Recent Deals – 20 July

Looking for the latest market movement in cleantech? From agriculture and food to energy, transportation  and sustainable forestry, you’ve found the insight you’re looking for.

Agriculture & Food

Infarm, developer of indoor farming systems for grocery stores, restaurants, and local distribution centers, raised $140 million in growth equity from LGT Lighthouse, Atomico, Cherry Ventures, LocalGlobe, TriplePoint Capital and Balderton Capital. The company is targeting $200 million for the round. Infarm’s value proposition is the extension of product shelf life by offering a growing system that can be located at point of sale. The small farms can also be deployed in public view within restaurants. The company has over 150 units in operation across Europe and is looking to expand its footprint in new retail locations.

Energy & Power

Enapter, a developer and manufacturer of Anion Exchange Membrane electrolyzers for decentralized green hydrogen, launched its Partner Programme to bring green hydrogen solutions to the market “fast”. The company secured 14 international partners which included local distributors, technology partners, suppliers and project developers.

Materials & Chemicals

Liquid Wire, a developer of stretchable electronics, raised a $10 million Series A round led by Deerfield Management Company. Liquid wire’s solutions negate the need for rigid plastic substrates in touch and strain sensors. The funding will be used to expand Liquid Wire’s Portland-based pilot manufacturing line and increase workforce with a focus on addressing the medical patch market.

Resources & Environment

Komaza, has raised $28 million in a Series B round co-led by Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), and the Dutch development bank FMO. Mirova’s Land Degradation Neutrality Fund also participated in the round. Komaza has developed a forestry service and training platform for small-scale farmers to promote sustainable forestry and solve the wood supply crisis. The company has already helped plant over six million trees.This funding is the first close of a planned $33 million Series B round and is planned for two additional forestry sites across East Africa, with additional wood manufacturing facilities to grow its line of sustainable building materials and a new direct-to-farmer app to encourage engagement and increase farmer access to best forestry practices.

Transportation & Logistics

Two electric vehicle developers, one on the rise and one with a far longer history in the sector, raised funding recently. The first is Rivian, a developer of electric pickup trucks, SUVs and electric vehicle platforms, raised $25 billion from Soros Fund Management, Coatue, Fidelity Management & Research Company, Baron Capital Group, Amazon and BlackRock. This funding nearly doubles Rivian’s capital, makes it one of the most well-capitalized EV startup in the world and will support accelerated growth ahead of the 2021 launch of the company’s electric pickup truck and SUV.

The second is Fisker, a manufacturer of luxury electric vehicles, who raised $50 million from Moore Strategic Ventures.This funding will support the next phase of engineering work on the Fisker Ocean all-electric luxury SUV. The company also announced plans to go public through merger with Spartan Energy Corporation and is negotiating with Volkswagen on the use of the latter’s MEB platform to accelerate time to market and lower development costs. Fisker plans to outsource all manufacturing to third parties and focus on design and software to keep production costs as low as possible and improve the economics of the company’s vehicles.

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