🌎 The road report, from SF to Shenzhen to Spain #293

Happy Monday!

We hit three different continents for three events in the past three weeks: Bilbao, Spain, for the Energy Tech Summit; San Francisco for its Climate Week; and across Singapore, Hong Kong, and Shenzhen for an HSBC Asia roadshow. We've got a roundup of how people are thinking about climate tech in each place below

In deals, $380m for nuclear power plants development, $235m for solar power project development, and $200m for renewable energy development. 

In other news, permitting for renewables in the US courts, Fervo’s IPO filing, and Indonesia’s biofuel mandate. 

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Dispatch from our climate tech world tour 

It's been a whirlwind few weeks at three events across three different parts of the world: San Francisco Climate Week, an HSBC Asia roadshow across Singapore, Hong Kong, and Shenzhen, and the Energy Tech Summit in Bilbao, Spain. Now, we're reporting back.

🇺🇸 SFCW: AI ate the climate tech

No surprise that last week, the home of AI was all data centers and AI startups. Everyone wants in, startups, VCs, utilities, corporates. Of course, it’s been that way for the past two years. But this time, in the middle of one of the biggest capex supercycles in recent memory, the "AI needs power, climate tech can power it” conversations have become both messier and more specific. “How do you actually get things built, with backlash, project cancellations, moratoriums?”

For data centers, speed-to-power is still the drumbeat (one person told us the hyperscaler priorities in order are: "speed, speed, speed, cost, climate”). But the focus has moved from "connect faster" to creative workarounds. Behind-the-meter generation as bridging power, solid-state transformers, onsite storage operated as a grid-responsive asset, accredited capacity, and being good “grid citizens” for communities and permitting all came up.

There was broad consensus in SF that whatever you think of the hype, data centers and AI have given this ecosystem something it's been waiting for: actual demand. That’s forcing partners and buyers (especially famously slow-moving utilities) to move fast, which so far, seems like a good thing (it’s still Silicon Valley, after all).

On the fundraising side: almost every investor we spoke to is mid-raise right now. Infra managers are in decent shape, confident in their theses. VC and growth equity are still testing out messaging, as capital’s been tighter across the board (but that’s not only climate). But people are still hungry for exits, returns, real wins.

🌏 Asia: Don't call it climate tech

HSBC took us on a road show to see several different markets across Asia on the ground. They’re all massively different: China as the massive manufacturing state, Singapore as the international port, Hong Kong returning as the gate between China and the West, and Southeast Asia still developing but currently reeling from the Strait of Hormuz closing.

• Singapore is wealthy, land-constrained, and 95% dependent on gas. Its emissions are tiny, but it has a big net-zero play. Startups can become “grantapreneurs” because government grants are generous if you know where to look, but you need people on the ground. The nation’s positioning, for net zero and beyond, is really about influence: being the bridge between the US and China and directing capital across a Southeast Asia market that is fragmented, undercapitalized, and grid-constrained. Still, government grants are generous if you know where to look, but you need people on the ground.
• Hong Kong has flipped. It used to funnel Western capital into China. Now Chinese companies come through HK to raise dollars and list internationally. The IPO pipeline went from 60 companies in mid-2025 to 500 today (and it’s not just Chinese companies.)
• Shenzhen is still telling a massive and underestimated hardware story. SF founders are moving there temporarily to build — we met one making AI wearables who's been living next to a massive electronics market there for months to build up his supply chain. You can find anything, and you can pilot anything, but the advice was, never pay upfront. 
• The broader China picture: The manufacturing superpower is still flexing, with EVs and batteries churning out. However, the market has flipped from 90% USD-funded to 90% RMB in three years. And VC has picked back up since Deepseek, not specifically due to the model, but actually for what it signaled about the depth of Chinese technical talent. Investors are bifurcating: late stage where there's a visible IPO path, very early stage for university spinouts, but the middle has thinned.

🇪🇸 Europe: The festival

Bilbao was great, with sessions at the Guggenheim, pintxos at every turn, and genuine density of interesting people. Many of the conversations still centered around climate policy, like ETS revisions and CBAM, in a way that didn’t (couldn’t?) happen in the US or Asia. 

But even all the policy talk was more scattered, and it lacked the urgency and hyperfocus of the other locations. The US has a vector (AI infra buildout). China has one (dominate the global power equipment and EV supply chain). Europe has the conditions for one - war in Ukraine, strait of Hormuz crisis, gas dependence, rising power prices - and hasn’t built the momentum yet. 

