Atomic renaissance (for real)

KEEPING COOL WITH

Hi there,

Happy Sunday. I had (too much) fun this weekend and will be convalsecing this evening with books in bed. What’d you get up to?

This week the climate and energy tech world was back in full force with announcements; feels like the slowness of summer is over. Perhaps most noteably, there were lots of touchpoints for global nuclear fission:

1. France will soon start its first new nuclear reactors in 25 years.

2. The UAE completed its Barakah nuclear plant (5.6 GW and roughly 40 TWh of annual generation) by hooking the final reactor to its grid.

3. In the U.S., the 800 MW Palisades Nuclear Power Plant in Michigan is on track with its restart schedule.

4. Even Japan is moving past the specter of the Fukushima disaster from the last decade and is working on restarting multiple reactors.

5. EU Commission president Urusula von der Leyen said Europe needs new reactors, even as countries like Germany and Belgium have moved in the opposite direction.

6. Of course, China is still crushing the rest of the world in terms of new nuclear plant construction starts and investment. While the U.S. has the largest operating nuclear fleet globally, within a decade or so, China could take the top spot.

More on all that with sources and details below (plut lots of other topics).

In today’s email:

• One story in a chart and a sentence

• Climate and energy headlines from the week

• Climate tech fundraising announcements

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FREE RESOURCES FROM FRIENDS @ DEEPSENSE

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2. Ask Me Anything event: Deepsense will also host a free “AMA” session on Thursday, September 12th, from 12pm to 1pm EST, to delve deeper into science-tech due diligence. Discussion topics will include preparing for science-tech due diligence, what investors focus on at different fundraising stages and more. Hosted by Dr. Staffan Qvist and Finn Aretz of Deepsense, the event also offers a great opportunity to pose questions you may have after digesting the guide. Register here for free.

THIS WEEK IN CLIMATE TECH & ENERGY

One story in a sentence (and a chart)

• Solar panels are getting so cheap (cheaper, for instance, in bulk, than plywood) and Ben James penned a thoughtful piece combining a variety of data and arguments to explain how this excess solar will unlock all kinds of other wealth and valuable resource creation opportunites beyond grid connection. Link.

15+ headlines (lots of news this week)

The good

• The Biden Administration announced it will spend $7.3 billion in IRA dollars to fund 16 clean energy generation projects (that could add more than 7 GW of capacity) specifically for rural communities and run by rural electric cooperatives. Link. Link.

• A proposed offshore wind energy development off the coast of Maryland has received official approval, though it will still face local opposition, among other challenges. The project, which will be developed by US Wind, is expected to add more than 2 GW of capacity. Link.

• France is starting up its first new nuclear reactors in 25 years. The Flamanville Nuclear Power Plant station has two 1.3 GWe reactors. While 12 years behind schedule and far overbudget, all new clean electrons help at this point, especially as France exports a lot of electricity to the U.K., Germany, and more. The reactor did shut itself down one day after beginning to operate, though operators noted this is not atypical during early start-up operations. Link. Link. Link.

• EU Commission president Urusula von der Leyen also noted Europe needs new reactors, even as countries like Germany and Belgium have moved in the opposite direction. Link. Link. Link.

• The UAE completed its Barakah nuclear plant by hooking the fourth and final reactor to its grid. The plant includes four 1.4 GW units for a comulative 5.6 and roughly 40 TWh of annual generation. Impressive feat for a country with vast oil & gsas resources & no real financial stake in decarbonization. Link.

• In the U.S., the 800 MW Palisades Nuclear Power Plant in Michigan is also on track with its restart schedule. Earlier this year, the DOE made $1.5B in loans available to help restart and perform maintenance on the plant, which Holtec bought from Entergy in 2022. Link. Link.

• Japan is also gearing up to restart another nuclear reactor, despite the specter of Fukushima from last decade. It’s currently working on restarting a number of reactors. Link. Link.

• South Korea is throwing more weight behind nuclear fusion. Last month, it announced an investment of roughly $864 million to accelerate R&D for nuclear fusion technology. Link.

