Your Newsletter at a Glance
Note from the author: These past two weeks saw investment from the Biden administration into clean rural electrification, continued movement into EV battery factories, and new plans to modernize California’s grid.
Nature-based Solutions saw new funding to design the farm of the future and create biodegradable, protein-based fibers that can be spun into yarn.
Deal Count: This edition covers almost $79b in deals and commitments in climate finance around the world, and over $500m in NbS. Check it out in the 58 stories below!
Climate Finance
Deals and commitments above $100m
Market Watch
US govt allocates USD $11bn to support clean rural electrification [Renewables Now]
- The US government announced two new grant and loan programmes with total availability of nearly USD $11 billion (EUR 10.1bn) to aid rural electrification across the country with a focus on clean energy. The Biden-Harris Administration, through the US Department of Agriculture (USDA), is getting ready to open a Letter of Interest process for a programme dubbed Empowering Rural America, or New ERA. This programme sets aside USD $9.7 billion for eligible rural electric cooperatives looking to deploy renewable energy and carbon capture systems.
- Two EV battery makers plan to spend around 10 billion euros ($11 billion) on factories in Europe after Europe loosened state aid rules for green industry projects in a bid to win the subsidy race with the U.S. Both plants will start production in 2026, employ thousands of people and supply batteries to European car makers. After months of worry that it would opt for an investment in North America over Europe, Sweden’s Northvolt said it is set to pick Heide in northern Germany for its factory as long as subsidies are approved, estimated by one source to be over 600 million euros.
California has a new $7.3B plan to fix its transmission problems [Canary]
- California’s grid operator has approved a $7.3 billion plan to build the thousands of miles of new high-voltage transmission lines the state needs to hit its climate goals. The unanimous vote by the board of the California Independent System Operator (CAISO) is an important step in a long battle to modernize a grid that’s lagging behind the state’s needs. It’s also the result of years of negotiation over transmission policy and represents “close coordination with regulatory agencies, load-serving entities and other key stakeholders,” Elliot Mainzer, CAISO president and CEO.
Research
What are debt-for-climate swaps and how do they benefit creditors and debtors? [India Times]
- The article explains that debt-for-climate swaps are a strategy that can encourage countries with debt burdens to take action on climate change while reducing their debt. Such swaps entail decreasing debt in exchange for policy commitments or spending on climate change initiatives by the debtor nations. Both commercial and official bilateral debts can be included in such swaps, with the latter allowing for redirected debt service payments towards projects mutually agreed upon by both parties, such as those related to climate action. In recent years, debt-for-climate swaps have gained popularity among low- and middle-income countries as a debt-relief tool. Multilateral development banks and organizations like the UNDP have been promoting this approach to ease the burden of debt for these nations.
Qatar positioning to attract USD $75b investment in low carbon infrastructure by 2030 [MENA FN]
- According to Qatar's Investment Promotion Agency, Qatar's government policies and tech infrastructure represent a $75 billion investment opportunity by 2030. The linked report highlights Qatar's sustainability initiatives, natural resources, and promotes green hydrogen production in the gas-rich nation.
Nature-based Solutions
Deals and commitments above $1m
Market Watch
Switzerland’s Ecorobotix raises $52m to bring crop protection ‘bots to the Americas [AgFunder News]
- Ag robotics startup Ecorobotix has raised $52 million in Series B funding for its automated precision spraying robots for row crops and pastures. Aqton PE and Cibus Capital co-led the round with participation from Swisscanto Invest/Swisscanto Growth Fund I, Yara Growth Ventures, and Flexstone Partners. Existing investors include Swisscom Ventures, BASF Venture Capital, 4FOX Ventures, and Verve Ventures.
Prime Roots’ total funding reaches $50M following $30m Series B round [vegconomist]
- Prime Roots, a producer of koji mycelium-based deli meats, has secured $30 million in a Series B round. The raise takes the company’s total funding to $50 million. True Ventures, Pangaea Ventures, SOSV/IndieBio, and Monde Nissin (the parent company of Quorn) all participated in the round, among others. Prime Roots will use the funding to scale and expand to deli counters and restaurants nationwide.
