Recent Deals-13 March 2020

Your overview of the recent cleantech deals and investment decisions that are shaping the market.

Agriculture & Food

Biotalys, a developer of innovative formulations of crop protection products, raised $11.5 million from Novalis LifeSciences to bring the Series C round to about $50 million. Proceeds from the financing will be used for the further development, registration and commercial scale production of Biotalys’ lead biofungicide product, previously named Biofun 1, scheduled for US market launch in 2022 where the EPA has certified it as biological pesticide, and to expand the company’s discovery platform and development pipeline.

Energy & Power

H2Site, a provider of integrated on-site hydrogen systems founded this year as a spinoff of the Tecnalia research and technology center and Eindhoven University of Technology, raised Seed funding from ENGIE New Ventures. H2Site is working to commercialize a membrane reactor-based system to produce high-purity hydrogen on-site. ENGIE has formed a R&D partnership with Tecnalia and Eindhoven University of Technology to continue to develop emerging applications of this technology.

Materials & Chemicals:

C16 Biosciences, a producer of sustainable, conflict-free palm oil using a fermentation process, raised a $20 million Series A round. Breakthrough Energy Ventures led the round with participation from Waldencast, Future Tech Lab, Y Combinator, Data Collective, Sound Ventures, AME Cloud Ventures and Liquid 2 Ventures. This funding will be used to scale the technology, prepare for commercial launch and expand the team.

Resources & Environment

CarbonCure, a producer of carbon-sequestering equipment for ready -mix and pre-cast concrete production, raised $2 million from the Canadian Government. The funding will be used to expand CarbonCure’s suite of utilization solutions for the concrete industry. The company was one of the winners of the Breakthrough Energy Solutions Canada (BESC) initiative, a partnership of NRCan’s Energy Innovation Program, Breakthrough Energy and the Business Development Bank of Canada.

Transportation & Logistics

Waymo, a leading developer of self-driving technology and Alphabet spin-out, raised $2.25 billion in the company’s first funding round from outside investors. Silver Lake, the Canada Pension Plan Investment Board, Mubadala, Magna International, AutoNation, Andreessen Horowitz and Alphabet participated in the round. The massive cash infusion is a big bet on the competitive advantage of Waymo in the self-driving space and some investors in the round, such as Magna and AutoNation, will offer strategic support.

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