• Toyo Solar, a Japanese cell and module manufacturer, has announced plans to build a 2 GW manufacturing plant in the U.S. starting in 2025. Link.

• India’s AM Green made a final investment decision (FID) on one of the world’s largest green ammonia projects. The facility would produce up to one million tonnes of ammonia per year and would use green hydrogen to produce green ammonia utilizing a 1.3 GW electrolyzer. Link.

• TotalEnergies and Adani Green Energy are forming a JV to develop 1 GW+ of solar energy in Gujarat, India. Link.

• Volvo unveiled a next-generation heavy-duty electric truck that will purportedly be able to drive 600 km on one charge. Link.

• Stanford, MIT, and Toyota are investigating a subtle charging shift that could improve battery cycle life by 50% simply by changing the power level of the first charge post-manufacturing. This is very promising, but there is still much to be proven on this front. Link.

• A JV between Vattenfall, Swedish steel company SSAB, and a mining firm proved out the feasibility of fossil-free steel at a small-scale, paving the path for larger-scale industrial-scale production. Link.

The inbetweens

• The DOE approved its first new LNG export license since Biden put a moratorium on new licenses. It’s a very short, 5-year license for New Fortress Energy to export gas out of Mexico. Link. (We also wrote more about the complexities in the LNG export debate here.)

The bad

• Volkswagen is considering closing factories in Germany, which is basically unprecedented. This underscores a variety of things: For one, the German industrial complex is struggling to secure sufficient cheap power. Secondly, that shutting down eighteen nuclear reactors was foolish. And thirdly, German car manufacturers are losing ground to Chinese EV manufacturers. Another contributing factor to the potential closures includes union negotiations. All of this is also driving a resurgence in the success of right-wing political parties, highlighting the interdependencies of energy, industry, economics, and politics (second link). Link. Link.

• On September 1st, solar curtailment rates reached 79.2%, an unprecedented level, meaning only a fifth of available solar electricity was utilized across the NEM in Australia. Time for more batteries! Curtailment across the NEM in Australia has been a persistent issue, both for wind and solar. Link. Link. Link.

• Lumio, a residential solar company in the U.S. that had previously raised hundreds of millions, filed for bankruptcy. It joins a growing list of big solar players folding this year. Link. Link. Link.

• BYD is holding off on making a new EV manufacturing plant decision in Mexico until after the US elections to evaluate the future resilience of the North American EV market, which could be impacted pending election results. There are also already overarching concerns about EV oversupply. Link.

• Nori, a carbon removal marketplace we previously covered, is also closing. It most recently raised $7 million in Series A funding in 2022. I’m bummed about this one! Link.

• About-face: CarbonCapture Inc. has decided against building its first, recently announced direct air capture project in Wyoming, citing it will pause development and relocate in pursuit of a location with more access to cleaner electricity. Friendly reminder that many announced projects don’t always materialize, at least not as originally billed. Link.

• Trump made clear he would aim to revoke all unallocated IRA funding if elected. CTVC has published a lot of great detail on what’s at stake legislatively in the election (second link). Link. Link.

CURATED DEALS

Larger funding rounds

🔋 24M, based out of Cambridge, MA, raised $87 million in Series H funding for its lithium-ion battery cell manufacturing business. Nuovo+ led. More here. (U.S., Energy / Transportation)

🔩 6K, based out of North Andover, MA, raised $82 million in Series E funding for its additive manufacturing technologies to make advanced materials. Anzu Partners, Energy Impact Partners, LaunchCapital, and others invested. More here. (U.S., Materials)

🚁 SkyDrive, based out of Toyota, Japan, raised $55 million in Series C funding to make eVTOLs. Inventum Ventures, Osaka Metro, Mizuho Bank, and Energy & Environment Investment invested. More here. (Japan, Transportation)

Medium-sized funding rounds

🔬 Calyxia, based out of Bonneuil-sur-Marne, France, raised $35 million in Series B funding for its more sustainable alternatives to microparticles and microcapsules that otherwise introduce microplastic pollution into the environment. Lombard Odier Investment Managers and Bpifrance co-led. More here. (France, Materials)

