Recent Cleantech Deals – 21 February 2020
From agtech to energy, chemicals to the environment and mobility, this is where you’ll find the deals shaping cleantech globally.
Agriculture & Food
Waycool Foods, provider of a fresh produce distribution platform aimed at reducing supply chain deficiencies, raised $32,000,000 in an equity and debt funding round led by Lightbox. The round also saw participation of FMO and LGT Lightstone Aspada. InnoVen Capital raised venture debt as part of the round. Founded in 2015, Waycool Food sources fruits and vegetables from small-hold farmers and aggregators and sells through multiple distribution channels spanning small local shops, modern retail outlets, hotels, restaurants and catering establishments. It currently owns brands including, Freshey’s, Kitchenji, Madhuram and Shuddha. The company said it will use the funds raised to automate its supply chain and build the next layer of data analytics required to strengthen supply chain efficiency. It will also develop and expand its range of value-added products to enterprise and retail customers
Energy & Power
Forge Hydrocarbons, a developer of Lipid-to-Hydrocarbon (LTH) technology, announced an equity investment from Shell Ventures and Valent Low-Carbon Technologies. Founded in 2012, the company’s Lipid-to-Hydrocarbon technology creates renewable jet fuel, diesel and naphtha from waste fats and oils. Forge claims that the produced renewable diesel and jet fuels are 90 per cent less carbon intensive than fossil-based diesel. The funding will be used to build a first-of-its-kind CAD$30,000,000 commercial-scale production plant in Sombra, Ontario. The project will create approximately 150 construction and engineering jobs during the build phase and more than 45 full-time jobs for the commercial operation of the facility.
Materials & Chemicals
WAAM3d, a provider of technology solutions and services for wire based additive manufacturing (WAAM), has received substantial investment from Accuron Technologies. WAAM can be used to produce large metal components at low cost, with short production lead time and reduced manufacturing waste. The funding will be used to scale operation by hiring as many as 20 staff in the coming year.
Resources & Environment
Biotic, a producer of a bio-based and biodegradable plastics from agricultural waste, will receive up to $1,100,000 as a winner of the Perrier The Next Packaging Movement. In addition to project funding, the company will receive technical, operational and financial support. The project will create well-paying jobs for women in Africa where the project is based. Flexlkeg. Provider of circular and CO2-free kegs for breweries, and Plastiskul, deployer of micro factories for waste transformation in developing countries, were the other award winners.
Transportation & Logistics
Rad Power Bikes, acdeveloper and seller of electric bikes, received $25,000,000 in a Series A funding round from Vulcan Capital and Durable Capital Partners. Founded in 2007, the company relaunched as a direct-to-consumer business and now have over 100,000 owners. The funding will be used for new brick and mortar retail locations around the world, as well as to expand the company’s mobile service and white glove delivery offerings.
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