Your Newsletter at a Glance
Commentary by C4C
We will be back in early December with commentary and a list of knowledge resources we think you may have missed. In the meantime, enjoy the weekly deal flow.
Climate Finance ≥ $100M
Commitments
CalPERS Announces $100B Net Zero Pledge and New Climate Accountability Measures [CalPERS]
- CalPERS announced Monday a sweeping sustainable investing strategy to accelerate moving the fund’s portfolio toward net zero, where carbon emissions from investments are evenly balanced with carbon reductions. The new effort will commit $100 billion toward climate solutions by 2030 and ensure corporate accountability through the sale of investments that do not have a credible plan to reduce carbon emissions.
Germany presents hydrogen core network plan in bid for 2045 climate neutrality ($21B) [Reuters]
- Germany's core network for hydrogen fuel will extend over 9,700 km (6,000 miles) and cost around 20 billion euros ($21 billion) by 2032, the chairman of transmission system operator FNB Gas said on Tuesday, as Berlin bets on the fuel for decarbonisation. Existing natural gas pipelines will make up 60% of the network, connecting ports, industry, storage facilities and power plants, FNB Gas Chairman Thomas Goessmann told a news conference presenting the network's plans with Economy Minister Robert Habeck. The project will be privately financed.
Siemens Energy gets guarantees as wind business mars 2023 results ($8.0B) [Renewables Now]
- Siemens Energy gets guarantees as wind business mars 2023 results. The German government has decided to grant a EUR-7.5-billion (USD 8.0bn) guarantee to Siemens Energy AG (ETR:ENR) amid problems in its wind business that led to the company reporting a net annual loss of EUR 4.59 billion today.
Biden-Harris Administration Releases Fifth National Climate Assessment and Announces More Than $6B to Strengthen Climate Resilience Across the Country [White House]
- In coordination with the release of NCA5, President Biden is announced more than $6 billion in investments to make communities across the country more resilient to the impacts of climate change, including by strengthening America’s aging electric grid infrastructure, reducing flood risk to communities, supporting conservation efforts, and advancing environmental justice.
British Government Announces £4.5B ($5.6B) Pounds in grants, loans and other funding to support auto manufacturing and net zero goals [Edie]
- The UK is facilitating the changes needed for manufacturers to reach net zero through 4.5 billion pounds of funding, starting distribution in 2025. Some £960m has been set aside for businesses manufacturing solutions for hydrogen, nuclear, offshore wind and carbon capture, utilisation and storage (CCUS). This package will also be open to those manufacturing components for electricity networks. A further £2bn is earmarked for automotive companies; a priority for this spending is to ease the transition to electric vehicle (EV) manufacturing ahead of the 2035 ban on new petrol and diesel car and van sales.
Government of Canada Launches application for $170M Low Carbon Economy Challenge [Cision]
- Julie Dabrusin, Parliamentary Secretary to the Minister of Environment and Climate Change, announced the launch of a new application period for the Low Carbon Economy Challenge, known as the Challenge Fund, on behalf of the Honourable Steven Guilbeault, Minister of Environment and Climate Change. The Challenge Fund will invest up to $170 million to support projects that deploy proven, low-carbon technologies, such as energy efficiency retrofits, waste diversion, and fuel switching, like renewable energy production or heat pump installations.
Biden Adminstration announces $169M to accelerate heat pump manufacture [White house]
- The U.S. Department of Energy (DOE) today announced a historic $169 million for nine projects to accelerate electric heat pump manufacturing at 15 sites across the country. The selected projects are the first awards from DOE’s authorization, invoked by President Biden using emergency authority on the basis of climate change, to utilize the Defense Production Act (DPA) to increase domestic production of five key clean energy technologies, including electric heat pumps.
Panasonic to spend €130M ($141.4M) on decarbonisation in Europe [Renewables Now]
- Japanese tech giant Panasonic Corp will spend EUR 130 million (USD 141.4m) on developing technology for a pilot retrofit project using fuel cells, solar power generation and battery storage, to be adopted by its production facility in Cardiff, Wales, and replicated at another site in Europe.