👕 Galy, based out of Boston, raised $33.4 million in Series B funding to make low-irrigation and lab-grown cotton. Breakthrough Energy Ventures led. More here. (U.S., Materials)

⬇️ Mantel Capture, based out of Boston, raised $30 million in Series A funding for its molten salt-based carbon capture technology business. Shell Ventures led. More here. (U.S., Carbon Capture / Removal)

🌱 Switch Bioworks, based out of San Carlos, raised $17 million in seed funding to develop biofertilizers with microbes that allow for more precise nitrogen or other chemical application. Change Forces Capital led. More here. (U.S., Food & Agriculture)

⬇️ Carbyon, based out of Eindhoven, Netherlands, raised $16.9 million in Series A funding for its direct air capture business. Siemens Financial Services, Omnes Capital, and Global Cleantech Capital invested alongside existing investors. More here. (Netherlands, Carbon Removal)

🛵 E Daddy, based out of the UAE, raised $15 million in equity funding to make two-wheel EVs from Kabeen Khader of Euroblast Middle East. More here. (UAE, Transportation)

🏠 Reonic, based out of Augsburg, Germany, raised ~$14.3 million in Series A funding for its software designed to help installers of solar, energy storage systems, wallboxes, and heat pumps. Northzone led. More here. (Germany, Built Environment)

♻️ Citroniq, based out of Houston, raised $12 million in Series A funding to make carbon-negative materials and plastics. Lummus Technology led. More here. (U.S., Materials)

📊 The Demex Group, based out of Washington, D.C., raised $10.25 million in Series A funding and another SAFE to provide weather risk analytics and intelligence for insurance and reinsurance companies. Congruent Ventures led. More here. (U.S., Data Applications)

Smaller funding rounds

🔬 Entalpic, based out of Paris, raised $9.4 million in seed funding to research and make new materials that enhance efficiency and help decarbonize chemical processes in industrial applications. Breega, Felicis, and Cathay Innovation invested. More here. (France, Materials)

♻️ Reduced, based out of Copenhagen, raised ~$8.8 million in Series A funding to upcycle food and use fermentation technology to make more sustainable food ingredients. The European Circular Bioeconomy Fund invested. More here. (Denmark, Food & Agriculture)

📊 Inform Ag, based out of Mapleton, Australia, raised $7 million in Series A funding for its agricultural data and sensor technology. Rural Funds Group led. More here. (Australia, Food & Agriculture)

🔌 🚲 Skarper, based out of London, raised ~$5.9 million in equity funding to convert standard bikes into e-bikes by adding a portable drive unit. Adjuvo led. More here. (U.K., Transportation)

🔌 🚲 Cowboy, based out of Brussels, raised ~$5.5 million in equity funding to make e-bikes. Cypress Capital led. More here. (Belgium, Transportation)

🧪 Oxylus Energy, based out of New Haven, CT, raised $4.5 million in seed funding to capture waste carbon and turn it into green methanol. Toyota Ventures and Azolla Ventures led. More here. (U.S., Industry / Transportation)

🌞 Re-volv, based out of San Francisco, raised $4 million in equity funding to help finance non-profit solar projects. Afterglow Climate Justice Fund and Invest in Our Future led. More here. (U.S., Energy)

📦 LiquiDonate, based out of San Francisco, raised $3.75 million in equity funding to make it easier for retailers to manage returns and promote circularity. Laconia Capital Group led. More here on the raise (behind a paywall), and you can also read a previous piece we wrote on the business here. (U.S., Materials)

🧪 PuriFire Energy, based out of Cambridge, U.K., raised ~$3.5 million in seed funding to take wastewater and turn it into green hydrogen and methanol. Hico Investment Group led. More here. (U.K., Industry)

🔩 3DEO, based out of Los Angeles, raised $3.5 million in equity funding for its additive metal manufacturing business. Mizuho Bank invested. More here. (U.S., Industry)