UNDO secures £9.6m ($12m) to remove carbon with volcanic rock dust [uktech news]
- London-based UNDO, a climate tech startup spreading volcanic rock dust on farms to capture carbon in the soil, has secured $12m (£9.6m) in funding. The investment includes £9.6m in new funding led by Lowercarbon Capital and AENU, while the startup secured an additional £800,000 renewal from carbon removal purchaser Stripe. UNDO said it will use the injection of capital to scale up carbon removal through enhanced rock weathering (ERW) in Scotland.
Research
Sip & Snack? Meet The Edible Coffee Cup [The Spoon]
- A Bulgarian startup called Cupffee has created an edible coffee cup that users can snack on once they’ve finished their drink. The cup, made from edible vegan components such as oat bran, wheat flour, and water, resembles a coffee cup-shaped ice cream cone that can withstand temperatures up to 85 degrees Celsius (185 Fahrenheit) and remains crisp for up to 40 minutes after being filled. With a specialized machine and production process in place, this idea has materialized into a company capable of producing up to 2.5 million cups per day. The cups are manufactured in Plovdiv, Bulgaria.
Oatly Launches Regenerative Agriculture “Movement” to Slash Climate Footprint by 70% [vegconomist]
- Oatly has announced the launch of a global regenerative agriculture initiative that will work with farmers to dramatically reduce greenhouse gas emissions. Called F.A.R.M (Future Agriculture Renovation Movement), it aims to restore carbon, improve biodiversity, and support farm viability. The initiative will test several different models of regenerative agriculture; pilots are currently taking place in Canada, Sweden, the US, Finland, and the UK, and will scale globally if successful.
Climate Finance
Deals and commitments above $100m
Individual Deals & Market Watch
Billionaire’s solar deal revives $20b undersea power cable dream [Bloomberg]
- Billionaire Mike Cannon-Brookes will revive a stalled A$30 billion ($20 billion) plan to export solar power from Australia to Singapore after acquiring the assets of the failed Sun Cable project. The deal gives Cannon-Brookes and Quinbrook Infrastructure Partners control of a vast renewable energy development in northern Australia, which went into voluntary administration in January following a dispute between the Atlassian Corp. co-founder and fellow billionaire Andrew Forrest, both key investors. Evidently hugely ambitious projects are no less dramatic than startups.
JinkoSolar plans investment of ~USD $8bn in 56GW of solar capacity [Renewables Now]
- Chinese solar module powerhouseJinkoSolar Holding Co Ltd made a couple of announcements in relation to its majority-owned principal operating subsidiary, including an investment plan of CNY 56 billion (USD 7.94bn/EUR 7.38bn). The company has entered into an investment framework agreement with the Management Committee of the Transformation Comprehensive Reform Demonstration Zone in Shanxi Province where it intends to build a 56-GW complex for the production of monocrystalline silicon pull rod, silicon wafer, high-efficiency solar cells and modules.
- New York State Department of Environmental Conservation (DEC) Commissioner Basil Seggos and New York City Department of Environmental Protection (DEP) Commissioner Rohit T. Aggarwala announced a new agreement wherein New York City commits to investing $3.5 billion to build Green Infrastructure to better manage the more intense rainfall and severe weather that climate change is bringing to the region and improve water quality in New York Harbor.
U.S. raises its climate smart farming game with more than $3 billion in grants [Growing Produce]
- USDA’s top goal for 2023, as described in its performance plan, is to “combat climate change to support America’s working lands, natural resources and communities.” On Sept. 14, 2022, Secretary of Agriculture Tom Vilsack announced USDA would be investing up to $2.8 billion in 70 selected projects under the first pool of the Partnerships for Climate Smart Commodities funding opportunity. On Dec. 12, 2022, he announced an additional $325 million will be invested in 71 more projects under the second funding pool. The USDA grant will be used to cover all material, application, and monitoring costs for farmers as well as developing markets for the low-carbon carbon smart commodities grown by participating farmers over the next five years.
