Recent Deals – 12 March 2024

Small-scale ammonia synthesis; real-time LCA assessments for construction materials, and real-time grid coordination – Recent deals worth looking at: 


Agriculture & Food 

Nitrovolt (2023) is a developer of nitrogen-based fertilizer through small-scale ammonia synthesis. Through their technology, NitroVolt aims to decarbonize nitrogen-based fertilizer production directly at the point of use, at the farm.  

On March 7th, NitroVolt raised $0.8M in Seed funding from BackingMinds.  

The investment will be used to develop their Nitrolyzer unit. The Nitrolyzer unit will enable cheaper local ammonia production using air, water and electricity. This process would remove fossil fuels from the production process entirely. 


Energy & Power  

Plexigrid (2020) is a provider of DER solutions for electrical systems using data analysis and optimization technology. This enables enhanced grid control technology through real-time coordination.  

Plexigrid raised a combined $6.4M from the European Innovation Council, split into a $4.3M Seed stage equity investment and a $2.1M technology development grant. The round was supplemented by $1M in equity capital from Plexigrid.  

The combined round will accelerate the company’s global expansion and product development, subsequently furthering platform integration. The investment accompanies Plexigrid’s participation in the EIC’s Accelerator Programme. 


Materials & Chemicals 

Cyclize (2022) is a developer of a plasma-based process to produce synthesis gas with plastic waste and exhaust gas CO2.  In May of 2022, Cyclize received EXIST-Forschungtransfer funding from the German government.  

On March 4th, Cyclize raised $5.1M in Seed funding from UVC Partners (Entrepreneurship Venture Capital), High-Tech Gründerfonds Management, Aurum Investments, Unternehmertum Venture Capital Partners, and Klaus Schäfer.  

The investment will be put towards the construction and operation of a waste-to-synthesis gas plant in a chemical park to demonstrate applicability in the industrial environment. Cyclize’s next focus is on scaling its technology and applications through expanding its team and testing its technology with pilot customers.  


Resources & Environmental Management 

Xcelerate (2021) is a developer of a governance, risk & compliance (GRC), and an environmental, social & governance (ESG) and investment platform. Since 2021, the firm has made meaningful investments into key segments in India, namely social compliance and risk management. Its emission capture technology is already in widespread use across North America, providing rapid and actionable methane emissions data. 

Xcelerate’s February 26th Seed round raised $25M from Federated Hermes Private Equity, Altair Capital, and Exacta Capital Partners. 

The investment will be put towards securing strategic acquisitions, as well as further strengthening its operations, technology infrastructure and its team. In the future, Xcelerate intends to expand into Asia-Pacific and other markets.  


Transportation & Logistics 

IM Motors (2020) is a developer of electric vehicles and a joint venture between automobile manufacturer, SAIC Motor, and technology companies, Zhangjiang Hi-Tech and Alibaba Group. Since its inception, IM Motors has launched three electric vehicles into the Chinese market. 

IM Motor’s successful Series B round raised $1.1B to fuel the development of new smart car models and technologies, as well as the company’s expansion into overseas markets. Bank of China, Lingang Group, and the Agricultural Bank of China participated in this round.  

Round investor SAIC has stated its plans to export IM Motor’s products into overseas markets, including Europe, in 2024. Previously, IM Motor’s secured a partnership with Audi in 2023 in which Audi lent its platform for developing electric vehicles to IM Motors.  


Waste and Recycling  

Pathways (2023) develops automated life cycle assessment software of construction materials. Pathways’ software incorporates artificial intelligence to generate life cycle assessments and environmental product declarations across product categories.  

Pathways raised $2.5M in Seed funding on March 4th, which was oversubscribed by $1.5M. Participating investors included Pi Labs and Zacua Ventures. Other investors included Blue Lion Global, Positive Ventures, Jetstream, Refashiond, Great Wave Ventures and Anglet.  

The funding will expand Pathways’ engineering teams to enable faster product rollout. Currently, Pathways’ technology enables real-time LCA assessments through ingesting data from IT infrastructure regarding clients’ manufacturing processes, transportation, and raw material data.  


Enabling Technologies  

Exodigo (2023) provides subsurface mapping solutions using 3D imaging, sensors, and artificial intelligence. Their minimally-invasive process avoids environmental disruption, reduces unnecessary drilling, and avoids emissions from heavy machinery. 

Exodigo raised $105M in Series A funding from new investor Greenfield Partners and existing investors Zeev Ventures, SquarePeg, 10D VC, JIBE and National Grid Partners.  

The investment will be used to develop Exodigo’s global team, contributing to the company’s greater efforts to expand into new markets. Furthermore, the investment will help to accelerate development of a self-service product line.