Recent Deals – 3 August

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

Agriculture & Food 

Pivot Bio, developer of nitrogen-producing engineered microbes, raised $430 million in growth equity from Data Collective DCVC, Temasek Holdings, Generation Investment Management, G2VP, Rockefeller & Co, Breakthrough Energy Ventures, Continental Grain Company, Prelude Ventures, Bunge Ventures and Tekfen Ventures. The product, a synthetic nitrogen replacement, is produced from a reduced carbon and energy intensive process. It also prevents leaching, a common downside of synthetic fertilizer. Pivot Bio will use the funds to increase its scaling efforts in the US. 

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, raised $200 million in a growth equity round led by ArcelorMittal. Form Energy utilises iron, a cheaper and more abundantly material, in its batteries instead of the commonly used lithium. The company has also partnered with ArcelorMittal to develop and source iron materials. 

Materials & Chemicals 

Genomatica, developer of bio-based alternative chemicals to petrochemicals, secured $118 million in growth funding led by Novo Holdings, bringing the total funding to date to $388 million. The company primarily produces butanediol, a chemical used in apparel, solvents, as well as in some plastics. Genomatica will use the funds to scale production of butanediol and other chemicals used in beauty products.  

Resources & Environment 

Redwood Materials, developer of technology for materials recycling, remanufacturing, and reuse, raised $700 million in growth equity from T. Rowe Price, Goldman Sachs, Baillie Gifford, Canada Pension Plan Investment Board, Fidelity Investments, Capricorn Technology Impact Fund, Breakthrough Energy Ventures and Amazon. Redwood aims to develop a closed-loop supply chain for the materials used in batteries and consumer electronics. The company is in the process of scaling its operations; it has tripled the size of its existing plant in Carson City and has bought land in Sparks (both in Nevada, US).  

Transportation & Logistics 

Rivian, developer of electric pickup trucks, has secured $2.5 billion in growth equity from Amazon, D1 Capital Partners, Ford Motor Company, T. Rowe Price, Third Point, Fidelity Management & Research Company, Dragoneer Investment Group and Coatue. The company is on the verge of commercialization and will use the funds to expand its operations facility in the US and drive product internationally. Rivian has raised $10.5 billion in equity capital to date.  

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