Transactions over $580 million announced as iPhone-manufacturer Foxconn invests in electric vehicle startup Lordstown Motors, and another issue to tackle for those at COP27
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Foxconn: iPhone maker bets on electric truck firm Lordstown Motors
Lordstown Motors, a US-based electric vehicle startup, has raised $170 million in shares from investor Foxconn, a Taiwan-established technology giant and Apple iPhone manufacturer. The investment ensured Foxconn an 18% stake in Lordstown Motors, making it the biggest investor in the electric vehicle firm. The financial injection will accelerate the production of the Lordstown Motors debut model, the Endurance which will compete with the units at Tesla. Foxconn and Lordstown Motors are anticipated to release a collaborative electric vehicle model. https://bit.ly/3tqCwbu
KKR to invest $400m in India's Serentica Renewables
Serentica Renewables, India-based decarbonisation firm that provides clean solutions for energy-intensive industries, has secured a $400 million investment from private equity giant KKR. Serentica Renewables offers clean solutions through the combination of solar and wind power, energy storage and balancing solutions. The investment will facilitate the aim of Serentica Renewables to install 5,000 megawatts of solar and wind energy platforms across India, with the intention to reverse climate change. http://bit.ly/3GjLoYh
Airly fights air pollution with a network of affordable sensors
Airly has raised $5.5 million in an investment round led by firstminute capital and Pi Labs. The round included returning investors Sir Richard Branson Family Office, AENU and Untitled and new investors Cal Henderson, Marcin Zukowki and institutional investors Semapa Next and TO Ventures. The capital raised will be directed towards research and development to scale the reach of Airly into new markets. At present, Airly has headquarters in England with establishments in the US and Poland. http://bit.ly/3UALYFc
A Sweet Partnership: Round13 Invests 8.1M in Alvéole
Alvéole, Canadian firm and world leader in urban beekeeping, has closed an $8.1 million investment from a Series A round with Round14 Capital’s EarthTech Fund. The investment will accelerate Alvéole’sexpansion of its ESG data-driven platform; its reach into new markets, and the extension of its current product portfolio. The beekeeping company intends to continue its cultivation of environmental change and support pollinator education in cities across the world. http://bit.ly/3hIuFTV
Seed investors pour $2.2 million into 1s1 Energy to deliver green hydrogen production in Portugal
Portugal-based renewable energy and semiconductor manufacturer 1s1 Energy has secured $2.2 million in a seed round with lead investors Faber and CSN Inova, alongside participation from Asiri, Gibson Lane, Aquarius Capital and Ecoa Capital. The funds will be directed towards the completion of the 1s1 Energy all-renewable hydrogen production plant, and action next steps for the establishment of a green hydrogen R&D programme. http://bit.ly/3UXsMkW
Biotic Raises €2m Seed Round to Commodify Biodegradable Plastic Materials
Biotic, Israel-based manufacturer of full bio-based polymer commodities, has closed an investment over $2 million in a seed round led by Paseo Rosalez, UM6P Ventures, The Yield Lab Asia Pacific, Norfolk Green Ventures, Cambridge Agritech, TenNine.vc and Rockstart. Biotic is dedicated to the replacement of all fossil-fuel plastics with scalable, safe and bio-based solutions. The capital raised will fund the construction of a production plant, optimise processes and increase its production capacity. http://bit.ly/3UVZgMo
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COP27: Fears of compromise on key 1.5C global temperature issue
While international leaders continue in their collaborative climate action efforts at the Sharm el-Sheik resort in Egypt, COP27 is under threat of a dire drawback.
One of the most crucial aims of the conference – which is to limit the rise in international temperatures to 1.5C – has received concerns of failure from any of the senior individuals at COP27.
“One of the big concerns though is that as the organisers struggle to find a way forward, a clear statement on the commitment to 1.5C figure might be fudged. Other senior figures were also clear that whatever the difficulties in the negotiations, 1.5C must remain at the heart of the message.”
There is evident concern that the Egyptian presidency is unable to find common ground between the rich and poor, and many conference members fear that the central focus on the international temperature aim will be softened to reach a consensus. Nonetheless, the severity of rising global temperatures needs to be dealt with in COP27, otherwise the ramifications are estimated to worsen.
The limit is important because climate scientists say temperature rises must slow down if we want to avoid the worst consequences of climate change. They say global warming needs to be kept to 1.5C by 2100.
With an additional issue on the COP27 table, time will tell whether world leaders can move past political concerns to reach a common commitment for the rest of the world.
To read the full article, click through to BBC News.
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