Octopus Energy to invest £1.5bn ($1.8b) in Asia-Pacific region [BusinessGreen]
- Renewable energy utility Octopus Energy has announced plans to invest £1.5bn in renewables projects in the Asia-Pacific region by 2027, with more than half the funds earmarked for Japan. The energy company said the lion's share of the investment - around £1.2bn - is allocated for solar and wind generation projects, of which half will be spent in Japan, its second largest market. A further £300m will be spent on the firm's "innovation and energy retail hub" in Tokyo, where much of the functionality for its energy management platform Kraken was developed.
Adani in India revives capex plans for $1.5 billion mainly in low carbon infrastructure [mint]
- Adani Enterprises Ltd has revived its capex plan after a four-month pause, with a planned initial investment of $1.5 billion to kickstart its new businesses. The flagship company is planning to pump fresh investments into solar module manufacturing, green hydrogen, Navi Mumbai Airport and data centers.
Enel chooses Oklahoma for $1 billion solar panel factory [Clean Technica]
- 3Sun USA, a subsidiary of Enel North America, has announced it had chosen Inola, Oklahoma, as the location for a new $1 billion manufacturing facility for US-made photovoltaic cells and modules. The 2 million square foot factory will have a capacity of 3 GW of solar panels a year.
- Impact Fund II, the latest in Hamilton Lane's flagship impact series, closed on $370 million in capital commitments; growth of more than 375% over the prior fund. Total platform assets focused on sustainable investment strategies increased by more than $850 million since the firm began fundraising for Impact Fund II in early 2021. Fund II is a closed-end investment vehicle that aims to generate attractive private equity returns alongside positive social and environmental impact. The Fund invests in businesses around the world with a focus on clean energy transition, sustainable processes, health and wellness and/or community development.
New £500m ($623m) Octopus fund targets ‘wider’ energy transition [Infrastructure Investor]
- Octopus has launched a 10-year, closed-ended fund with a value-add strategy targeting energy transition assets. The inaugural Octopus Energy Transition Fund is looking for £500 million ($623m), with £40 million already committed, by Wandsworth Pension Fund. The fund is going to deploy at least 70 percent of its capital in Europe’s developed economies, but they also see possibilities in the US. The new fund made its first investment in the UK’s expanding heat pump sector through a £70 million investment with LGIM, scaling the ground-source heat pump business Kensa Group.
New Zealand plans NZ$1 billion ($619m) recovery package for bad weather [Bloomberg]
- New Zealand announced an NZ$1 billion ($619 million) flood and cyclone recovery package as part of its yearly budget, after being smashed by rough weather including a cyclone that ravaged the country’s North Island.
Repsol to invest $550 million in Italian renewables [Reuters]
- Spanish oil company Repsol will develop more than 1.7 gigawatts (GW) of renewable energy projects in Italy, costing around 500 million euros ($550 million). Some European oil and gas companies such as Shell and BP have expressed caution about a pivot to renewables in recent months following record profits on bumper oil and gas prices, but Joao Costeira, Repsol’s executive managing director of Low Carbon, said Repsol planned to stick to its renewable goals.
France budgets 500 mln euros ($541m) annually for green industry tax credit [Reuters]
- “The French government plans to budget half a billion euros annually for a new tax credit for environmentally-friendly investments as part of a bill presented to green the industrial sector, Finance Minister Bruno Le Maire said. The tax credit makes France the first EU country to take advantage of a loosening of European state aid rules in recent months in response to new tax subsidies in the United States made available by the Biden administration's $430 billion Inflation Reduction Act (IRA).”
Bank of America to lead $500 million debt swap for Gabon [Bloomberg]
- Bank of America Corp. will arrange a $500 million debt swap for marine conservation in Gabon, as debt for nature swaps come back from the 1990s and gain in size and popularity. The deal will involve The Nature Conservancy, a US-based conservation nonprofit. Until now, Credit Suisse Group AG has dominated this market, having run similar debt conversions for Belize, Barbados and Ecuador. Note, total debt for nature issuances in the 1990s cycle were about $3.5bn in 1990s dollars.
Bloom Energy (BE) announces proposed $500M green notes offering [Street Insider]
- Bloom Energy Corporation announced its intention to offer, subject to market and other conditions, $500M of green convertible senior notes due 2028 in a private offering. The notes will be senior, unsecured obligations of Bloom Energy, will accrue interest payable semi-annually in arrears and will mature on June 1, 2028, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods.