CIF endorses $100M renewables integration plans by Costa Rica, Fiji [Renewables Now]
- The governing board of the Climate Investment Funds (CIF) has decided to support energy integration investment plans for a total of USD 100 million (EUR 93.5m) by the governments of Costa Rica and Fiji.
Deals
ADIPEC 2023 breaks records for attendance and commercial deals, generating $8.8B for the global energy industry
[PR Newswire]
- ADIPEC 2023 was the most commercially successful edition in the event's nearly 40-year history, generating US$8.8 billion in business for the global energy industry.
Brazil raises $2B in ESG sovereign bonds debut [Reuters]
- Brazil raised $2 billion with its first-ever 'green' bond issuance, part of an effort to set a benchmark for the private market while channeling funds toward the government's ambitious sustainability agenda. The seven-year bonds featured a 6.5% yield. The final allocation saw substantial participation from non-resident investors, it added, with approximately 75% originating from Europe and North America, while Latin America, including Brazil, accounted for the remaining 25%.
Mainstream renegotiates $1B debt of Chilean wind, solar units [Renewables Now]
- Mainstream said on Tuesday that it has finalised the so-called judicial reorganisation proceedings for Condor Energia SpA and Huemul Energia SpA subsidiaries after reaching an agreement with project finance and mezzanine lenders, and renegotiating terms for around USD 1.0 billion (EUR 920.2m) in project senior debt.
BlackRock’s Evergreen Infrastructure Fund Partners with European Institutional Investors to Invest in Energy Transition and Energy Security ($1B) [Businesswire]
- BlackRock’s Evergreen Infrastructure fund has secured almost US$1 billion in client commitments from European founding partners. The Fund has already begun to commit capital and has signed definitive documentation to acquire, subject to customary closing conditions, a U.S. commercial and industrial (C&I) solar and battery platform well positioned for the energy transition.
€396M ($432.2M) allocated to nature, circular economy, climate action and clean energy transition projects under the LIFE Programme [European Commission]
- The European Commission has announced EUR 396 million in funding for 171 new LIFE projects across Europe, mobilising a total investment of more than EUR 722 million, through the programme’s co-funding requirements, which represents a 28,5 per cent increase compared to last year. This year’s money will fund projects in nearly all EU countries covering nature and biodiversity; circular economy and quality of life; climate change mitigation and adaptation; and the clean energy transition.
DSD Receives $250M Strategic Investment from Cox Enterprises [Bloomberg]
- DSD Renewables (DSD) has received a $250 million strategic investment from Cox Enterprises, Inc. (Cox) to support DSD’s growth as it continues to realize its mission of accelerating renewable energy deployment. This investment is Cox’s largest renewable energy investment to date and demonstrates Cox’s commitment to building a more sustainable future.
Technique Solaire's €200M ($218.4M) investment boosts solar and biogas infrastructure [Tech EU]
- Technique Solaire, a French solar energy distributor, secures €200 million in funding from Bpifrance and Groupe Crédit Agricole to expand operations and R&D efforts. The investment is provided by existing backers Bpifrance and Groupe Crédit Agricole and is aimed at helping the 15-year-old company scale operations, R&D efforts, and amplify its international footprint.
Volvo to purchase South Carolina EV battery manufacturer for $210M [GSA Business Report]
- Volvo Group has been selected as the winning bidder in the Proterra sweepstakes. Proterra Inc. and Proterra Operating Co. Inc. are in a voluntary Chapter 11 bankruptcy process in the U.S. Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of $210 million. In January, Proterra had produced the first Proterra Powered EV battery at its new Powered 1 battery manufacturing plant in Greer.
Altus Power Announces New Construction Facility ($200M) [Businesswire]
- Altus Power, Inc., a commercial-scale provider of clean electric power, announced the closing of its Blackstone Construction Facility. The facility is designed for the construction of commercial solar assets and includes capacity of $200 million to fund costs including equipment, labor, interconnection as well as development fees.
