Recent Deals – 27 October

Looking for insight into the latest deals in cleantech? Interested in the future of innovation? Our recent Deals brings you a summary of the latest investment.

Agriculture & Food 

Culture Biosciences, developer of automated bioreactor infrastructures offered as a service to biotech companies, raised $80 million in a Series B funding round from Northpond Ventures, Synthesis Capital, Cultivian Sandbox, The Production Board, Craft Ventures, E14 Fund, Box Group, Verily and Section 32. The company offers bench-scale process optimization for a variety of processes including fermented protein and bio-based apparel. Culture’s platform can be then be scaled to address commercial needs. Funds from this round will go towards building two new bioreactors and deliver on customer demand. 

Energy & Power 

Sunfire, developer of solid oxide electrolyzers to produce renewable hydrogen and syngas, raised $125 million in growth equity from Lightrock, Planet First Partners, Carbon Direct, HydrogenOne Capital, Total Carbon Neutrality Ventures, Inven Capital, Idinvest Partners, Paul Wurth and Neste. Sunfire uses captured hydrogen, water and renewable energy to produce feedstocks for refineries, energy and mobility sectors and other heavy industries. The company will expand its team throughout its operations and strengthen its position in the Europe market with this new round of funding. 

Materials & Chemicals 

NexWafe, manufacturer of green photovoltaic wafers, raised $45 million in growth equity from Reliance Industries , Saudi Aramco Energy Ventures, InnoEnergy and other investors. NexWafe’s proprietary manufacturing process is reported to skip energy-intensive steps in the production of monocrystalline silicon wafers, leading to reduction in carbon emission of up to 70%. Funds will go towards further developing its process and pave the way to market. Alongside the investment, Reliance Industries has also struck an agreement to license NexWafe’s solution. 

Resources & Environment 

CarbonCapture, developer of modular Direct Air Capture machines, raised $35 million in Series A funding from Prime Movers Lab, Rio Tinto, Idealab and Time Ventures. Other investors also participated. The renewable energy powered machines capture carbon directly from the air and not from smokestacks. The technology uses molecular sieves to absorb carbon dioxide alongside customizable systems to cater to varying parameters. The company is building its team out and further developing its technology. 

Transportation & Logistics 

HT Aero, developer of an electric vertical takeoff and landing aircraft for urban mobility, raised $500 million in Series A funding from IDG Capital, 5Y Capital, Xpeng Motors, Sequoia China, Eastern Bell Venture Capital, GGV Capital, GL Ventures and Yunfeng Capital. Company to use the funds to drive research & development and expand its technical team. The company is planning to introduce a vehicle with integrated flying and driving capabilities by 2024.  

Find out how global utilities and innovators are uniting to transform the future of energy at the Free Electrons Open Day on 10 November.