Morgan Stanley Investment Management raises $500m for climate PE strategy [Fintech Global]
- Morgan Stanley Investment Management (MSIM) has held a first close for the 1GT climate private equity strategy at $500m of equity capital commitments. Investors include public and private pension funds and an insurance company in the Nordic region, Germany and the UK. 1GT said it is focused on investments in growth-stage companies that will seek to collectively avoid or remove one gigaton of carbon dioxide-equivalent emissions from the Earth’s atmosphere from the date of investment through 2050, the date by which the United Nations has mandated “Net Zero” must be achieved.
Credem, second EUR400 million ($430m) green bond issued [MarketScreener]
- Credito Emiliano Spa launched its second green bond issue, aimed at institutional and professional investors, in the amount of EUR400 million. The issue, in Senior Non Preferred format, represents the third ESG instrument launched on the market by the group since the beginning of 2022. The green bond, with an expected Ba1 rating from Moody's and BBB- from Fitch, will have a 6-year maturity, and the possibility of early redemption in the penultimate year in order to maximize efficiency from a regulatory perspective. The final spread of the bond is 250 basis points above the benchmark Mid Swap rate. An annual coupon of 5.625 percent is scheduled to be paid.
RE developer Low Carbon raises £310m ($387m) debt to fund construction [Renews.biz]
- Low Carbon has increased its existing solar construction facility by an additional £310m with international banks ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division). The finance facility takes the total amount of debt funding raised by Low Carbon to £540m. With this funding, Low Carbon will be funding the construction of 448MW of solar PV projects in the UK and the Netherlands.
- The African Development Bank Group has approved a Partial Credit Guarantee of $345 million to Egypt to increase access to the Panda bond market to finance green and social projects. The Bank Group’s partial credit guarantee will allow Egypt to raise the equivalent of $500 million in the Panda Bond market, which are bonds denominated in Chinese yuan issued by foreign borrowers. Bond proceeds will be used for clean transportation; renewable energy; energy efficiency; sustainable water and wastewater management; financing for MSMEs, and essential health services initiatives, among others. These sectors are prioritized under Egypt’s Sovereign Sustainable Financing Framework (SSFF).
- The Miami-based firm just raised its fourth, and largest, fund—a $320 million vehicle that will be used to fund new startups the firm creates and invest in existing portfolio companies, Atomic said. The firm last raised a $260 million fund in 2021. Atomic’s LPs include investors who focus specifically on venture studios as well as institutional LPs. VCs like Marc Andreessen, who invested in previous Atomic funds, also joined in the new one, the firm says.
Driveco raises €250m ($270m) for its own European charging infrastructure [eeNews]
- Electric charger maker Driveco in France has raised €250m to create a network of over 60,000 charging points in Europe by 2030. The round was led by Dutch pension fund manager APG, along with existing shareholders Mirova, an affiliate of Natixis Investment Managers, Eurofideme 4, and Corsica Sole. The investment aims to support Driveco’s ambition to become a major player in electric vehicle charging infrastructure in France and in Europe by deploying its own charging stations and advancing its technological innovations.
Biden administration to invest $251 million in carbon capture technology [Time]
- The Biden administration announced $251 million for carbon capture and storage projects in seven states, aiming to reduce planet-warming pollution from power plants and other industrial facilities. The announcement represents a vote of confidence by the government in the nascent technology, which proponents, often from oil and gas industries, say could have a huge role in reducing emissions of greenhouse gasses. Many environmentalists note that the technology is far from scale and argue that focusing on it distracts from established renewable energy solutions. Given that we all learned last week that the world will cross 1.5C before 2030, carbon removal investment will have to start ramping now to bring the cost curve within reach of the carbon markets at scale by 2030.
US fund, Generate Capital, makes US$250m green hydrogen investment [renews.biz]
- Infrastructure fund Generate Capital has made an US$250m investment in green hydrogen developer Ambient Fuels. The funding supports Ambient Fuels’ fast-growing pipeline of projects. Ambient Fuels offers custom-engineered green hydrogen solutions, overseeing every step of execution—from project development and design to financing and construction—of its renewable hydrogen centers. The company’s technology-agnostic approach works with any renewable energy source to support decarbonization at scale.
