Taking stock

Hi,

Hope you have a good week ahead. Sending this today (Monday) versus my normal Sunday time as I have once again been underway—I’m currently on my way back home from a friend’s wedding in Hawaii (congrats, Travis & Madeline!) and 737’s from Hawaii to the mainland have no wifi (and haven’t heard of Starlink, apparently).

Anywho, here’s all the news that’s fit to print from last week. Lots more to come this week as I ease back into opinion on the major tech trends in environmental and energy circles and company deep dives. Only 6 weeks left in the year; let’s make em’ count.

In today’s email:

• One story in a chart and a sentence

• Climate and energy headlines from the week

• Climate tech fundraising announcements

♡ If you find this work valuable, you can support it here. I put a lot of time into it. ♡

THIS WEEK IN CLIMATE TECH & ENERGY

One story in (two) sentence(s) (and a chart)

• Here’s some good news: There’s plenty of food to feed the world, as global food production has outpaced population growth by ~5% over the past two decades, and the world now produces enough food to feed 11 billion people. The problems? We waste nearly a third of all food produced—yielding significant methane emissions—burn crops for fuel (highly inefficient use of land versus using those crops for food or the land for solar), and the food we produce is underoptimized for health outcomes. Link.

15+ headlines

The good

• China connected its (and the world’s largest) offshore solar plant to the grid. The now operational plant comes in at more than 1 GW of capacity and aims to generate 1.8 GWh of electricity per year once fully completed. Link.

• 2024 global solar output matched 2023 output with months to spare (back in September). Link.

• The EPA finalized its ‘Waste Emissions Charge,’ which will penalize U.S. oil and gas operators with production volumes that clear certain hurdles with fees on their methane emissions. TBD how long this lasts—it will almost certainly be on the new Trump Admin’s chopping block, especially considering some of President-elect Trump’s cabinet picks (covered below). You never know, though! Link. Link. Link. Link.

• Waymo, which now operates more than 150,000 autonomous and all-electric taxi rides weekly, is now available in Los Angeles. Link.

• Oklo inked 750 MW worth of partnerships to build its small modular nuclear reactors for data centers. Chirs Wright, who sits on Oklo’s board, was also appointed the future Head of the Department of Energy by President elect-Trump. Link. Link.

• Beta Technologies, a leading developer of electric vertical take-off and landing vehicles, added another milestone as the company’s founder, CEO, and test pilot, Kyle Clark, took the production version of its ALIA eCTOL up for a spin (its first test flight) this week. Link. Link.

The inbetweens

• Last week, we got more details on New York Governor Kathy Hochul’s plans to revive congestion pricing via New York City’s Metropolitan Transportation Authority. With President-elect Trump inbound in January, there’s some urgency here, and her administration aims to introduce the plan at a reduced rate of a $9 toll (versus $15) for cars entering Manhattan. The MTA board may deliberate as early as this week. Link.

• President-elect Trump made several important selections for his new cabinet, including North Dakota Governor Doug Burgum as the Head of the Department of the Interior, Chris Wright, current CEO of Liberty Energy, an oilfield services firm company, as the Head of the Department of Energy (‘DOE’), and Lee Zeldin, a Former United States Representative (with not exactly a ton of experience on environmental issues), to run the Environmental Protection Administration (‘EPA’). Wright is best known for being a significant player in the U.S. shale gas and fracking boom, which transformed the U.S. into the world’s number one natural gas producer and LNG exporter. 

The importance of the DOE and the EPA is self-explanatory; the Department of the Interior is influential insofar as it serves to protect federal lands and help manage access to natural resources on them, whether by leasing them out to fossil fuel and mining projects or cleaner energy projects. All picks are likely to be highly sympathetic to extractive industries from oil and gas to mining. Notably, Chris Wright, the new head of the DOE, has called climate change a dramatically overblown concern. As we’ve pointed out in these pages before, neither Democratic nor Republican administrations have prevented ballooning U.S. oil and gas production in recent decades, and mining is undoubtedly critical to domestic climate technologies, too. To be clear, I have no idea what type of policies these men will support. However, it’s not unlikely a lot of it will repudiate the tenor of the Biden Admin’s policies, especially with respect to things like the EPA’s new ‘Waste Emissions Charge.’ Link. Link. Link. Link. Link.

• NEPA just got a lot more complicated, and its future may be uncertain. Last week, as if the news on the administrative side weren’t enough, a three-judge (fewer than usual) panel on the D.C. Circuit Court of Appeals ruled that parts of the National Environmental Policy Act (‘NEPA’), which requires the federal government to study the environmental impact of its actions (think things like energy projects developed on federal lands or funded by federal subsidies, do not “carry the force of law” (read as do not always have the jurisdiction and remit often extended to them). The ruling could dramatically shift environmental permitting across the country, but it would have to be taken up in and upheld by other (higher) courts first. Mind you, this could benefit cleaner energy projects as much, if not more so, than other types of infrastructure. Link. Link. Link.