A few things that stuck with us:

• No European investor stepped up for the EU's own Invest AI fund. It was Softbank, Macquarie, BlackRock, Brookfield. As a NVIDIA MD said: "Speed of light to get it done. In Europe, we don't think that way."
• Scope creep as a substitute for thesis: Several climate and energy investors have added robotics, AI, and space to their remit. But it felt more like "we have to do this" than "here's how we win."
• What is working: Things with actual demand behind them. Ember, the intercity electric bus in Scotland, keeps growing. CoreWeave is seeing early pull in the UK, per an MD: "What keeps me up at night isn't demand. It's my ability to satisfy it."
• The real test: Where does Octopus IPO?

Key takeaways

• Same industry, three continents, distinct conversations about “climate tech.” In SF, it's splintering into verticals. In Asia, the word "climate" barely gets you in the room. In Europe, the identity is intact but the momentum isn't.
• What's winning, everywhere, is solutions that tie directly to demand, like power for AI, energy security, speed to market. It’s a healthy sign, in this market that’s looking for wins, ASAP.

Deals of the Week (4/20-4/27)

VC / Growth

⚡ Blue Energy, a Chevy Chase, MD-based financeable, prefabricated nuclear power plants developer, raised $380m in Series A funding from VXI Capital, At One Ventures, Engine Ventures, and Tamarack Global.

🚗 Zūm, a Redwood City, CA-based energy saving operations & logistics software, raised $100m in Growth funding from TPG Rise Funds.

🍎 Afresh, a San Francisco, CA-based food-system efficiency platform, raised $34m in Series B funding from High Sage Ventures, Just Climate, Bright Pixel, Innovation Endeavors, Insight Partners, and other investors

⚡ Rivan Industries, a London, England-based synthetic fuel developer, raised $34m in Series A funding from IQ Capital, Fundomo, Markus Villig, Matt Clifford, Plural, and other investors.

⚡ Decade Energy, a Paris, France-based logistics electrification services provider, raised $26m in Series A funding from Eiffel Investment Group, SET Ventures, Ananda Impact Ventures, and Contrarian Ventures.

⚡First Light Fusion, a Yarnton, UK-based inertial fusion energy developer, raised $34m in Series C funding from East X Ventures, Hostplus, IP Group, and United Kingdom Atomic Energy Authority (UKAEA).

🚗 Humble, a San Francisco, CA-based autonomous electric freight hauling vehicles manufacturer, raised $24m in Seed funding from Eclipse and Energy Impact Partners.

🥩 Planetary, a Gland, Switzerland-based fermentation-based protein manufacturer, raised $20m in Series A funding from Oetker Ventures, Radikal Capital, AgriFoodTech Venture Alliance, arc investors, Astanor Ventures, and other investors. 

🔋 Exergy3, an Edinburgh, Scotland-based ultra-high temperature energy storage developer, raised $14m in Seed funding from Axeleo Capital, Bayern Kapital, Kibo Invest, Old College Capital, Scottish Enterprise, and other investors.

♻️ ECOMMIT, a Satsumasendai Shi, Japan-based circular economy / waste data platform, raised $9m in Series B funding from Interrelate (Japan), Japan Post Bank Asset Management, Mercari, NCB Ventures, NTT DOCOMO Ventures, and other investors.

🔋 Renewable Metals, a Kewdale, Australia-based alkali-based recycling service for critical minerals, raised $9m in Series A funding from Clean Energy Finance Corporation (CEFC), Climate Tech Partners, European Metal Recycling (EMR), Investible, and Neglected Climate Opportunities.

♻️Cosaic, a Horgen, Switzerland-based plant-based dairy producer, raised $6m Seed funding from dsm-firmenich Ventures, Kickfund, Navus Ventures, and Zürcher Kantonal Bank.

🛰 Bubble Robotics, a Dübendorf, Switzerland-based autonomous underwater monitoring provider, raised $5m in Pre-seed funding from Asterion Ventures, Episode 1 Ventures, and Norrsken Evolve.

⚡ Cloneable, a Raleigh, NC-based AI automation platform for infrastructure operations, raised $5m in Seed funding from Congruent Ventures, Bull City Venture Partners, First In, Overline, and St. Elmo Venture Capital.

Project Finance / Debt

⚡ ILOS, a Karlsruhe, Germany-based solar power projects developer, raised $235m in Debt funding from EIG Global Energy Partners(EIG) and La Caisse (CDPQ).

⚡ Evren, a Mumbai, India-based renewable energy development platform, raised $200m in PF Debt funding from BNP Paribas, Crédit Agricole Corporate and Investment Bank (CIB), DBS Bank, MUFG Bank, Standard Chartered, and other investors.

⚡ GMT, a Peterborough, England-based biomethane infrastructure developer, raised $108m in PF Debt funding from ING Group.

⚡ HAU Energy, a Cairo, Egypt-based renewable energy development platform, raised $33m in PF Debt funding from European Bank for Reconstruction and Development (EBRD).