Wilson Sonsini advises PosiGen on $250 million deal with Brookfield [Wilson Sonsini]
- PosiGen, a leading provider of renewable energy and efficiency solutions for low- and moderate-income families, announced a new back-leverage debt facility structured by a direct lending infrastructure fund of Brookfield Asset Management. This funding fuels the company's expansion into additional markets nationwide, with a direct focus on serving households with high energy cost burdens who stand to benefit the most from transitioning to clean energy. Wilson Sonsini Goodrich & Rosati represented PosiGen.
African fintech M-KOPA raises $250m [Financial IT]
- M-KOPA, a leading fintech platform, announced it successfully closed over $250m in new debt and equity funding to expand its financial services offering to underbanked consumers across Sub-Saharan Africa. This marks one of the largest combined debt and equity raises in the African tech sector, enabling M-KOPA to continue its rapid growth. Over $200m in sustainability-linked debt financing was led and arranged by Standard Bank Group, Africa’s largest bank and long-term strategic partner to M-KOPA. Other participating lenders include The International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO: Dutch Entrepreneurial Development Bank, British International Investment, Mirova SunFunder and Nithio.
Gradiant raises $225 million, becoming a billion-dollar player in water management [Impact Alpha]
- Boston-based Gradiant makes water-treatment systems for companies in essential industries, including many supporting the low-carbon transition, like minerals and renewable energy firms. Its systems conserve water, recycle wastewater, and help companies identify ways to cut water usage. The company counts semiconductor maker Micron, mining company Rio Tinto, and Coca-Cola among its clients. Gradiant has raised $225 million in Series D financing from BoltRock Holdings and Centaurus Capital. The deal values the company at more than $1 billion.
JPMorgan announces $200m carbon removals push [BusinessGreen]
- JPMorgan Chase has become the latest major brand to announce a series of carbon removal investments, confirming it has signed long-term agreements to purchase more than $200m of carbon dioxide removal (CDR) credits. The US bank revealed the new deals include a nine-year agreement with Climeworks to deliver carbon removal services for 25,000 million tonnes of CO2 equivalent (mtCO2e) and a long-term agreement with CO280 Solutions to purchase up to 30,000 mtCO₂e of CDR credits a year for up to 15 years, totalling 450,000 mtCO₂e of carbon removals. The deal was facilitated by Frontier, a subsidiary of Stripe, Inc.
TDK Ventures launches $150 million Fund EX1 to invest in energy and climate tech startups [Cision]
- TDK Corporation announced that subsidiary TDK Ventures Inc. will launch its third fund, totaling $150 million in new capital. The new fund will target early-stage investments in energy transition, electrification, and decarbonization within the U.S. and Europe. TDK Ventures' total assets under management is now $350 million.
NZ Steel to receive up to $140m to recycle scrap steel using electricity instead of coal [RNZ]
- NZ Steel's Glenbrook plant will install an electric arc furnace - halving its coal use - in what the government is calling the country's largest ever emissions reduction project. Half of the coal being used at the site will be replaced with electricity to recycle scrap steel. The company will receive up to $140 million from the Government Investment in Decarbonising Industry (GIDI) Fund and it will foot the bill for the rest of the cost, which has not been specified. The agreement has three components:
- Base build funding support up to $110m;
- an extra $10m commissioning funding incentive paid if NZ Steel can get the furnace running by January 2027; and
- a further $20m of performance funding is paid if NZ Steel can achieve a further 800,000 tonnes of emissions reductions by 31 December 2030 above the base amount committed to in the agreement.
Qcells to invest USD $100m as part of race for perovskite tandem cells [Renewables Now]
- Qcells, a subsidiary of Seoul-based Hanwha Solutions Corp unveiled a USD-100-million (EUR 91.9m) investment in a pilot line aimed at speeding up the commercialisation of perovskite-based tandem cells that hold promise of substantially higher solar panel efficiency. Earlier this year, Qcells achieved a tandem cell efficiency rate of 29.3% in collaboration with Helmholtz Zentrum Berlin.