The bad

• A recent study confirmed carbon dioxide emissions will not yet peak in 2024 (rising to an estimated 41.6 billion metric tons (this figure omits other direct greenhouse gasses like methane and nitrous oxide as well as indirect greenhouse gasses like carbon monoxide and nitrogen oxides). Atmospheric carbon dioxide levels are now 52% higher than pre-Industrial Revolution. Link. Link.

• Elsewhere in legislative news, Shell won an appeal in Dutch courts to overturn what was a historic 2021 ruling (in a lower court) that would have ordered it to reduce its emissions faster than it was planning for planned. This marks a significant blow to groups that push for climate justice and advocacy legally. Link. Link.

• Trump's transition team is purportedly planning to eliminate a $7,500 consumer tax credit for EV purchases. This move could benefit more established players like Tesla more than other players (whether startups like Rivian or legacy automakers with younger EV programs.) Link. Link.

• Europe continues to import massive amounts of Russian natural gas even as it funds Ukraine's war effort against Russia. Link.

• As we've been reporting, Europe's climate tech sector is grappling with the fall of once high-flying startups that raised billions, ranging from Lilium to Northvolt and more. Link.

• Japan's nuclear agency ruled out restarting the Tsuruga No. 2 reactor in north-central Japan, even as it continues plans to restart other reactors. Tsuruga No. 2, a 1.1 GW reactor, was deemed "unfit" because its operator failed to address critical safety risks from possible active faults underneath it. Link. Link.

• Exosonic, a company that had raised $4.5 million to make sustainable aviation fuel-powered supersonic aircraft, is shutting down. Link.

CURATED DEALS

Larger funding rounds

🔌 Rivian, based out of Irvine, CA, raised an additional $800 million in equity funding from Volkswagen to make electric SUVs. The $800 million comes on top of the $5 billion Volkswagen already planned to invest as part of their also forming a joint venture with Rivian to develop software for EVs (note, EVs are fundamentally “software-led” and “software-defined vehicles,” a marked shift from internal combustion engines). Link.

⚛️ Radiant Industries, based out of El Segundo, CA, raised $100 million in Series C funding to make portable, tiny nuclear reactors to replace diesel generators. DCVC led. Link.

🌞🔋 Ze Energy, based out of Paris, raised ~$56.9 million in equity funding to make hybrid solar power and battery energy storage systems. Amundi Transition Énergétique and Demeter’s Climate Infrastructure Fund invested. Link.

🌞 Tekoma Energy, based out of Tokyo, raised $50 million from ABC Impact for its solar development business focused on Northern Asia. Link.

Medium-sized funding rounds

✈️ OpenAirlines, based out of Toulouse, France, raised ~$47.4 million in equity funding to develop software to help airlines reduce fuel consumption and emissions by analyzing past flight data. Eiffel Investment Group led. Link.

🌽 Elicit Plant, based out of Moulins-sur-Tardoire, France, raised ~$47.4 million in equity funding to make treatments for corn, wheat, sunflower, and soybean crops to improve water management and yields in dry conditions. Carbyne Equity Partners led. Link.

⬇️ Vaulted Deep, based out of Houston, raised $32.3 million in Series A funding to bury organic waste underground and in materials for infrastructure construction. Prelude Ventures led. Link.

🌱 Plantible, based out of San Diego, raised $30 million in Series B funding to make plant-based duckweed protein. Piva Capital and Siddhi Capital led. Link.

🧊 Accelsius, based out of Austin, raised $24 million in Series A funding for its two-phase direct-to-chip data center cooling technologies. Innventure led. Link.

⚡️ Sympower, based out of Amsterdam, raised ~$22.4 million in an initial close of its Series B funding round to provide demand response and other energy flexibility services. A&G Energy Transition Tech Fund led (so far). Link.

🌱 Klim, based out of Berlin, raised $22 million in Series A funding to make software for regenerative agriculture. BNP Paribas led. Link.

🔬 Shiru, based out of Alameda, CA, raised $16 million in Series B funding to use AI to discover and develop new plant-based ingredients for the food industry. S2G Ventures led. Link.

🍇 Wheelocity, based out of Chennai, India, raised $15 million in Series A2 funding and debt to make more efficient supply chain networks for fruits and vegetables. Lightspeed Venture Partners led. Link.

🚁 ePlane, based out of Chennai, India, raised $14 million in Series B funding to make compact electric flying taxis for urban transportation. Speciale Invest and Antares Ventures co-led. Link.

🌊 Vatn Systems, based out of Portsmouth, RI, raised $13 million in seed funding to make autonomous underwater vessels. Dyne Ventures led. Link.

🌬️ Gazelle Wind Power, based out of Dublin, raised $12 million in equity funding to make floating platforms for offshore wind turbines. Indico Capital Partners led. Link.

🔋 Tozero, based out of Munich, raised $11.7 million in seed funding to recover valuable materials like lithium, nickel, cobalt, manganese, and graphite from lithium-ion batteries. NordicNinja led. Link.

