Recent Deals – 18 October

Want to know how the latest cleantech deals are evolving? Find the insight you’re looking for here.

Agriculture & Food 

Soli Organic, developer of an automated indoor cultivation system that uses a soil-based substrate and a closed-loop micro-ecosystem that recreates natural processes, raised $125 million in growth equity from CDPQ, Movendo Capital, S2G Ventures, Cascade Investment and XPV Capital Corporation. Funding to develop more high-tech indoor farms across the United States. Soli Organic’s controlled farms aim to bring its products to cost-parity with field-grown produce.  

Energy & Power 

Form Energy, developer of an iron-air battery capable of delivering long-duration energy storage for 100 hours to replace existing baseload generation, secured $450 million in growth equity from TPG Rise, GIC, Canada Pension Plan Investment Board, ArcelorMittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue, Energy Impact Partners, The Engine, NGP Energy Technology Partners, Temasek Holdings, Prelude Ventures and VamosVentures. The company aims to start commercial production of its batteries in late 2024. Form Energy uses reversible rusting to charge and discharge, enabling a more reliable renewable energy grid.  

Materials & Chemicals  

Electra Steel, developer of technology to electrify iron and steelmaking, raised $85 million in equity funding from Breakthrough Energy Ventures, Amazon, BHP Ventures, Temasek Holdings, S2G Ventures, Capricorn Investment Group, Lowercarbon Capital, Valor Equity Partners and Baruch Future Venture. The company uses electrochemical process that emits no carbon dioxide to produce iron and uses renewable energy to power the system. Funding to go towards expanding team and establishing more partnerships.   

Resources & Environment 

EcoCart, developer of web extension which automatically calculates the carbon footprint of online orders and offsets at no extra cost, secured $14.5 million in Series A funding from Fifth Wall, Capital One, SVB Financial Group, RyderVentures, Sree Sreedhararaj, Nikila Srinivasan, Base10 Partners, Superangel and Ben Jabbawy. Funding to expand product, marketing and sales team, as well as further develop its software suite of products. The company reportedly offers vetted carbon offsetting projects on its marketplace.  

Transportation & Logistics 

Euler Motors, manufacturer of electric light commercial vehicles, raised $60 million in Series A funding from Blume Ventures, Athera Venture Partners, QRG Investments and Holdings, ADB Ventures, Moglix and GIC. Funding to enable increased production capacity as Euler currently produces 100 vehicles/day with a back-order of 9000 vehicles . Euler is also aiming to expand its operations across India. Company is now valued at $200 million.