, and mentoring by experts in the US climate tech space.

💡Imagine H2O Asia: Apply by Aug 5 to join global startups in building solutions to address Asia's water and wastewater challenges. The zero-equity accelerator program connects entrepreneurs to new markets, partners, and pilot support in S and SE Asia from its Singapore hub.

💡Hackaday Prize: Apply by July 24 to earn a chance at a $25k award for Hacking it Back by adding new capabilities to old hardware.


Jobs

Director of Capital Markets @Pachama

Strategy Lead, Carbon Removal @Origen Carbon Solutions

Director of EPC Partnerships @King Energy

Project Development Lead, Carbon Removal @Origen Carbon Solutions

Applied Scientist @Afresh

Chief Engineer @Brilliant Planet

Software Engineer @ Equilibrium Energy

Project Electrical Engineer @Crusoe Energy

Analyst @WAP Sustainability

Senior Associate, Growth Equity @Closed Loop Partners

Fellowship Associate @Activate


Feel free to 📩 send us new ideas, recent fundings, events & opportunities, or general curiosities. Have a great week ahead!

Related posts