📈 ClimateHack Vol 103: $1Bn+ in new climate funding

PLUS: Aussie startup Samsara Eco secured $65M to replace single-use plastics.

Hi There,

This week we tracked $850M+ in newly announced climate tech funding rounds and $350M+ in newly closed VC funds with a climate angle.

But that’s only one side of the coin.

At the same time we’re reading about troubles at Swedish battery manufacturer Northvolt, the rollecestor ride at EV maker Rivian, the climate tech closures at firms like Running Tide, and whispers of climate funds reducing headcount or winding down.

In last week’s newsletter I boldly claimed “the good times are back” but maybe I spoke too soon.

So let's ask the people on the ground who are actively raising or deploying funds - what’s your take?

In the next quarter we'll see:

Login or Subscribe to participate in polls.

In Today’s Edition;

🏗 Switzerland's Neustark raised $69M to scale-up its IP-protected carbon capture solution.
👕 Aussie startup Samsara Eco secured $65M for its fossil-free polymer resins, designed to replace single-use plastics.
🏭 Californian battery company Sila raised $375M in Series G funding to scale its next-generation battery technology.

AgriFood x Climate

Image Credits: Cellivate Technologies

🧫 Singapore’s Cellivate Technologies, which is developing cell-based solutions for cultivated meat, leather, and cruelty-free cosmetics, won $3.3 million on Channel News Asia’s business reality TV show The Big Spark.

🔬 South African startup Immobazyme, a spinout from Stellenbosch University, secured $1.3 million to scale production of its high-value precision fermentation-derived proteins, designed for use in industries including cultivated meat.

🍅 Spain’s MOA Foodtech closed its Series A funding round, led by Dutch VC ICOS Capital. It will use the funds to scale its AI-powered B2B discovery platform for alternative proteins and sustainable ingredients for the F&B industry.

🥩 Orbillion Bio secured investment, in a round co-led by The Venture Collective and At One Ventures, to achieve pre-commercial scale and bring its first cultivated meat product to market.

🇸🇬 The Illinois Advanced Research Center at Singapore received a $14.8 million grant from the city-state’s National Research Foundation to establish the Centre for Precision Fermentation and Sustainability.

🇩🇰 Denmark is set to introduce the world’s first carbon tax on agriculture, meaning that farmers will need to pay $100 per year for the greenhouse gas emissions from each of their cows.

🇬🇧 The Bezos Earth Fund opened its second Center for Sustainable Protein at Imperial College London, a month after unveiling the first in North Carolina, and is planning to open a third in Southeast Asia soon.

🇺🇸 Ohio representative Warren Davidson has introduced the REAL Meat Act of 2024, to prohibit using federal funds for any activity related to cultivated meat, arguing that cultivated meat “poses health risks and threatens the livelihood of traditional meat producers”.

Biodiversity x Climate

Image Credits: Foray Bioscience

🌳 US startup Foray Bioscience raised $3 million in a seed funding round led by ReGen Ventures. Its database-driven platform uses plant cell culture to deliver harvest-free molecules, materials, and seeds, helping to restore the planet’s resources.

Carbon x Climate

Image Credits: Neustark

🏗 Neustark, based in Switzerland, secured $69 million for its IP-protected carbon capture solution, which captures CO2 at point source and binds it in mineral waste streams via an accelerated mineralisation process. It will use the funds to support its scale up plans.

🏭 Brussels-based Sirona Technologies raised €6 million seed funding, in a round led by LocalGlobe and XAnge, to scale its DAC technology, as it builds a prototype capable of capturing twenty tons of CO2 per year.

🔎 Sweden’s Net Zero Company raised $5.5 million seed funding for its blockchain-based carbon removal token, which it says offers accessibility, transparency, and traceability in the market for verified carbon credits.

🪨 UP Catalyst, based in Estonia, received a €2.5 million grant from the EIC Accelerator to scale production of its carbon nanotubes and graphite made from captured CO2 emissions.

