Recent Cleantech Deals – 7 January 2019

Agriculture & Food

Decisive Farming, a developer of a cloud-based data management and analysis platform with integrated service providers for crop farmers, was acquired by Telus, a Canadian telecommunications provider. Telus spent 2019 building out an agricultural services platform, including the acquisition of Farm At Hand in August and investing in Hummingbird Technologies Series B round in October. Financial details of the deal were not disclosed. Previous investors included McRock Capital and Export Development Canada.

Energy & Power

General Fusion, a developer of private fusion energy systems, specializing in magnetized target fusion, raised $103 million in a mix of project finance and equity ($38 million and $65 million respectively) to build subsystems at scale which it expects to demonstrate over next three years. The project finance was provided by the government of Canada, while equity funding was provided by Temasek Holdings, Bezos Expeditions, and Chrysalix Venture Capital.

Materials & Chemicals

Nexa3D, a developer of an industrial 3D printer, raised a $12.2 million funding round according to a regulatory filing. The company aims to provide the largest and most accurate industrial 3D printer to power the next wave of additive manufacturing providers, claiming six times the speed and 2.5 times the volume of comparable 3D printers.

Resources & Environment

Waste2Tricity, a developer of waste-to-energy projects combining alkaline fuel cells with waste conversion technologies, was acquired by PowerHouse Energy and received a $1.6 million grant from the UK Government Department for Business, Energy, and Industrial Strategy (BEIS). PowerHouse Energy said the acquisition could pave the way to mass-market, low-cost hydrogen created from waste plastic. The grant funding was secured following a successful application to the UK Government’s £4.1M Energy Fund competition. The grant will fund the purchase of the thermal conversion chamber, a core element of the DMG hydrogen from plastic waste plant and will be subject to the DMG development at Protos, with the expectation of achieving planning approval and funding by the end of March 2020.

Transportation & Logistics

Rivian, a developer of electric pick-up trucks, closed a successful year for the new electric vehicle company by adding a further $1.3 billion to the $1.65 billion it had already raised in 2019. The funding was provided by new investors T. Rowe Price and Blackrock while return investors included Ford Motor Company and Amazon. Amazon has already ordered 100,000 Rivian trucks to use as delivery vehicles, while Ford have partnered with the company to develop a vehicle around Rivian’s flexible skateboard platform.

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