⚡💦 Ecolectro, based out of Ithaca, NY, raised $10.5 million in Series A funding to make green hydrogen electrolyzers using a unique membrane technology that omits iridium or PFAS. Toyota Ventures led. Link.

Smaller funding rounds

♻️ Naturbeads, based out of Bath, U.K., raised ~$9.8 million in Series A funding to make biodegradable microbeads to replace microplastics. Eos Advisory led. Link.

🧪 Copernic Catalysts, based out of Cambridge, MA, raised $8 million in seed funding to make cheaper catalysts for green chemicals—ammonia in particular—and fuel production. Breakout Ventures led. Link.

⚡️ General Galactic, based out of El Segundo, CA, raised $8 million in seed funding to industrial CO2 emissions into fossil-free methane and natural gas. Harpoon Ventures and Refactor Capital co-led. My team at Climate Capital participated. Link.

⚡️ Etpa, based out of Amsterdam, raised ~$5.8 million for its short-term electricity market and spot-trading markets in the Netherlands and Germany, which are used by market participants ranging from battery energy storage operators to utility companies. 4impact Capital, SET Ventures, and ABN AMRO Sustainable Investment Fund invested. Link.

🧊 Helix Earth Technologies, based out of Houston, raised $5.6 million in seed funding to make more efficient commercial A/C systems. Veriten led. Link.

💸 Tangible, based out of London, raised ~$5 million in equity funding to help “climate” hardware companies secure funding by providing tools for structuring, modeling, and managing financial transactions. Future Positive Capital, Hardware Club VC, MMC, among others, invested. Link.

🦠 Anthrogen, based out of San Francisco, raised $4 million in seed funding to cultivate CO2-consuming microbes to make complex chemicals and fuels. Regen Ventures and BoxGroup led. Link (paywall).

🧪 NitroVolt, based out of Søborg, Denmark, raised ~$3.7 million for its green ammonia-producing system, the "Nitrolyzer,” that uses air, water, and renewable electricity on-site to make carbon-free ammonia. BackingMinds led. Link.

🔬 Zymofix, based out of Ghent, Belgium, raised $2.1 million in equity funding for its solid-state fermentation technology designed to produce microorganisms targeted at making fertilizers that support soil health and crop productivity. High-Tech Gründerfonds led. Link.

🌱 Happy Plant Protein, based out of Sundsberg, Finland, raised ~$1.9 million in pre-seed funding to help local manufacturers make plant-based proteins. Nordic Foodtech VC led. Link.

🌱 🌞 Feld.energy, based out of Munich, Germany, raised ~$1.8 million in pre-seed funding to help farmers install solar panels on their land for additional income. HV Capital led. Link.

📦 Airbound, based out of Bengaluru, India, raised $1.7 million in seed funding to make efficient delivery drones for logistics applications. Lightspeed led. Link.

🛰️ Hula Earth, based out of Munich, raised ~$1.7 million in pre-seed funding to use satellite data and on-site sensors to provide real-time biodiversity data. Point Nine Capital led. Link.

♨️ DREM, based out of Stockholm, raised $1.1 million for its heat pump installation business. Peak, ByFounders, Redstone, and Futurum Ventures invested. Link.

Other funding rounds

🔋 Cuberg, based out of San Leandro, CA, and previously owned by Northvolt, raised $50 million from Lyten, which will acquire its battery manufacturing and mineral and metal processing factory and equipment in San Leandro, California. Link.

🌱 Protealis, based out of Ghent, raised ~$1.3 million in grant funding from the Flemish Agency for Innovation & Entrepreneurship for its soy seed coating technology that introduces nitrogen-fixing bacteria to soybean seeds to enhance their yield and protein content. Link.

⚡💦 Nimbus Power Systems, based out of Groton, CN, raised an undisclosed amount of funding to make fuel cells for heavy-duty vehicles. Link.

🍫 California Cultured, based out of West Sacramento, raised an undisclosed amount of funding from Sparkalis for its cell-cultured chocolate production. Link.

New funds

💰 Founderful (fka Wingman Ventures), based out of Zürich, Switzerland, raised $140 million for its second fund to invest in pre-seed startups, including in industrial technologies. Link.

💰 Capagro, based out of Paris, raised ~$121 million in commitments for a new fund to invest in impact-focused agrifood startups across Europe. Link.

💰 Maki, based out of Helsinki, Finland, raised ~$105 million for its third fund to invest in Nordic and Northern Europe deep tech startups. Link. 

💸 Intudo Ventures, based out of Jakarta, Indonesia, raised $50 million to invest in renewable energy and natural resources development, including in mining projects for nickel and cobalt. Link.

💸 Bynd Venture Capital, based out of Lisbon, raised ~$42 million m for its third fund to invest in pre-seed and seed-stage ESG startups in Portugal and Spain. Link.

C ya,

– Nick