🛩 French startup Estuaire secured €2.2 million seed funding, in a round led by Satgana, for its flight data analytics platform to help airlines and airports to cost-effectively minimise CO2 and non-CO2 emissions.

🏭 Heirloom is expanding its CO2 removal capacity by 320,000 tons per year, starting with a 17,000-ton facility by 2026 and a separate facility with 100,000 tons of capacity the following year, with more to come.

Energy x Climate

Image Credits: Diana Bartos via Sila

🏭 Californian battery company Sila raised $375 million Series G funding to finish construction of a factory that will scale its next-generation battery technology for customers like Mercedes-Benz and Panasonic by the end of next year.

🔋 Rondo Energy secured $75 million to install three of its thermal batteries, which can store searing heat for up to 18 hours, at a chemical plant, a combined heat and power plant, and a food and beverage factory, as proof of concept.

🪨 US-based Molten Industries secured $25 million, in a funding round led by Bill Gates’ Breakthrough Energy Ventures, to scale its specialised technique to break methane into graphite and hydrogen.

🔋 Swiss startup Libattion raised €14 million for its stationary energy storage solutions, made from upcycled electric vehicle batteries, that can cover a wide range of capacities so can support critical infrastructure, such as hybridising renewable assets to store surplus energy.

🛢 Lhyfe, based in Sweden, secured a grant of SEK 125.6 million (€11 million) from Klimatklivet, an investment programme supported by the Swedish Environmental Protection Agency, to build a renewable hydrogen production system in the country.

⛽️ Austria’s Vertus Energy raised €8.75 million in a seed funding round led by Energy Capital Ventures. Its proprietary technology generates biomethane up to three times faster than currently possible, and boosts energy production by up to 60% from the same amount of waste.

⛏ US-based Feon Energy announced a $6.1 million seed round led by Fine Structure Ventures. Feon Energy is pioneering a platform approach to create new electrolyte molecules and formulations purposefully designed for advanced battery chemistries like lithium-metal and cobalt-free ultra-high-voltage lithium-ions

🇦🇺 National Renewable Network, based in Australia, secured $1 million pre-Series A funding. Its goal is to spend $100 million on renewables generation and storage for 15,000 homes in the country by the end of 2026.

Trends x Climate: AI for Nature

🌳 The What; You don’t need to watch a David Attenborough film to appreciate that the natural world is deteriorating in our lifetime.

Applying AI tools to protect nature — even if indirectly, by proving the value of carbon market products — is a literally life-affirming area of green tech.

Far behind climate tech in funding, “nature tech” has vast potential in multiple industries. But first it needs a mindset shift: “we need to move nature from the realm of the nice-to-haves and place it firmly at the heart of the modern economy.”

📊 The Stats; The economic case for nature largely depends on carbon credits. Voluntary carbon markets (where the credits are traded) are only getting bigger: BSG predicts transactions will grow from $2bn in 2021 to $10-40bn by 2030. In the past decade, carbon removal projects are overwhelmingly based on tree-planting, soil carbon sequestration, and other natural methods.

👀 The Who; There are 20+ companies globally working on AI for Nature, including:
- UK based Pivotal who's raised £4.5m to date to try and become the one-stop-shop for any company trying to prove a return on nature.
- US-based Albedo who have raise $97M to date for their integrated satellite and satellite-imaging company focused on Very Low Earth Orbit (VLEO) trajectories at the threshold of space.

💡 Learn more; Deep dive into the world of AI for Nature and the 20+ companies working in this space, with expert insights from Pierre Blanchet at Meteory and Christopher Raithle at PUSH VC in our latest climate deep dive.

ESG x Climate

Image Credits: Prewave

🔎 Prewave, based in Vienna, raised €63 million Series B funding for its AI-powered technology, designed to deliver “supply chain superintelligence” that can make businesses’ supply chains more transparent, compliant and sustainable.