Nature-based Solutions ≥ $1M
Commitments
York joins group of leading science institutes to launch £150M ($186.9M) venture fund tackling climate change and biodiversity loss [University of York]
- The University of York is partnering with sustainability investor Greensphere Capital to launch a £150 million fund designed to invest in and scale market-leading businesses that successfully commercialize solutions to the dual crises of climate change and biodiversity loss.
Deals
Biden-Harris Administration, National Fish and Wildlife Foundation Announce Over $140M in Grants from the America the Beautiful Challenge to Restore Lands and Waters [US DOI]
- The Biden-Harris administration joined the National Fish and Wildlife Foundation (NFWF) and public-and private-sector partners today in announcing $141.3 million in grants through the America the Beautiful Challenge (ATBC)(link is external). The 74 new grants announced today will support landscape-scale conservation projects across 46 states, three U.S. Territories, and 21 Tribal Nations, and will generate at least $12 million in matching contributions for a total conservation impact of more than $153 million. Approximately 40 percent of 2023 grants and funding will support projects implemented by Indigenous communities, representing an unprecedented level of funding dedicated to Tribally led projects for a single grant program at NFWF.
Ya YA Foods Announces $92M Expansion of Manufacturing Plant in Utah Following Oatly Facility Takeover [Vegconomist]
- Ya YA Food Corp., a Toronto-based food and beverage packaging company, has announced a $92 million investment in the expansion of its manufacturing plant in the Business Depot Ogden business park in Ogden, Utah. The company took over the plant from Swedish alt-dairy company Oatly as part of a $72 million deal in January. This is part of Oatly’s shift to an “asset-light supply chain strategy” where Ya YA Foods not only assumed management of Oatly’s Ogden facility but also took control of its Fort Worth, Texas operation.
Supernova Invest and Crédit Agricole launch €60M ($65.5M) agri-agrotech fund [Tech EU]
- This week sees deep tech investment platform Supernova Invest and the Crédit Agricole Group announce the launch of an innovation capital fund dedicated to agri-agrotech, with a first closing at €60 million, out of a target size of €100 million. It will be open to third-party investors (industrialists, institutional investors) to support French and European agricultural and agrifood technology champions.
Biden-Harris Administration Announces $51M from Investing in America Agenda for Water Resources and Ecosystem Health [US DOI]
- The Department of the Interior today announced $51 million from President Biden’s Investing in America agenda for 30 new Environmental Water Resource Projects in 11 states through the Bureau of Reclamation. The collaborative projects focus on water conservation, water management and restoration efforts that will result in significant benefits to ecosystem or watershed health.
Bezos Earth Fund Awards $30M to the National Fish and Wildlife Foundation to Accelerate Restoration of Longleaf Pine Forests and Northern Great Plains Grasslands [Globe Newswire]
- The Bezos Earth Fund today has committed a third $30 million award to the National Fish and Wildlife Foundation (NFWF) to accelerate recovery of two imperiled landscapes: longleaf pine forests and Northern Great Plains grasslands. Funding will support an estimated 30 local groups, via NFWF’s Longleaf Landscape Stewardship Fund and the Northern Great Plains Program to restore and maintain 200,000 acres of longleaf pine forest and 600,000 acres of Northern Great Plains grasslands. Taken together, these activities will sequester up to 8 million metric tons of CO2 equivalent by 2055 and support recovery of 10 at-risk species, including the red-cocked woodpecker and black-footed ferret.
Agronomics Limited Announces Solar Foods Completes €8M ($8.7M) Series B Financing [Benzinga]
- Agronomics ANIC, a leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Solar Foods Oy ("Solar Foods") has raised €8 million in a Series B financing round carried out through the Finnish-based investment organizer Springvest Oyj, with participation from existing investors including Happiness Capital. The financing from this Series B round will be used for continued building and ramping up production of their single cell protein.
TômTex nets $4.15M investment for eco-friendly leather alternatives [Tech in Asia]
- New York-based TômTex raised a US$4.15 million seed round led by Happiness Capital. Earth Venture Capital, SOSV, Parley for the Oceans, and MIH Capital also participated in the round. Founded by Vietnamese entrepreneur Uyen Tran, TômTex makes textiles from shrimp shells and mushrooms to replace conventional animal and plastic-based leathers.