Recent Deals – 22 June

Looking for the latest information on cleantech deals? Find insight on recent innovation developments here.

Agriculture & Food

Motif Foodworks, a plant-based food technology company, raised $226 million in Series B funding in a round co-led by Ontario Teachers’ Pension Plan (OTPP) and BlackRock. Other investors in this round include AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital, Rellevant Partners, Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company and Viking Global. Motif is developing alternatives for meat and dairy products, with a focus on improving nutrition, texture and appearance of products. The new funds will go towards increasing its R&D capabilities and commercialize its technology.

Energy & Power

Northvolt, a developer of battery storage technology and infrastructure solutions, secured $2.75 billion in growth equity round co-led by Volkswagen and Goldman Sachs. Other investors include OMERS, Första AP-fonden, Andra AP-fonden, Tredje AP-fonden, Fjarde AP-Fonden, AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments, Fondaco Growth, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania, as well as other angel investors. Funding to go towards expansion of its Gigafactory in Sweden, from 40GWh to 60GWh. This round values the company at $11.8 billion.

Materials & Chemicals

Graphmatech secured $10.2 million in Series A funding from Molindo Energy, ABB Technology Ventures, Forward Ventures, SEB Venture Debt, ALMI Invest, Walerud Ventures and InnoEnergy. The start-up develops graphene hybrid materials for use as polymer composites, metals and metal powder, as well as in energy storage applications. Graphmatech will work on launching products to new markets, increase production capacity and speed-up its technology development.

Resources & Environment

Dusty Robotics, developer of automated monitoring and BIM compatible construction robots, raised $16.5 million in Series A funding from Canaan Partners, NextGen Venture Partners, Baseline Ventures, Root Ventures and Cantos Venture. Met with increasing demand due to the Covid-19 pandemic, Dusty will use the new funds to develop more robots to expand its fleet and grow its team further. The company is currently operating in the western US on commercial construction sites.

Transportation & Logistics

Hesai raised $300 million in growth equity from Xiaomi, Qiming Venture Partners, Meituan Dianping, Lightspeed Venture Partners, Lightspeed China Partners, Huatai Securities, GL Ventures and CPE Capital. The company, a developer of LiDAR technology for autonomous vehicles and natural gas leak detection, plans to develop smart manufacturing plants and mass produce its solid-state 3D sensors for OEMs. Hesai has also developed an All-in-One Sensing Kit, integrating cameras, LiDAR and on-board data processors for self-driving cars.


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