Green Capital - June 16, 2024
Green Capital - June 16, 2024
Financial news in environmental markets.
Green Capital is a daily series dedicated to tracking capital flows and emerging opportunities in environmental markets. Notable events include green investment deals, start-up fundraising, and new public listings.
This post recaps news from the last few weeks. From now on, this series will be released daily (weekdays). I will run a free trial week from June 17th to 21st, 2024.
Afterward, my paid newsletter subscription will launch on June 24th, 2024. At that point, Green Capital will be for paid subscribers only.
Deals/Fundraising
Brookfield Asset Management is seeking to raise $5B for a climate finance fund in the UAE. The $30B AUM Alterra fund has committed $1B.
Brookfield and Temasek Holdings are in talks to buy French renewable energy power company Neoen, valued at $6.6B.
Crunchbase data indicates a significant increase in hydrogen technology investment compared to last year, totaling $1B.
Centre for Process Innovation in the UK announced a GBP $250M investment in Floreon, a bioplastics development firm.
OMV Petrom, Romania's largest O&G firm, is investing $806M in biofuel plants across Romania.
FLO, an electric charging network operator, announced a $136M series E equity financing.
Hitachi Energy, a global technology firm, is set to double its investments in energy transition related manufacturing, engineering, R&D, and more over the span of 2024 to 2027. This accounts for an additional $4.5 in investment by 2027.
Rio Tinto, one of the largest global mining firms, announced a plan to develop a new facility in Western Australia dedicated to the production of low-carbon steel. The investment is expected to be $143M.
The investment asset manager Foresight Group is raising €300M for its fund, Foresight Energy Infrastructure Partners II. This fund focuses on energy transition funding under Article 9 of the EU’s SFDR regulation.
Kazakhstan and China Nonferrous Metal Mining have entered an agreement to build a $1.5B copper smelter in the Abay region. The smelter is expected to manage an annual copper production of 300,000 tons.
PAG, an Asia-Pacific investment firm, is raising $550M for its first renewable energy fund. The fund’s primary target for any potential investments is Japan.
Alcazar Energy has received $490M in capital for its second renewables fund. The fund, Alcazar Energy Partners II, has doubled what its predecessor fund was able to raise in 2021.
Canadian Solar (CSIQ) has raised $1.41B through a revolving credit facility to fund the construction of more renewable energy projects in Europe.
Hometree, a residential energy services firm, has raised €297M from Barclays to install solar panels, battery storage, and heat pumps in residential homes.
EnerVenue, a battery developer working on an alternative to lithium-ion batteries, is raising $515M in new funds.
Amazon is funding a variety of European sustainability start-ups via its Amazon Sustainability Accelerator program.
Boston Metal, a company developing a proprietary technology to create steel using electricity instead of coal, is raising over $300M to fuel its development.
John Cockerill Hydrogen secured €230M in capital to develop green hydrogen solutions. The funding round was led by SLB.
Start-Up Investments
Electra Battery Materials (ELBM) has received $5M in funding from Natural Resources Canada to support the development of battery recycling technology.
Echion Technologies, a battery technology developer, is receiving $37M in funding from Volta Energy Technologies, among other investors. The money will be used to scale up production of its XNO niobium battery anodes.
Biotechnology start-up Cellugy is raising €4.9M to replace fossil-based materials in industrial applications.
Battery cell quality control technology startup CeLLife Technologies has secured €2M in seed funding led by VC firm Ventech.
Agritech firm iyris has secured $16M in Series A funding from the Ecosystem Integrity Fund (EIF) and additional institutional investors.
VoltShare, an electric vehicle charging solutions start-up, has raised £500,000 in pre-seed funding to develop new charging technologies.
Iondrive (ION), a battery recycling company, is raising $2M to advance its lithium-ion battery technology.
Fuuse, a leading electric vehicle charging platform, has secured £8.7m funding to propel its next phase of growth in the UK and Ireland.
Fyllo, an agritech company developing an AI model to increase farming efficiency, has raised $4M in a funding round led by IndiaQuotient and SIDBI Ventures.
AFC Energy (AFC) successfully raised over $17M to advance its hydrogen generator projects with Speedy Hire.
New Public Listings or M&A
Oklo (OKLO), a Sam Altman backed nuclear start-up, listed on the NYSE in May.
NANO Nuclear Energy (NNE), a micro nuclear reactor start-up, recently went public on the Nasdaq.
The new Sprott Physical Copper Trust (COP-U.TO) recently completed an IPO and listed on the TSE.
SLB and Aker Carbon Capture (ACC) have completed the closing of their new joint venture. SLB now controls 80% of the entity.
Capsol Technologies (CAPSL), one of the few public carbon capture companies, is listing on the Euronext Oslo Stock Exchange.
Catcha Investment shareholders have approved a business combination with Crown LNG Holdings, an LNG liquefaction and regasification terminal operator. The stock will be listed on the Nasdaq under the ticker symbol CGBS.
DuPont is spinning out its $1.5B water technology business in the spring of 2026.
Athena Technology Acquisition II was expected to close a SPAC merger with Air Water Ventures, a direct air-to-water technology developer, on June 14th. I’m unsure where this merger stands now.
Ola Electric, Indian e-scooter producer, has received regulatory approval for a $660M IPO. The company is valued at approximately $6B.
Chinese electric vehicle manufacturer Zeekr (ZK) recently went public and is currently valued at $5.2B.
Novelis, the world’s largest aluminum recycler, is planning an IPO on the U.S. stock market, targeting a valuation of $12.6B. The company will be listed with the stock ticker NVL.