Climate Investment Newsletter 6/27 - 7/3
Individual Deals and Market Watch
- …Australia’s 171 climate tech companies now have a total valuation of $4.2 billion. They have raised $1.4 billion over the past 12 months, with about half coming from international investors.
The EBRD’s investment in green bonds passes €1 billion [EBRD]
- With its latest investment of €65 million in a green covered bond from PKO Bank Hipoteczny (PKO BH), the EBRD has passed a major milestone in green finance, having put more than €1 billion directly into pioneering green bonds since 2017. The value of these bonds is over €7 billion in total.
- Investment will provide significant capital to accelerate the build-out of Intersect Power's clean energy platform, from today's 2.4 GW portfolio to 8 GW+ of renewable generation, storage, and hydrogen production
Generali attracts ‘strong’ investor interest for €500m third green bond [Intelligent Insurer]
- Italian insurer Generali has placed its third green bond, a €500 million tier 2 deal, under its new sustainability bond framework.
Little Leaf raises $300m to fund aggressive CEA expansion [Global Ag Investing]
- Massachusetts-based CEA operator Little Leaf announced it has raised $300 million in new capital including equity financing led by The Rise Fund, TPG’s global impact investing strategy, and debt funding from Bank of America, an early debt investor in the company that was pivotal in fueling the brand’s growth and success in the Northeast U.S.
IDB approves US$300mn Colombia sustainable growth loan [BNAmericas]
- The Inter-American Development Bank (IDB) approved a $300 million loan to help Colombia manage and fund climate action, develop economic opportunities based on natural capital and the circular economy, and quicken its energy transition. The ultimate goal is to support the country on its path to sustainable and resilient economic growth.
Newcleo secures £258m for prototype nuclear reactor [UKTech]
- The London-headquartered startup says it plans to build its Generation IV nuclear reactors capable of extracting energy from nuclei in a renewable and safe way. Its 30-megawatt prototype is smaller than conventional nuclear power plants but will cost significantly less to build.
Enviva prices $250 million in tax-exempt green bonds [Business Wire]
- Enviva Inc. announced that it has priced $250,000,000 of bonds in the U.S. tax-exempt market (the “Bonds” or the “Tax-Exempt Green Bonds” and such offering, the “Offering”) through the Industrial Development Authority of Sumter County, Alabama (the “Issuer”). The Tax-Exempt Green Bonds, which will be issued at par, will bear interest at an annual rate of 6.00% and mature in 2052, with the option for holders to redeem at par in 2032.
Electric Hydrogen powers up with $198M raise [Crunchbase News]
- Electric Hydrogen has created its own patented approach to electrolysis—the process of producing hydrogen from electricity and water—designed for industrial applications like steel, fertilizer and intercontinental energy transport. Those industrial industries account for more than a third of global GHG emissions, according to the company.
Zap Energy nets $160M Series C to advance its lightning-in-a-bottle fusion tech [Tech Crunch]
- Fusion startup Zap Energy has reached two milestones that could nudge it ahead in the race to offer low-cost, carbon-free energy — a $160 million Series C round and a successful test of a prototype fusion reactor that could pave the way to a commercial version.
Twelve to deploy world’s first industrial-scale carbon transformation platform [Business Wire]
- DCVC leads a $130 million financing to increase the production of materials made from captured CO2 for customers such as Mercedes-Benz, Procter & Gamble, Shopify, and the U.S. Air Force
VH Global raises GBP 122m for sustainable energy investments [Renewables Now]
- VH Global Sustainable Energy Opportunities Plc (LON:GSEO) has successfully completed its previously announced share placing, raising gross proceeds of GBP 122 million (USD 148.4m/EUR 141m).
- Evolved By Nature, the company creating a proprietary library of Activated Silk™ molecules from natural silk protein, announced it closed $120M in Series C financing.
Infiniti Energy secures USD 117m in financing for C&I solar installations [Renewables Now]
- Solar power producer and project developer Infiniti Energy has recently closed up to USD 117 million (EUR 111.2m) in tax equity and construction financing for a growing portfolio of commercial solar projects.
Green Generation Fund raises €100M to provide seed capital to alt-protein startups [Vegconomist]
- Entrepreneurs Manon Littek and Janna Ensthaler have launched the €100 million Green Generation Fund, after raising funding from investors including Corecam Capital Partners and Westwing founder Delia Lachance.
Start-up carbon investors in $100 mln “ultra-high quality” credit deal [Carbon Pulse]
Macro Commitments
UK's National Grid to invest 10 billion pounds in power network by 2026 [Reuters]
- Britain’s National Grid said it broadly accepted a price control proposal from regulator Ofgem and would invest around 10 billion pounds ($13.9 billion) in the power transmission network that it operates by 2026.