🥩 Planetary(Switzerland), a Gland, Switzerland-based fermentation-based protein manufacturer, raised $8m in Debt funding from undisclosed investors.

💨 Capture6, a Berkeley, CA-based direct air carbon capture solutions technology developer, raised an undisclosed amount in PF Debt funding from Regenerative Social Finance (RSF).

⚡GreenGO Energy, a Copenhagen, Denmark-based renewable energy developer, raised an undisclosed amount in PF Equity funding from Alight.

Exits

⚡ Enagás Renovable, a Madrid, Spain-based renewable gas projects developer, raised $56m in PE Buyout funding from Hy24.

🧪 Vertec BioSolvents, a West Chicago, IL-based high-performance bio-based solvent manufacturer, was acquired by Shrieve Chemical for an undisclosed amount.

⚡ Green Marine Energy Holdings Limited (GMH), a Kuala Lumpur, Malaysia-based digital platform for SAF, biofuel feedstock trading, and marine bunkering services, was acquired by CBL International for $5m.

This is a sample of deals available for Sightline clients. Can’t get enough deals?

Reading list

⚖️ A federal judge has struck down five key Trump administration tactics blocking renewable energy permitting, including a requirement that Interior Secretary Burgum personally sign off on all major approvals. [Link]

The ruling is a meaningful win for developers, but permitting has already been chilled with these months of deliberate bureaucratic delay — database lockouts, "energy density" rubrics designed to favor fossil fuels, political sign-off requirements. And with the Supreme Court's recent appetite for lifting preliminary injunctions, this may not be the last word.

🌋 Fervo filed its S-1 this week, set to become the first EGS company ever to go public. Meanwhile, X-energy debuted, and the Amazon-backed SMR developer popped 27% and closed at an $11.5bn valuation. Both aim to unlock 24/7 clean power. [Link, Link]

A geothermal IPO alone is worth noting, even if the valuation gap between it and X-energy is wide. Fervo is pricing around $3bn, and X-energy is valued at $12bn, apparently on AI enthusiasm alone. The more important number to watch, though, is Cape Station. Fervo's Utah flagship is supposed to hit 100MW by early 2027, and how it performs will determine everything.

⛽ Countries are doubling down on biofuels, with Indonesia mandating B50 (>50% palm oil) for all biodiesel users by 2028 alongside broader global pushes. [Link]

It’s no coincidence this follows Strait of Hormuz disruptions, domestic fuels are being prioritized not just for climate, but for energy security and supply resilience.

🧊 A new research initiative called the Arctic Stabilization Initiative has raised $6.5m to assess whether targeted climate interventions - starting with cloud thinning - could slow Arctic tipping point risks. [Link]

🌋 Japan is putting $690m behind next-generation geothermal, announcing subsidies covering up to two-thirds of survey and drilling costs for EGS, closed-loop, and supercritical geothermal projects through 2030. [Link]

🐼 A Republican-led effort to weaken the Endangered Species Act stalled after a key vote failed. [Link]

⚡ Octopus Energy launched a new home battery offering, adding to the growing field of distributed storage competitors like Base Power. [Link]

💨 China's new hydrogen/natural gas blending project set a world record, with 100,000 homes getting power from a blend of up to 10% hydrogen through normal gas pipelines. [Link]

⚡ The latest Ember report shows renewables continuing to gain share in global electricity generation with solar making up 75% of new electricity capacity and renewables making up ⅓ of global power generation. [Link]

Opportunities & Events

📅 Dry Powder and New Funds 2026: Join Sightline Climate’s webinar on Thursday, May 1 at 11am ET to dig into where climate capital is flowing in 2026, with $90bn in dry powder, infrastructure giants dominating new commitments, and what it means for early-stage climate tech funding.

📅 Trellis Impact 26: From Jun 23-25 in Moscone West, San Francisco, Trellis Impact brings together 3,500+ leaders powering the future of sustainable business, from AI-enabled solutions to emerging technologies reshaping decarbonization, energy, circularity, and beyond. Get practical insights and hard-won examples of the technologies and strategies that are influencing sustainable business transformation. Register by May 15 before prices go up, and you can get 20% off with our partner code: TI26SCP

📅Climate Coffee London: Join fellow climate enthusiasts for a coffee meet up on Thursday, April 30 in London to talk about all things climate tech, impact investing, and much more. here

Jobs

Marketing Lead, @Glimpse 

Strategic Finance Engagement Lead, @Planetary Scale 

Senior Consultant, Financial Communications, ESG Advisory Practice, @FTI Consulting 

Capital Markets Manager or Associate, @Origis Energy

📩 Feel free to send us deals, announcements, or anything else at [email protected]. Have a great week ahead!