Green Capital - June 17, 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.
Deals/Fundraising
Engineering firm McDermott has been awarded an early engineering contract on a new $8.7B green hydrogen and ammonia project in Canada. This early contractor involvement (ECI) agreement is in coordination with Abraxas Power Corporation.
Chilean Cobalt (COBA) has received a letter of interest from the Export-Import Bank of the U.S. for potential debt funding. This could result in up to $317M in capital for critical metal exploration.
Norges Bank Investment Management, a Norwegian wealth fund, has paid $418M for a 37.5% interest in a 573 MW wind project off the coast of England. Orsted also owns a portion of the project.
The Canadian government and the Asian Development Bank (ADB) have announced a new $255M climate and nature fund. Canada is contributing the capital while ADB is managing the fund’s portfolio.
RSK Group, a provider of environmental consulting and engineering services, has raised £500M from a funding round led by Searchlight Capital Partners and Ares Management Corporation funds
Highview Power, a liquid air storage company, has raised £300M from the UK Infrastructure Bank (UKIB) and utility company Centrica to build out its first large-scale energy storage facility.
Rezolv Energy and Low Carbon have secured loan facilities that total up to $314M to construct a 192 MW wind farm in Romania.
Start-Up Investments
Spotless Water, an ultra-pure water (UPW) filtering station startup, has secured an investment of £3.6M.
Tin resource developer Cornish Metals (CUSN) is selling its Nicke King property to Northera Resources for up to $6M. This raises funds to continue the development of CUSN’s flagship asset, South Crofty.
Battery recycling developer Aepnus Technology has raised $8M in seed funding. This capital will be used to accelerate the production of Aepnus’ sodium sulfate recycling platform.
Downforce Technologies, a company that specializes in measuring and predicting soil carbon levels, has raised $4.2M from several VC firms.
New Public Listings or M&A
Bottled water giants Primo Water and BlueTriton are planning to merge and remain public on the NYSE. Primo shareholders will continue to own 43% of the new entity, while BlueTriton shareholders will maintain a 57% share.
Seche Environnement (SECVY), an industrial waste management company, is buying ECO Industrial Environmental Engineering for $447M.
Qualus Corporation, a pure-play power services provider, has acquired ASSET Engineering, a power engineering and consulting firm in the renewable energy and battery storage industry.