Off track from Paris reductions, exec actions ahoy! #110

Plus 4 $100m+ fundings; 3 acquisitions and Fifth Wall’s $500m climate fund!

Happy Monday!

No headline deep-dive this week, albeit many headlines abound with speculation on Biden’s forthcoming exec actions (h/t, Manchin!) to make up for likely missing the Paris Accord carbon reduction targets by ~2x.

In this week’s funding, a hydrogen-boron nuclear fusion company raises $250m, along with $150m with fungi-based meat alternatives, $130m for a solar-powered air-wells, and $100m for an energy management software platform.

In the news, electricity prices in Europe hit bailout territory, UK posits a ‘Jet Zero’ airlines emission target by 2050, and a non-profit Carbon Business Council launches.

Thanks for reading!

Not a subscriber yet?


Deals of the Week (7/18-7/24)

TAE Technologies, a Foothill Ranch, CA-based hydrogen-boron nuclear fusion company, raised $250m in Series G funding from Google, Chevron Technology Ventures, Sumitomo Corporation of Americas, TIFF Investment Management, and Reimagined Ventures.

🥩 Meati Foods, Boulder, Co-based company that provides fungi-based meat alternatives, raised $150m in Series C funding from Revolution Growth, Wellington Management, Grosvenor Food & AgTech, Chipotle’s Cultivate Next, and CPP Investments.

💧 Source, a Tempe, AZ-based company that develops solar-powered devices to extract drinking water, raised $130m in Series D funding from The Drawdown Fund, Breakthrough Energy Ventures, WIND Ventures, the Lightsmith Group, Monashee Capital Corp, Microsoft Climate Innovation Fund, Material Impact Fund, Harvard Management Company, Fifth Wall, Duke Energy Corporation, and BlackRock.

⚡ FlexGen, a Durham, NC-based energy management software platform, raised $100m in Series C funding from The Vitol Group.

💨 Normative, a Sweden-based carbon accounting startup, raised $31.5m in Series B funding from Blume Equity, Horizons Ventures, ETF Partners, 2150 and Future Five.

✈️ ZeroAvia, a Hollister, CA-based hydrogen aviation startup, raised $30m in Series B funding from NEOM, International Airlines Group, Barclays Sustainable and Impact Banking, and AENU.

🏠 Intelligent City, a Canada-based developer of prefab mass timber buildings, raised $30m in Series A funding from BDC Venture Capital, Greensoil PropTech Ventures, Natural Resources Canada, UIT Growth Equity, Sustainable Development Technology Canada, and Next Generation Manufacturing Canada.

🏭 Phaidra, a Seattle, WA-based industrial AI control system improving energy efficiency, raised $25m in Series A funding from Starshot Capita, Helena, Ahren Innovation Capital, Mustafa Suleyman, Flying Fish, Section 32, and Character.

⚡ Fulcrum BioEnergy, a Pleasanton, CA-based company developing renewable transportation fuels from landfill waste, raised $20m in funding from SK Innovation.

⚡ Sympower, a Netherlands-based provider of grid-balancing services, raised $22.5m from Rubio Impact Ventures, Rocktart, PDENH, Expon Capital, and Activate Capital Partners.

🔋 Brill Power, a UK-based battery management software platform, raised $10.5m in Series A funding from Shell Ventures, Oxford University Innovation,  Oxford Science Enterprises, Oxford Investment Consultants LLP, Legal & general Capital, Climate-KIC, and Barclays Sustainable Impact Banking.

🔋 Natron Energy, a Santa Clara, CA-based sodium-ion batteries manufacturer, raised $7m in funding from Nabors Industries.

🛰️ Astraea, a Charlottesville, VA-based satellite intelligence company leveraging geospatial data to address climate change, raised $6.5m in Series A funding from Carbon Drawdown Collective, Aligned Climate Capital, University of Virginia Seed Fund, Tyndall Investment Management, and CAV Angels.

🔋 Revterra, a Houston, TX-based developer of flywheel energy storage systems, raised $6M in Series A financing from Equinor Ventures and SCF Ventures.

⚡ Electrified Thermal Solutions, a Medford, MA-based provider of on-demand renewable heat for industry, raised $4.5m in Seed funding from Clean Energy Ventures, Starlight Ventures, the Grantham Foundation, and Clean Energy Venture Group.

⚡ Noteworthy AI, a Stamford, CT-based company providing AI-powered asset inspection and inventory analysis for energy distribution grid operators, raised $3m in Seed funding from Techstars, Susquehanna International Group, Keiki Capital, Earthshot Ventures, Connecticut Innovations, City Light Capital, C2 Ventures, Climate Capital, Boro Capital, Avesta Fund, and Asymmetry Ventures.

♻️ Impact Recycling, a UK-based developer of innovative plastic recycling technology raised $2.75m in funding from IW Capital.

💧 Lumo, a Santa Rose, CA-based smart irrigation system that enables users to save water and costs, raised $2.1m in Pre-Seed funding from Fall Line Capital.

