Over $1 billion was raised in February by cleantech companies Koloma, Fervo Energy, ENVIRIA, Ascend Elements and Antora Energy
Endow Sustainable Investment News - Monthly Round-Up
The top 5 cleantech investments in February 2024
Koloma Secures $245.7 Million to Advance Carbon-Free Hydrogen Production
Koloma, a US-based startup focused on extracting carbon-free hydrogen from natural underground deposits, has raised $245.7 million in funding, elevating its total financing to over $350 million. This significant financial boost, reported on February 9, was led by Khosla Ventures and included contributions from Amazon, United, Bill Gates' Breakthrough Energy Ventures, and Energy Impact Partners.Â
The investment follows a research grant from a U.S. Department of Energy program to enhance underground hydrogen production methods. Founded on research by Ohio State University geologist Tom Darrah, Koloma is pioneering in the clean energy sector by utilising established oil and gas drilling techniques to access and refine naturally occurring hydrogen, offering a promising solution for carbon emission reduction across various applications. https://bit.ly/434RFjB
Fervo Energy Secures $244 Million for Geothermal Expansion
Fervo Energy (Fervo), a US-based leader in next-generation geothermal development, has announced a $244 million funding round led by Devon Energy to accelerate the deployment of its geothermal technology to provide 24/7 carbon-free energy. The funding round includes investments from Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries, as well as continued support from existing backers Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne, and Impact Science Ventures.Â
This investment will support Fervo’s operations at Cape Station in Beaver County, Utah, which promises to deliver clean electricity by 2026. Fervo's technology, which adapts proven oil and gas industry techniques for geothermal use, has already established the company’s first commercial project as the most productive enhanced geothermal system (EGS) to date, signalling a major advancement in making geothermal energy a cost-competitive and scalable solution for sustainable power generation. https://bit.ly/3T4K1kI
ENVIRIA Secures Over $200 Million from BlackRock for Solar Expansion
ENVIRIA, a German-based leader in commercial and industrial (C&I) decentralised energy solutions, has secured a capital commitment of over $200 million from BlackRock through its Global Renewable Power IV fund. This investment will facilitate the expansion of ENVIRIA's portfolio, which currently includes 500 C&I solar projects across Germany, with plans to develop approximately 2,000 projects totalling more than 2.3 GW, aiming for 1.7 GW by 2029.Â
Supported by Series A investors Galileo Green Energy, Redalpine, Alter Equity, and BNP Paribas Développement, ENVIRIA aims to reduce dependence on fossil fuels and contribute to the energy transition by offering end-to-end solar solutions. https://bit.ly/48GPKmK
Ascend Elements Secures $162 Million for Sustainable Battery Materials Production
Ascend Elements, a US-based leader in sustainable lithium-ion battery materials has raised an additional $162 million in equity investments, bringing its 12-month funding total to $704 million. This round saw participation from major investors Just Climate, Clearvision Ventures, and IRONGREY, adding to the previous $542 million round led by Decarbonization Partners, Temasek, and Qatar Investment Authority.Â
The funding will support the construction of the Apex 1 facility in Hopkinsville, Kentucky, poised to be North America's first sustainable cathode precursor (pCAM) manufacturing facility. Ascend Elements specialises in recycling lithium-ion batteries and producing new, engineered battery materials through its proprietary Hydro-to-Cathode® technology, offering significant economic and carbon-reduction benefits. https://bit.ly/48yyuje
Antora Energy Secures $150 Million for Industrial Decarbonisation Efforts
Antora Energy, a US-based leader in zero-emissions industrial heat and power, has raised $150 million in a Series B funding round to expedite the production of its thermal batteries for decarbonising industrial facilities globally. The round was led by Decarbonization Partners - a collaboration between BlackRock and Temasek - with additional investments from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources, LLC, as well as continued support from existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.Â
This funding will boost Antora's capability to supply billions of dollars of zero-emissions energy through its innovative thermal battery technology. It utilises renewable electricity to heat solid carbon blocks, providing reliable heat and power for large industrial operations at competitive costs. With this investment, Antora aims to bridge the gap between renewable energy and industrial manufacturing, creating U.S. jobs, promoting American manufacturing, and reinforcing domestic supply chains while working towards global industrial decarbonisation. https://bit.ly/3uSHP7Z
Featured Innovator: The MK-V Electric, Self-Driving Tractor
The MK-V tractor, introduced by Monarch Tractor, represents a significant advancement in agricultural technology as the world's first fully electric, self-driving tractor. Designed in collaboration with farmers to ensure ease of use and durability, the MK-V aims to enhance farming practices' efficiency, safety, and sustainability. Monarch Tractor's CEO, Praveen Penmesta, highlights the substantial economic benefits for farmers, with potential savings of $79,000 annually on fuel and an additional $120,000 on labour through automation. This innovation will transform the agricultural sector by making farming operations more cost-effective and environmentally friendly.
Learn more about the Monarch Tractor from Time and Monarch.
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