Over $493 million was raised in May by cleantech companies CIRCTEC, Cloover, Hysata, cylib and Battery Smart
Endow Sustainable Investment News - Monthly Round-Up
Section heading:
The top 5 cleantech investments in May 2024
CIRCTEC Secures $163.5 Million for Largest End-of-Life Tyre Pyrolysis Recycling Facility
CIRCTEC, a UK-based technology company specialising in sustainable end-of-life tyre recycling through pyrolysis, has raised $163.5 million in a financing round led by Novo Holdings and A.P. Moller Holding with a $81.75 million equity investment. The funding, including $24.53 million in grants from the Government of the Netherlands, will enable the construction of Europe’s largest tyre pyrolysis recycling facility in Delfzijl, the Netherlands.
This facility, announced on 17th May, aims to address the significant environmental and health risks posed by discarded tyres. CIRCTEC's proprietary technology transforms waste tyres into valuable materials such as sustainable marine fuel, circular naphtha, and high-quality recovered carbon black, with long-term offtake agreements with BP and Birla Carbon. https://bit.ly/45bjrfx
Cloover Secures $114 Million to Connect 1 Billion People to Renewable Energy
Cloover, a Germany-based startup, has raised $114 million in a seed round led by Lowercarbon Capital, with participation from existing investors 9900 Capital and QED, to enhance its renewable energy operating system. Cloover's platform connects installers, prosumers, manufacturers, energy providers, and investors to streamline the energy transition.
The funding will advance their installer software, bolster sales, payments, and financing offerings, and support their mission to provide renewable energy access to 1 billion people. Cloover aims to bridge gaps in the industry, empowering small and medium-sized installers with sophisticated digital tools and facilitating the faster deployment of renewables across Europe. https://bit.ly/4aRWNtI
Hysata Raises $111 Million in Series B Round to Scale Green Hydrogen Technology
Hysata, an Australia-based green hydrogen electrolyser manufacturer, secured $111 million in a Series B investment round led by bp Ventures and Templewater, each contributing $10 million. Existing major strategic and financial investors IP Group Australia, Kiko Ventures, Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures, and BlueScopeX participated, alongside new investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group Co., Twin Towers Ventures, Oman Investment Authority’s VC arm IDO, and TelstraSuper.
This funding will expand Hysata's production capacity in Wollongong, New South Wales, and advance its high-efficiency electrolyser technology, which aims to reduce the levelised cost of hydrogen and support decarbonisation in hard-to-abate sectors. https://bit.ly/4anmH8x
cylib Secures $59.95 Million Series A for Industrial Battery Recycling Scaling
cylib, a Germany-based battery recycling company, closed a $59.95 million Series A funding round, the largest ever for a European battery recycling firm. The investment round, co-led by World Fund and Porsche Ventures, included Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, Vsquared Ventures, Speedinvest, 10x Founders, and established business angels.
Founded in 2022, cylib offers market-leading technology for end-to-end lithium-ion battery recycling and has completed successful projects with major automotive OEMs and battery manufacturers. The funds will scale production capacities to an industrial level and expand the expert team, supporting a sustainable battery infrastructure in Europe. https://bit.ly/4bJkqWB
Battery Smart Raises $45 Million in Series B Funding Round
Battery Smart, an India-based battery tech startup, has secured $45 million in a Series B funding round led by Acacia Inclusion Limited, with participation from MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. The company issued 87,113 Series B CCPS at $516 each, totaling $45 million. Acacia Inclusion invested $14.94 million, MUFG Bank $11.19 million, Blume Ventures $4.96 million, Ecosystem Integrity Fund $4.96 million, and British International Investment $5.98 million.
Since its inception, Battery Smart has expanded to 1,000 swapping stations across 30 cities, facilitating over 35 million battery swaps with its battery-as-a-service (BaaS) solution. The company saw a seven-fold revenue increase to $6.69 million for FY23, with losses rising to $7.73 million. https://bit.ly/3X9AYTt
Featured Innovator: Brenmiller Energy bGen Zero
Brenmiller Energy is tackling industrial heating, which is projected to contribute to a quarter of global CO2 emissions by 2040, with its bGen Zero technology. This innovative battery charges from solar or wind energy, converting it into heat to warm crushed rocks to high temperatures, providing on-demand, emissions-free steam, hot water, or hot air. This year, Brenmiller opened the world's first thermal energy storage gigafactory in Israel to scale up the production of its bGen modules.
Learn more about the Monarch Tractor from Time and Brenmiller Energy.
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