Pale Blue Dot continues investing in its climate vision, with a second $100M fund [Tech Crunch]
- Sweden-based VC fund Pale Blue Dot bounced onto the scene in 2020 with a €53 million fund to help climate-focused startups. This fund grew again by €34 million in April 2021, and after deploying investments into 28 climate-forward companies, the investor this week announced it has officially closed its second fund. This one is valued at €93 million (approximately $101 million at today’s valuation), with the same thesis in mind: to support climate tech-oriented startups.
Research, Frameworks, & Case Studies
Zimbabwe to nationalize part of the carbon credit trade, void past deals [Bloomberg]
- Zimbabwe’s government said it will take control of the production of carbon credits in the country, stipulating that it will be entitled to half of the revenue from the securities. Foreign investors are limited to 30% of income from carbon credits. Thus sending another big chill through the emerging voluntary carbon market which is still coughing over the Guardian article that led to Verra’s CEO stepping down this week.
Jaguar owner Tata leans toward UK over Spain for battery plant [Bloomberg]
- The article notes that Britain is close to winning a major battery plant for electric vehicles as Tata Group, owner of Jaguar Land Rover, leans toward choosing it over Spain. Conglomerate Tata, is favoring a factory in England after the UK government offered a support (subsidy) package.
Nature-based Solutions
Deals and commitments above $1m
Individual Deals & Market Watch
- The U.S. Department of Commerce has allocated USD $220 million (EUR 204 million) in fishery disaster relief to the U.S. states of Washington and Alaska for a fishery disaster that took place from 2020 to 2023. “Fishery disasters have devastating effects on local communities and our blue economy,” U.S. Secretary of Commerce Gina Raimondo said. “This disaster funding provides much needed assistance to our fishing industry and we will work with the affected communities to begin the difficult work of helping them recover.”
Indonesian agritech firm eFishery hits unicorn status with $108m series D [Tech in Asia]
- Indonesian agritech startup eFishery has raised US$108 million in series D funding, pushing its post-money valuation to US$1.3 billion, according to VentureCap Insights. The latest round is led by 42xfund and it saw participation from existing investors Northstar Group and SoftBank Vision Fund II. Founded in 2013 in the city of Bandung, the startup entered the market with an IoT device called eFishery Feeder, which enables automated feeding in fish and shrimp farms.
- The USDA Forest Service announced $33 million in funding from the Great American Outdoors Act to help support 23 select projects across California. The Great American Outdoors Act of 2021 established the Public Land Legacy Restoration Fund and represents the single largest investment in public lands in U.S. history, that will run for five years. These projects support the recent announcement by the Departments of Agriculture and Interior proposing a combined $2.8 billion in funding for fiscal year 2024 to improve infrastructure, recreation facilities, access to public lands, and land and water conservation as the legislation enters its third year.
Forest Service invests over $23 million into projects in Arizona and New Mexico [Payson Roundup]
- The U.S. Forest Service Southwestern Region announced an investment of $23.98 million from the Great American Outdoors Act to support 27 projects across New Mexico and Arizona this year. The investments are made from the National Parks and Public Land Legacy Restoration Fund as part of the GAOA. These projects support the recent announcement by the Departments of Agriculture and Interior to improve infrastructure, recreation facilities, public lands access, and land and water conservation as the legislation enters its third year out of five.
- Colorado State University researchers will play a key role in a new research institute leveraging artificial intelligence to create more sustainable farms and forests. The University of Minnesota will lead the new National Artificial Intelligence Research Institute, funded by a $20 million grant from the National Science Foundation and the USDA National Institute of Food and Agriculture over five years. Researchers at the AI Institute for Climate-Land Interactions, Mitigation, Adaptation, Tradeoffs and Economy (AI-CLIMATE) aim to use artificial intelligence (AI) to create more climate-smart practices that will absorb and store carbon while simultaneously boosting the economy in the agriculture and forestry industries.
Universities back $14m alternative proteins project [Food Manufacture]
- Funded by the Engineering and Physical Sciences Research Council and led by the University of the Bath, the project is looking at the most effective methods of using livestock cells to grow cultured meat sustainably, effectively and ethically.
United Utilities leads £8.9 mln ($11m) UK program for nature-based water solutions [Carbon Pulse]
- UK-based United Utilities has announced it will spearhead an $11m national program aimed at integrating more nature-based solutions into the water sector.
