Recent Deals – 15 April 2020
While markets are definitely sensitive to Covid-19, investment in sustainable innovation continues. If you’re looking for the latest cleantech deals, you’re in the right place.
Agriculture & Food
Online grocery delivery start-up and innovator in cold chain logistics, Kurley, raised $150 million from Sequoia Capital, Hillhouse Capital and DST Global in a Growth Equity round and its fifth round of funding. The Seoul, South Korea-based company raised the funds on the back of a surge in online shopping triggered by the Covid-19 outbreak. As a condition for the follow-up investment, the investors required that Kurly’s sales reach or top the proposed target. Since 2015, the company has gained significant market share, but faces competition from Shinsegae’s online mall, SSG.com, and SoftBank-backed Coupang.
Energy & Power
Enovix, a developer of 3D silicon lithium-ion batteries formerly known as microAzure, raised $45 million in an equity round. The funding added a new strategic investor and current investors, including T. J. Rodgers and York Capital, and non-dilutive funding from customers. Enovix has developed 3D Wave Array-based cells, incorporating a silicon anode to increase energy density and maintain high cycle life. Funding will be used to complete its California facility, and produce and commercialize its 3D silicon lithium-ion battery.
Materials & Chemicals
Renmatix, a developer of technology for conversion of cellulosic biomass into sugars suitable for production of fuels and chemicals, raised $48.6 million in a funding round disclosed by regulatory filing. Founded in 2007, Renmatix’s super-critical hydrolysis technology deconstructs non-food biomass faster than other processes and uses no significant consumables, which improves the economics of the process. The company’s previous funding round included investment from Total Energy Ventures and Bill Gates.
Resources & Environment
UK based Viridor, a provider of recycling, waste management and energy recovery services, was acquired by newly formed Planets UK Bidco from Pennon Group for $4.2 billion. Planets UK Bidco has been established by funds advised by Kohlberg Kravis Roberts & Co LP (KKR). KKR made an unsuccessful bid for Viridor last year in attempt to be ahead of the competition. KKR went ahead with the acquisition amongst Covid-19 market volatility as they view this acquisition as a long-term investment. Pennon plan to use the funds to make returns to shareholders and pay down debt.
Transportation & Logistics
Via Transportation, a provider of software solutions for shared mobility and transit operations, raised $200 million at a $2.25 billion valuation. Exor led the round with participation from Shell, Macquarie Capital, Mori Building and several existing investors. Via’s technology helps public transit operators move from rigid schedules and routes to a dynamic network. To date, Via has raised over $550 million (not including undisclosed funding) and is working with over 100 partners globally. The investment comes at a time when Covid-19 has curtailed the business for ride-sharing apps.
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