📊 Australian ESG credentials startup Klean secured $725,000 in a pre-seed funding round led by Prtnr Ventures. Its tech helps brands attract new customers by measuring and showcasing their ESG credentials, and uses AI to help retailers increase customer retention and lifetime value. 

Norwegian startup Fortifai raised €502,000 to simplify and accelerate ESG implementation in companies of all sizes, and it will use the funds to expand its market presence.

Fintech x Climate

Image Credits: LiveEO

🛰 German startup LiveEO secured €25 million Series B funding to leverage AI-powered satellite data for critical infrastructure and climate risk management.

📊 London-based climate risk intelligence startup Climate X raised £14.2 million in a Series A funding round led by Google Ventures. Its platform helps companies like banks and real estate owners assess the risks of climate, such as floods or heat waves, to buildings and infrastructure like rail and bridges, and it will use the funds to expand to the US.

Materials x Climate

Image Credits: Samsara Eco

👕 Aussie startup Samsara Eco secured $65 million, in a funding round co-led by Temasek and Main Sequence, for its fossil-free polymer resins, designed to replace single-use plastic packaging and textile products.

🥤 Sydney-based Bearhug raised $325,000 from angel investors to reduce plastic waste with its reusable netting alternative to plastic pallet wrap, designed for use in a “pooling model”.

Methane x Climate

Image Credits: Mirico

🔎 British startup Mirico secured £2 million to support the commercial expansion of its laser-based sensing and data analytics platform for methane monitoring, designed to detect and eliminate methane leaks from oil and gas infrastructure.

💧 UK-based Bluemethane unveiled its novel technology to permanently remove methane from bodies of water such as reservoirs and sewage treatment plants, using a physical separation technology without chemicals or membranes.

Mobility x Climate

Image Credits: Be.EV

🔌 British startup Be.EV secured £55 million from NatWest and Germany’s KfW IPEX-Bank to expand its rapid EV charging network across local communities. It already manages over 700 live charge points, and will roll out an additional 300 by the end of the year.

🛩 San Francisco-based Aether Fuels, a spinout of Temasek-run incubator Xora Innovation, raised $30.4 million to make fuel for aviation and maritime shipping using carbon dioxide and other waste carbon streams.

🚗 Volkswagen is investing $5 billion in EV startup Rivian to form a joint venture, with a focus on battery-powered technology and software for new vehicles.

Funds x Climate

Image Credits: Blackhorn Ventures

🇺🇸 Blackhorn Ventures closed its Industrial Impact Fund II with $150 million to focus on startups building the digital infrastructure to accelerate the energy transition.

🇺🇸 8090 Industries closed its second fund this year, bringing in a total of more than $100 million to invest in industrial companies working across sectors such as decarbonisation, energy and infrastructure.

🇦🇺 Australian agtech VC Tenacious Ventures raised $18 million at the first close of its second fund, with which it will support early-stage Australian startups working in agri-food with a positive climate impact.

🇺🇸 Ironsprung Ventures, based in Texas, closed its second fund with $100 million to “invest in the industrial revolution”, across sectors including manufacturing, construction, transportation and energy. 

💡 Useful: Daniel Kriozere shared some helpful commentary on the new Elemental Excelerator D-SAFE, announced last week.

Community x Climate

💚 Here’s a recap of the global ClimateHack meetups hosted over the last couple of months across 7 cities, featuring panel debates, a pub quiz, run and 30 second pitches from attendees.

Join the upcoming ClimateHack Meetups in your city, next up is:

🇳🇱 ClimateHack Amsterdam on July 10th where the focus will be on Founders advancing biodiversity in Europe and beyond with speakers from BeeSage, Sumthing and Natoere

👀 Here’s what attendees ate over the two day’s at HackSummit.

Tweets x Climate  

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Editorial by Arman, Curation by Nicola