World Bank, EU to grant Kosovo 10 mln euro ($10.8m) for irrigation [SeeNews]
- The World Bank and the European Union will grant Kosovo 10 million euro ($10.8 million) for irrigation systems investments in June. An irrigation master plan and an investment plan for Kosovo were developed in 2021 with the support of the World Bank, prioritizing the improvement of the Radoniqi-Dukagjini irrigation system.
Climate and ag tech startup FlintPro plants A$13.5 million ($9m) Series A [startupdaily]
- Climate change and natural capital technology company FLINTpro has raised US$9 million (A$13.5m) in a Series A as it looks to ramp up its US growth. The round was led by Understorey Ventures with new participation from Pollination, Persei Venture and existing investors Ananta-OM and Synovia Capital. FLINTpro is a software system that integrates and analyzes a range of data and earth-sensing methodologies to measure and manage carbon and natural capital across land uses including forests, agriculture, grasslands, coastal areas, and soils. It’s used by finance, government, and business leaders to model and understand the opportunities and impacts of land management decisions.
UGA awarded $4 million to design farm of the future [UGA Today]
- Researchers at the University of Georgia College of Agricultural and Environmental Sciences have been awarded nearly $4 million from the U.S. Department of Agriculture’s National Institute of Food and Agriculture (NIFA) to develop a climate-smart “4-D Farm.” The project, The Digital and Data-Driven Demonstration Farm (4-D Farm): Juxtaposition of Climate-Smart and Circular Innovations for Future Farm Economies, is part of NIFA’s investment in regional innovations for climate-smart agriculture and forestry. Led by principal investigator Glen Rains, the project involves an interdisciplinary team across CAES, including researchers in sustainable precision agriculture, data science, livestock management, grass and forage management, crop production, UGA Extension and education programming, and autonomous and intelligent rover research and development.
- EF Polymer, an agritech startup developing a 100% organic superabsorbent polymer (SAP), announced the completion of a Series A round of financing. EF Polymer aims to accelerate the growth of its business and to promote sustainable agriculture through the spread of its eco-friendly polymer. EF Polymer's core business is the development of an organic SAP (Fasal Amrit Hydrogel) based on organic waste, such as orange peels. The Fasal Amrit Hydrogel is 100% organic and biodegradable, and when applied to farmland, it can improve the ability of soil to retain water and fertilizer. Pilot test results have shown that the use of the Fasal Amrit Hydrogel can reduce water and fertilizer usage by approximately 40% and 20%, respectively, as well as increasing crop yields by 10–15%.
- Improvin’ is a Swedish climate technology company working with agri-food companies such as Oatly and AAK to produce food more sustainably. The €3.5M seed round was led by Pale blue dot and Dynamo Ventures and supported by FoodBridge (Axel Johnson) and PINC (Paulig). The investment will fuel the development and expansion of Improvin’s sustainability performance platform. The platform will be rolled out in Germany, Belgium, France and the Netherlands together with Improvin’s new and existing customers.
- Werewool announced a $3.7M seed funding led by Material Impact and Sofinnova Partners to further the company’s mission to produce biodegradable fibers with protein-based color and performance properties. The funds will be used to develop the company’s first product, protein fibers that can be spun into yarns, expand manufacturing capabilities, and grow the team.
- UK tempeh producer Better Nature has launched a £3 million Series A round to help it expand into retailers and food service providers throughout the UK and Europe. The news comes as the brand prepares to launch at over 400 Tesco stores on June 1, marking its first UK supermarket listing. The tempeh will then roll out at another major supermarket in July.
3 South Carolina HBCUs awarded a total of $3M for preservation, restoration efforts [WLTX]
- The National Parks Service (NPS) has awarded a total of $3 million to three Historically Black Colleges and Universities (HBCUs) in South Carolina to assist them with on-campus preservation and restoration projects. Nationally, NPS awarded a total of $9.7 million for 14 projects in 10 states. The money was appropriated by Congress in fiscal year 2022 through NPS' Historic Preservation Fund for use in the fund's HBCU grant program.
