Over $277 million in transactions as Thea Energy secures Series A funding & other news from cleantech firms
Endow | Weekly Sustainable Investment Round-Up
Thea Energy's Innovative Fusion Power Plant Approach Raises $20 Million
Thea Energy, a US-based startup, has successfully raised $20 million in Series A funding to advance its unique approach to fusion power plant design, which combines software control with high-temperature superconducting magnets for plasma containment, mimicking the complex design of a stellarator without its manufacturing challenges. Prelude Ventures led the investment round with participation from 11.2 Capital, Anglo American, Hitachi Ventures, Lowercarbon Capital, Mercator Partners, Orion Industrial Ventures, and Starlight Ventures.
Utilising an array of magnets controlled by software, akin to pixels in a display, Thea Energy aims to simplify the construction and operation of fusion reactors, focusing on a modular planar coil stellarator design developed at the Princeton Plasma Physics Laboratory. This approach promises better plasma confinement, quicker development cycles, and the potential for competitive power production costs. The company is currently testing full-scale magnets in Jersey City, with plans for a pilot-scale reactor this decade and a larger 350-megawatt plant in the 2030s, targeting power production costs at $50 per megawatt-hour, comparable to current renewable energy solutions. https://bit.ly/3SW0E3e
Myrspoven Secures Over $5.8 Million for Real Estate Carbon Emission Reduction
Myrspoven, a Sweden-based AI software company specialising in building optimisation, has raised $5.83 million in equity funding to help real estate meet its carbon emission goals. The round was led by 4impact capital, Vantaa Energy, and existing investor AMAVI Capital, enabling Myrspoven to expand its impactful solutions across Europe and further.
Operating in 8 countries and managing over 3.5 million square meters, the company achieves an average energy savings of 20% for buildings. This funding will bolster Myrspoven's mission to lower the real estate industry's carbon emissions by 1% and enhance its service delivery. The investors, aligned with Myrspoven's sustainability vision, are eager to support its growth into an international leader in building optimisation, leveraging its advanced AI technology for energy and cost savings. https://bit.ly/49cSFoj
Metafin Secures $5 Million to Support Rural Solar Loans
Metafin, an India-based clean tech NBFC focusing on rooftop solar loans for small businesses in rural and semi-urban areas, has raised $5 million in a funding round led by Prime Venture Partners and Varanium Capital. With total funding of about $7 million to date and $2.5 million in AUM, the Gurugram-based company, founded in 2019 by Chopra and Aditya Shah, plans to use the funds to expand its operations across states.
The investment will also enhance its loan book, technology and IoT stack and facilitate hiring. Aiming to fill the market gap for affordable power solutions for over 5 million rural businesses, Metafin is in talks with banks and financing partners to further its lending reach. Supported by IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India, Metafin targets reaching $12 to 15 million AUM in the next 12 months. https://bit.ly/4971MXs
Nature Co., Ltd. Secures $6.84 Million for Renewable Energy Management Platform
Nature Co., Ltd. (Nature), a Japan-based company with a mission of "driving in harmony with nature", has successfully raised approximately $6.84 million through a third-party allotment. The funding round saw participation from Tokyo Gas Co., Ltd., Environmental Energy Investment Co., Ltd., KDDI Green Partners Fund (managed by SBI Investment Co., Ltd.), Daikin Industries, Ltd., ENEOS Innovation Partners LLC, HAKUHODO DY FUTURE DESIGN FUND No. 2 Investment Limited Partnership (managed by Hakuhodo DY Ventures Inc.), Mitsubishi UFJ Capital No. 9 Investment Limited Partnership (Mitsubishi UFJ Capital Co., Ltd.), and Yokohama Next Investment Limited Partnership (Yokohama Capital Co., Ltd.).
This capital increase will support Nature in developing its unique energy management platform, the "Nature DER Platform", aimed at promoting the use of 100% renewable energy and contributing to Japan's carbon neutrality goal by 2050 through innovative energy management solutions, accelerating growth via strategic partnerships, and expanding its team to further its mission. https://bit.ly/3SUyshf
Koloma Raises $245.7 Million for Carbon-Free Hydrogen Extraction
Koloma, a US-based startup specialising in extracting carbon-free hydrogen from natural underground deposits, has successfully raised $245.7 million in its most significant funding round. The round was led by Khosla Ventures and included significant investments from Amazon’s Climate Pledge Fund and United Airline’s Sustainable Flight Fund, alongside previous supporters such as Bill Gates’ Breakthrough Energy Ventures and Energy Impact Partners.
This funding, which brings Koloma's total capital raised to over $300 million, will aid the company in advancing its position in the clean energy sector by leveraging natural hydrogen production and extraction techniques. With the backing of these leading companies and investors, Koloma aims to capitalise on the growing awareness and demand for carbon-free hydrogen as a versatile and sustainable energy source, leveraging research from Ohio State University geologist and co-founder Tom Darrah to tap into the vast potential of naturally occurring hydrogen pockets globally. https://bit.ly/3uCYuMv
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