Transactions of $330 million announced as Swell Energy raises considerable funds from a co-led investment round and Volta Trucks extends its Series C round with current investors
Endow Sustainable Investment News - Weekly Investment Round-Up
Sustainable Investment Round-Up
Transactions of $330 million announced by Swell Energy, Modern Milkman, Volta Trucks, Fairmat, Sympower, Ultraviolette Automotive and UgoWork
Swell Energy's $120M Raise Proves Renewables Is Getting More Love Than Ever
Swell Energy, a US-based virtual power plant startup, has secured $120 million in a funding round led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I. Swell Energy is developing a series of virtual power plants via 26,000 energy storage systems across businesses and homes in North America. The virtual plants facilitate grid capabilities to reduce the reliance on fossil fuel plants. http://bit.ly/3UtYtBL
Modern Milkman Raises Additional £50M in Funding
UK-based sustainable grocery delivery service provider, Modern Milkman has raised around $90 million in a Series C funding round. Backers include Insight Partners, ETF Partners, Praetura Ventures and Avery Dennison amongst other investors. The raised funds will be directed towards increasing research and development into new product innovation, pioneering technologies and supporting international expansion strategies of Modern Milkman. http://bit.ly/3ATmFGC
Volta Trucks confirms successful extension of its Series C funding round, with an additional €60 million of capital into the company
Volta Trucks, a leading and disruptive full-electric commercial vehicle manufacturer established in Sweden, has announced an extension of its Series C investment round with an additional capital raise of over $60 million. The extended round was supported by all current investors, bringing the total investment into the firm to over $360 million to date. http://bit.ly/3Vgdp7o
Photo Credits: Volta Trucks
FAIRMAT announces €34M Series A round to make it easier and more sustainable to recycle advanced materials through robotic technologies
France-based sustainable tech startup Fairmat has secured over $34 million in a Series A investment round co-led by Temasek and Compagnie Nationale à Portefeuille (CNP), with involvement from Pictet Group, Singular, The Friedkin Group International, and others. Some involved business angels included Danone CEO Antoine de Saint-Affrique and other leaders and founders of successful tech startups. The raised funds will accelerate the deployment of the Fairmat robotised industrial capabilities to recycle carbon-fibre composites, scale its international reach into European and North American markets and enter new verticals with its sustainability solutions. All of this is to ensure Fairmat becomes an instrumental actor in the European circular economy and beyond. http://bit.ly/3XQpCSe
As Europe stares down an energy crisis, Sympower brings Series B to €25 million
Sympower, Netherlands-based low carbon grid-balancing service provider, has raised additional capital of over $3 million in its Series B extension, bringing the total investment to over $25 million. The round was led by Activate Capital with participation from Rubio Impact Ventures and PDENH. The initial part of the Series B round entailed investment from Expon Capital and Rockstart. The capital raised from the extended round is aimed to assist system operators to stabilise electricity grids at times of peak demands in Greece with additional strategic plans in European markets such as Italy, Poland, Hungary and the Czech Republic. http://bit.ly/3XxhntY
Qualcomm Ventures, Lingotto Joins Ultraviolette's Series D Round
Indian electric vehicle startup firm Ultraviolette Automotive has secured additional funding from Qualcomm Ventures and Lingotto to expand its Series D round. The undisclosed investment of the extended Series D round brings the total firm investment to $300 million. Ultraviolette Automotive now sits at the cap table where TVS Motor, Zoho Corporation, GoFrugal Technologies and Speciale Invest are seated. The investment of undisclosed value will be directed towards expanding the presence of Ultraviolette Automotive in India as well as international markets, and to develop its technological capabilities. https://bit.ly/3VCcw8W
UgoWork Raises $22.8M in Funding
UgoWork, Canada-based manufacturer of lithium-ion batteries and energy systems for industrial vehicles, has raised $22.8 million in an investment round led by Fonds de solidarité FTQ, with involvement from Export Development Canada, Desjardins Capital and Investissement Québec. The company intends to use the raised capital to accelerate the development efforts of its software and artificial intelligence platform. http://bit.ly/3ARYEQ1
Understanding the Grid: The Power of Electricity Maps
Electricity Maps is a live around-the-clock visualisation of electricity usage and CO2 intensities worldwide. In essence, it is actionable data that quantifies how carbon-intensive electricity is on an hourly basis across over 50 countries. The data can be accessed to review past data, in real-time or as a forecast for the next 24 hours.
“Our mission is to organise the world's electricity data to drive the transition towards a truly decarbonised electricity system.”
The sustainability tool offers users an overview of carbon intensity, power breakdowns, hourly granularity and flow tracing. The visualisation tool also includes a wind and solar mapping feature that highlights wind hot-spots and daylight in real-time. In the name of reducing all fossil fuels, Electricity Maps has the potential to hold businesses, organisations and governments responsible for their carbon footprint and assist them to understand and reduce their real electricity effect. This is but yet another instance of data-driven green transition.
Find out more at Electricity Maps.
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KJ Mahoney
Endow Capital meets the most pressing global development issues by matching innovative companies with impact capital, achieved by its corporate finance advisory and strategic consulting services. Find out more about our work.