Resurrect Bio lands $2m from AgFunder & others to build up plants’ immune systems [AgFunder News]
- UK-based plant biotech startup Resurrect Bio has closed a £1.61 million ($2 million) seed round. Resurrect Bio uses gene editing to fix the innate immune system of crops and make them more resistant to disease. SynBioVen led the round with participation from the UK Innovation & Science Seed Fund (UKI2S), AgFunder and SHAKE Climate Change Accelerator. Resurrect Bio will use the new funds to accelerate product development and strengthen its underlying disease resistance trait-discovery platform it licenses to seed breeders.
USDA Forest Service invests $2M in deferred maintenance projects in Alabama [WSFA]
- The USDA Forest Service Southern Region announced an investment of $30.4 million in Great American Outdoors Act funding to support 22 selected regional projects in fiscal year 2023. Alabama joins Tennessee, Florida, Mississippi, Virginia, Arkansas, North Carolina, and South Carolina in a project that supports the recent announcement by the Departments of Agriculture and Interior proposing a combined $2.8 billion in funding for fiscal year 2024 to improve infrastructure, recreation facilities, public lands access, and land and water conservation as the legislation enters its third year out of five. These investments are made from the National Parks and Public Land Legacy Restoration Fund established by the Great American Outdoors Act.
Ictyos – Cuir Marin de France raises 1.4 million euros ($1.5m) [Luxus+]
- Ictyos – Cuir Marin de France has just closed a €1.4 million ($1.5m) fundraising round. The Lyon-based company recycles fish skins by transforming them into alternative leathers for the leather goods, watchmaking and shoe industries. The fundraising will allow Cuir Marin de France to continue to produce new leathers and finishes each year, to strengthen its team, and to accelerate the industrialization of its production tool. The company hopes to reach an annual capacity of more than 100,000 leathers produced within 2 years.
- U.S. Senator Jeanne Shaheen, Chair of the Senate Appropriations Subcommittee that funds the National Oceanic and Atmospheric Administration (NOAA), announced a nearly $1.2 million federal award through NOAA to the Northeastern Regional Association of Coastal Ocean Observing Systems (NERACOOS) to support improved and enhanced coastal and ocean observing systems. The funding is provided by the bipartisan infrastructure law, legislation for which Shaheen and Hassan were lead negotiators.
$1M plus funding for SA coastal protection projects [Dredging Today]
- Ten South Australian councils and six community groups will receive almost $1.1 million to help them undertake coastal protection projects. The projects include building coastal protection structures, studies to assess hazards, beach replenishment and planning for flood emergencies.
Research, Frameworks, & Case Studies
How tech innovation is reshaping aquaculture in India [Inc42]
- The article notes some key takeaways:
- India's aquaculture industry has been growing at an average annual rate of 8%, fuelled by increasing domestic and international demand;
- the Indian government has been proactive in promoting aquaculture development, with significant funding allocated towards the Blue Revolution Scheme; and
- the integration of technology throughout the aquaculture value chain has played a vital role in India's seafood export achievements.
- They argue that India has witnessed remarkable growth in its aquaculture industry over the years. According to the latest statistics from the Ministry of Fisheries, Animal Husbandry, and Dairying, India’s aquaculture sector has been growing at an average annual rate of 8% since 2015. This growth is fueled by increasing consumer demand, both domestically and internationally. In 2022, India’s seafood exports reached a record high of $7.08 Bn, showcasing the sector’s immense potential.
- As Beyond Meat confronts dwindling sales and depleting cash reserves, it has laid out plans for an equity offering with the potential to generate up to $200 million. The funds gathered from this initiative will be utilized for general corporate expenses and to bolster working capital. This equity offering follows the release of Beyond Meat’s 2023 first-quarter results, which exceeded Wall Street’s projections. The plant-based meat producer, currently navigating a course of revival, is setting its sights on achieving positive cash flow by the latter half of 2023.
US organic food sales go over $60 billion [Food Business News]
- The Organic Trade Association’s annual industry survey reports that organic food sales in the United States reached $61.7 billion in 2022, breaking $60 billion for the first time. Total organic sales, including non-organic food sales, were $67.6 billion. The organic market increased 4% when compared to 2021 despite headwinds such as inflation, supply chain disruptions and a labor shortage.
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