Over $423 million in transactions as Electric Hydrogen secures their Series C funding & other news from cleantech firms
Endow Sustainable Investment News - Weekly Investment Round-Up
Electric Hydrogen Secures $380M in Series C Funding to Boost Green Hydrogen Production
Electric Hydrogen (EH2), a U.S.A.-based green hydrogen technology firm, recently soared to a $1 billion valuation, becoming the green hydrogen industry’s first unicorn following a $380 million Series C funding round.
Totalling approximately $600 million in funding to date, with backers like Microsoft’s Climate Innovation Fund, United Airlines, BP, and Fortescue Metals, the company aims to upscale the production of its in-house designed electrolysers, which can presumably produce hydrogen more cost-effectively.
Guided by CEO Raffi Garabedian and co-founder Dave Eaglesham, both formerly of First Solar, EH2 intends to utilise incentives from the Biden administration’s Inflation Reduction Act to produce competitively priced green hydrogen. The company’s innovative approach involves selling its advanced electrolysers to hydrogen producers instead of selling hydrogen directly.
EH2 is expanding its electrolyser factory, intending to launch in 2024, with a vision of enabling customers to produce hydrogen for around $1.50 per kilogram by 2030. Recently, EH2 was chosen to outfit New Fortress Energy’s green hydrogen plant in Texas, eyeing initial production in Q4 2024. https://bit.ly/3LQZHW5
WATT Renewable Corporation Secures $13M for Expanding Solar Energy in Nigeria
WATT Renewable Corporation (WATT), a Nigeria-based independent provider of hybrid solar solutions, has announced the procurement of $13 million from Empower New Energy, marking Empower's largest investment. The funding will enable WATT to enhance its renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria.
The funding aligns with global initiatives to tackle climate change and is anticipated to mitigate about 3,000,000 litres of diesel consumption and prevent approximately 7,039 metric tons of CO2 emissions annually. CEO Oluwole Eweje expressed gratitude and enthusiasm, noting the pivotal role of the funding in advancing their mission and continuing to deliver sustainable energy solutions, particularly to the telecoms industry. https://bit.ly/46kIuwx
Bolt.Earth Secures $20M Funding to Expand and Enhance EV Infrastructure and Services Globally
Bolt.Earth, an India-based EV infrastructure and software company, has garnered $20 million in investment, with the funding round being conducted by a consortium that includes Union Square Ventures, Prime Venture Partners, ITIGO Funds, among other investors.
The capital will be strategically utilised for multiple purposes: expanding its already extensive charging network which currently consists of over 30,000 EV charging points; advancing its product portfolio which accommodates a diverse customer base with various charging needs; deploying the Bolt.Earth Operating System that allows for the transformation of EVs into software-defined vehicles; acquiring expertise across several disciplines including technology and engineering; and facilitating international expansion into markets in Asia, Europe, and Latin America.
With a predominant role in India's EV charging network and EV Operating System nexus, holding over 50% of the market share, Bolt.Earth is positioned to widen its reach within India and elevate the presence of 'Make in India' EV charging infrastructure products globally. The co-founders of Bolt.Earth, Mr. Jyotiranjan Harichandan and Mr. Mohit Yadav, expressed their ambition to continuously expand the charging network and their gratitude towards the supportive and visionary investors respectively. https://bit.ly/48LGtef
Cultivate Power Obtains $10M Equity Investment for Expanding Distributed Solar and Storage Projects
Cultivate Power, a U.S.A.-based distributed solar and storage project developer has secured a significant corporate equity investment of $10 million from Generate Capital, a prominent sustainable investment and operating firm. This strategic investment underlines a mutual commitment between the companies to promote distributed clean energy projects, aiming to provide affordable power to communities nationwide and invigorate local economies.
The funding will be utilised to augment the development of solar and storage projects, hire skilled professionals, and reinforce local partnerships beneficial for the environment and communities, encompassing scholarship and workforce development initiatives. https://bit.ly/3RUxz8f
REC Solar Partners with ArcLight Capital to Increase Nationwide Clean Energy Accessibility
REC Solar, a U.S.A.-based leader in solar energy integration, has announced a strategic partnership with an investment fund managed by ArcLight Capital Partners, LLC, a prominent investment firm concentrating on sustainable infrastructure. This partnership signifies a crucial step for REC Solar in enhancing its nationwide clean energy transition efforts by utilising the capital from ArcLight to facilitate organisations in reaching their ambitious sustainability objectives and to broaden access to clean energy across the country.
REC Solar, with a 26-year history of propelling the transition to solar and cleaner energy sources, plans to leverage this investment to expand its reach, enabling more on-site solar and storage opportunities and bringing solar energy to communities that have traditionally lacked access. https://bit.ly/48IT5CY
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