EU pledges $1.4 billion in climate funds for Nigeria [News Primer]
- Funds for agriculture, climate and digital projects will help Africa’s largest oil producer “achieve low-carbon, resource-efficient and climate-resilient development, creating youth jobs and economic growth,” he said. Samuela Isopi, EU ambassador to Nigeria and the Western Economic Community. African states, she told a conference in Lagos.
Volvo Cars to build $1.3 billion EV plant in Slovakia [Bloomberg]
- The new plant will be able to produce 250,000 electric cars per year, part of the company’s goal of reaching annual sales of 1.2 million cars by 2025 and switching its entire lineup to battery-powered vehicles by the end of the decade.
European Investment Bank to invest €1bn in climate change measures [Agriland]
- The bank is expected to confirm €1 billion of new financing for Irish projects on energy efficiency, renewable energy generation as well as supports for farmers and small enterprises. Speaking about the meeting, Kettel-Thomsen said:
$700 million for more EV chargers [Grist]
- According to a fact sheet released by the White House, private companies have pledged more than $700 million to boost the manufacturing and installation of EV chargers. The investments from charging network operators, auto companies, and technology companies are expected to create at least 2,000 “good-paying” jobs and help the U.S. manufacture some 250,000 chargers per year.
- The U.S. Department of Energy (DOE) issued a Request for Information (RFI) seeking public feedback to inform the Bipartisan Infrastructure Law’s nearly $630 million in investments in hydropower facilities. President Biden’s Bipartisan Infrastructure Law invests in the “Maintaining and Enhancing Hydroelectricity Incentives” and “Hydroelectric Efficiency Improvement Incentives” programs to modernize the nation’s hydropower facilities and produce more clean, affordable power
Volkswagen, Siemens invest $450M into Electrify America in EV charging push [Tech Crunch]
- Volkswagen Group subsidiary Electrify America said it raised $450 million in a deal that includes its first external investor as it aims to accelerate its rollout of ultra-fast charging stations in the U.S. and Canada.
Scotland announces £200m to boost food security and tackle climate change [Energy Live News]
- It will invest in projects including greenhouse gas reductions in agriculture and livestock
Pathways, Frameworks, Case Studies, Research, Climate Science
IEA: Record clean energy spending in 2022 [Climate Action]
- Global energy investment is set to increase by 8% in 2022 to reach USD 2.4 trillion, with the anticipated rise coming mainly in clean energy, according to a new report by the International Energy Agency.
TNFD publishes second beta version of the nature-based disclosure framework [EuroMoney]
- Latest iteration of the nature-related reporting framework tackles tension between demand for clear and simple methodology applicable to business models and the complexity of the science.
Australia swiftly needs $9 bln in grid investment for energy transition [Reuters]
- Australia urgently needs about A$13 billion ($9 billion) in transmission investments to jumpstart the transition to renewable energy, the country's energy market operator said in a closely watched long-term plan for the grid.
- The countries are relying on external financial support for around $2.5 trillion of the cost, the analysis by Climate Policy Initiative, an advisory organisation, showed.
Crop nutrient management market research report 2022 [High Timber Times]
- Size, growth insight, global share analysis and trends, top Industry players, future business prospect and forecast to 2028
Food waste management market emerging trends, global scope and forecast 2032 [Market Research Blog]
- The sales of food waste management market are estimated to be valued at US$ 62.6 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 116.4 Bn by 2032, rising at a CAGR of 6.4% for 2022-32.
- Morgan Stanley analysts led by Lucy Beauvallet said in a note to clients that while the market for offset credits would play a critical role in reaching net zero around the world, it's still far too small to make a sizeable difference. According to the bank's estimates, yearly removals would need to double, to about 1 gigaton of CO2, by 2030 and accelerate to a 5-gigaton annual pace by 2050 for the world to reach net zero by that time.
EU plan to halve use of pesticides in ‘milestone’ legislation to restore ecosystems [The Guardian]
- For the first time in 30 years, legislation has been put forward to address catastrophic wildlife loss in the EU. Legally binding targets for all member states to restore wildlife on land, rivers and the sea were announced today, alongside a crackdown on chemical pesticides.
Going green could save Europe €1 trillion in fossil fuel costs [World Economic Forum]
- That's the finding of a new report from energy think-tank Ember. And, even better? Researchers believe a 95% clean power system in Europe can be achieved by 2035 - all without threatening supply or adding additional cost to existing plans for a smaller and more polluting electricity supply.
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