🚢✈️ Signol, based out of London, raised ~$3.3 million in equity funding to help pilots and ship officers follow more fuel-efficient routes in transport. TMV led. More here. (U.K., Transportation)

🛥️ Vision Marine Technologies, based out of Quebec, raised up to $3 million in equity funding from the Government of Quebec via Investissement Quebec to make electric powertrains for boats. More here. (Canada, Transportation)

🎈 Involve, based out of Lipomo, Italy, raised ~$2.8 million in seed funding for its stratospheric balloons that can carry various payloads into the stratosphere. Earlybird Venture Capital led. This has implications for real-time Earth monitoring solutions. More here. (Italy, Data Applications)

💸 Creattura, based out of Tokyo, raised $2.4 million in Series A funding for its carbon credit development and financing platform. DBJ Capital and Mitsui Sumitomo Insurance Venture Capital led. More here. (Japan, Carbon Markets)

⬇️ Carbon Reform, based out of Philadelphia, raised an undisclosed amount of funding from Cisco Foundation for its indoor air quality and energy efficiency direct air capture technology. More here. (U.S., Built Environment / Carbon Removal)

🧀 Climax Foods, based out of Berkeley, CA, raised an undisclosed amount of equity bridge funding from existing investors to continue running its plant-based cheese business. Earlier this year the company furloughed its employees. More here. (U.S., Food & Agriculture)

🌱 Exacto, based out of Sharon, WI, raised an undisclosed amount of equity funding for its precision irrigation and fertilization business. S2G Ventures and Skyline Global Partners invested. More here. (U.S., Food & Agriculture)

⚡ Wattnow, based out of La Goulette, Tunisia, raised an undisclosed amount of equity funding for its B2B hardware and software business focused on reducing companies' energy usage. Lateral Frontiers and 216 Capital led. More here. (Tunisia, Energy)

Other financing rounds

🧲 Ara Partners, based out of Houston, raised $335 million in debt financing to build a permanent magnet plant in Sumter County, South Carolina. More here. (U.S., Industry)

🔋 The DOE opened up $125 million in funding to accelerate next generation energy storage technologies beyond lithium-ion batteries. More here. (U.S., Energy / Transportation)

🔬 The Advanced Research + Invention Agency (ARIA), based out of London, launched two new programmes with significant funding: “Forecasting Tipping Points” and “Synthetic Plants.” These programs are R&D oriented and aim to identify and accelerate under-explored, under-funded areas for innovation and climate impact. The “Forecasting Tipping Points” program includes ~$106 million in available funding and 'Synthetic Plants' includes ~$82 million in available funding. More here. (U.K., Synthetic Biology / Data Applications)

🌳TotalEnergies, the energy giant based out of Courbevoie, France, allocated $100 million to buy carbon credits sourced from U.S. timberlands, indicating the voluntary carbon market isn’t entirely dead (especially welcome news for forestry projects vs. engineered carbon removal). Anew Climate and Aurora Sustainable Lands are the key stakeholders on the credit generation front. More here. (France / U.S., Carbon Markets)

📊 NOAA received $100 million in grant funding from the Biden Administration to scale up high-performance computing resources as well as to integrate AI and machine learning for better weather and climate modeling. More here. (U.S., Data Applications)

💸 The Lemelson Foundation provided a $2 million grant to launch an initiative to source, select, and support industrial decarbonization projects. RMI and Third Derivative will help lead initiative. More here. (U.S., Industry)

New funds

💰 Aiga Capital Partners, based out of Jersey City, NJ, raised $240 million for its first sustainable infrastructure fund. More here. (U.S., Funds)

💰 SET Ventures, based out of Amsterdam, Netherlands, raised ~$220 million for its fourth fund to invest in early-stage climate startups. More here. (Netherlands, Funds)

💰 MCJ, based out of Boston, MA, raised $80.6m for its second climate tech-focused fund. More here. (U.S., Funds)

Pic of the week

Your newsletter writer and curator enjoying the glowing embers of late summer in Brooklyn with one of his best friend’s dog. Get some sun yourself if you can!

Ciao,

– Nick