🥩 Liberate Foods, an India-based plant protein and meat substitute company, raised $2m in Seed funding from Better Bite Ventures, Blue Horizon, and Panthera Peak.

🌾 Piatrika Biosystems, an India-based platform that brings sustainable seeds and agro-chemicals to market, raised $1.2m in Seed funding from Ankur Capital.

Exits & New Funds:

Fifth Wall raised an $500m to close their inaugural Climate Fund aimed to decarbonize the real estate industry.

Blackrock acquired Vanguard Renewables, a Wellesley, MA-based renewable natural gas producer, from Vision Ridge Partners.

Generate Capital, a San Francisco, CA-based sustainable infrastructure investment and operating platform, acquired esVolta, a large-scale battery storage developer.

Intercontinental Exchange, an Atlanta, GA-based provider of data, technology and market infrastructure, acquired Urgentem, which provides global corporate emissions and climate transition data.


In the News

Rhodium Group finds that, absent additional policy action, the US is on track to reduce emissions 24-35% below 2005 levels by 2030 – falling significantly short of its Paris Agreement pledge of 50-52%.

Biden stops just short of pressing the climate emergency button amid Manchin madness: “Since Congress is not acting as it should…in the coming days, my administration will announce the executive actions we have developed to combat this emergency.”

Meanwhile, Representative AOC backed a bill that would restore the EPA’s authority to regulate power plant GHGs in a move that’s unlikely to pass the evenly split Senate, but signals Democrats’ displeasure with the Supreme Court and Congress’s limited legislative action on climate.

Electricity prices in Europe are headed to record-breaking territory and government buyouts are underway to firm up the energy market. France is buying out the 16% remaining share of EDF for $10B to take full control of the company. Across the border, Germany agrees to a $15B bailout of energy giant Uniper as Russia squeezes gas supplies.

UK outlines “Jet Zero” by 2050 strategy which comes as Britain reported its hottest day on record. Jet Zero promises to “deliver net-zero aviation” while allowing people to keep flying “guilt free” - mostly reliant on nascent climate technologies like SAFs and zero-emission planes.

The UK government appointed Ilan Gur (former Activate CEO) as founding CEO of the Advanced Research and Invention Agency (ARIA). With a billion-dollar initial funding commitment, ARIA will support ground-breaking R&D to “transform society for the better.” Gur’s appointment should increase connectivity between US and EU climate innovation ecosystems, and transfer lessons about supporting science innovation from ARPA-E to Europe.

A new e-mail? US Postal Service is upping its delivery game with an updated e-mobility commitment to make 40% of its ~85,000 vehicle procurement plan electric.

Nonprofit trade association Carbon Business Council (CO2BC) launched with 40+ leading carbon management startups that have combined assets of >$100m. CO2BC includes our friends Aether, AirMyne, Brimstone, Kita, and Living Carbon.


Pop-up

McKinsey uncovers the climate impact of plastics.

Our friends at D3 launched their first cohort of CDR startups including Avnos, Mission Zero, Sustaera, Vesta, and 44.01.

Peak demand for peak prizes. Utilities are offering Peloton bikes, Amazon gift cards, $3,500 Costco gift cards, and baseball games to turn your light switch off.

Deep sea mining controversy hits stormy seas.  

Missed our mid-year funding report? Catch Sophie & Kim go over the numbers on the Freeing Energy podcast.  

Or check out more CTVC climate tech funding coverage from ImpactAlpha.

A climate opportunity map lays out the economic benefits of a net-zero US.

More maps! The DOE’s Carbon Matchmaker is Hinge for regional CCUS/ CDR project teams.

A corporate carbon offsetting company started a 35,000 acre forest fire in Spain.

Animal-lovers click at your own risk. Australia (home to koalas and kangaroos) leads in the highest rate of mammal extinction.

Nearly 90% of American homes are now using air conditioning. What happens when the rest of the world catches up?

Navajo Nation citizen scientists are taking methane monitoring into their own hands.

The Republican party faces a generational divide on climate change.


Opportunities & Events:

🗓️ Overture Insight: Climate Tech and Government: RSVP to this July 28th conversation with Jahni Wise, Special Assistant to the President for Climate Policy & Finance at the White House, and Overture co-founders Shomik Dutta and Brandon Hurlburt discussing the latest climate policy and initiatives in the Biden-Harris Administration.

💡 gener8tor Sustainability Accelerator: Apply for gener8tor’s upcoming sustainability accelerator by August 1st. Selected Startups will receive a $100k investment alongside access to a national network of investors, corporate partners and mentors through this three-month program starting in September 2022.


Jobs

Director of People @Remora

Senior Investment Professional, Climate Tech @Princeville Capital

Project Development Lead, Carbon Removal @Origen Carbon Solutions

Strategy Lead, Carbon Removal @Origen Carbon Solutions

Project Manager, Renewable Energy Development @CleanChoice Energy

Sustainability Business Development Analyst @Patch Technologies

Head of Partnerships @Zero Acre Farms

Research Project Manager @Running Tide

Policy and Government Relations @Heirloom


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

Related posts