Recent Deals – Covid-19 Plant Burgers, Micro-algae and Flying Cars, 30 March
Has Covid-19 had a negative impact on Cleantech Investment? There’s no doubt that many organizations are pulling back on investment in general , but there is good news as investors continue their progress.
Agriculture & Food
Bracing for covid-19 volatility, Impossible Foods, the developer of plant-based substances for the creation of meat replacement products, raised $500 million. Investment came from Mirae Asset Financial Group, Khosla Ventures, Horizons Ventures, Temasek Holding , Mindy Kaling and Peter Jackson. The shock to global markets comes as Impossible has been planning to launch in more international markets and as demand has increased dramatically across accounts in the past year. Despite no reports of any impacts on the business, the company was keen to reassure the market it can endure short-term shock and is still good choice for long-term investors.
Energy & Power
Twaice Technologies, a developer of predictive analytics software for batteries, raised $12 million in a Series A round. The round was led by Creandum and included Cherry Ventures, UVC Partners and Speedinvest. Founded in 2018, the Munich-based start-up has developed a digital twin that constantly updates the virtual model of the battery regarding its current condition. Through augmentation of empirical-analytical models and machine learning, the company can predict, simulate and optimize a battery’s lifetime. Twaice generates revenue via a Software-as-a-Service model, charging an annual recurring fee per digital twin which scales based on the number of batteries. The technology is currently operating in station energy storage assets, electric scooters and trucks. The battery management systems are crucial to the energy storage revolution, check out my insights released last year.
Materials & Chemicals
Producer of organic biomass using micro-algae, Swedish Algae Factory, received equity investment from sustainable aquaculture-focused investment fund Aqua-Spark. Founded in 2014, the startup are one of the only companies globally that cultivates microalgae group diatoms and sells their high-tech silica shells. Their new material, Algica, has light altering, absorptive and binding properties. In the organic and luxury skin care segment, the company has launched a few products and have 25 more in the process of testing and planning launches. The funding will be used to increase production and meet the growing demand for Algica in the personal care and solar energy industries.
Resources & Environment
RigUp, a developer of a software platform for oil rig logistics, raised $28.7 million in a round disclosed via regulatory filing. Founded In 2014, the company has now raised $424 million in equity funding for its marketplace serving skilled labor in the oil industry. It also enables the industry to interact digitally in a more efficient, safe, and environmentally friendly way. Major company investors include Andreessen Horowitz and Quantum Energy Partners.
Transportation & Logistics
Globally public transport has come to a halt. But for developer of a battery-powered, fan-propelled vertical takeoff and landing (VTOL) commuter aircraft, Lilium, there is opportunity beyond the crisis. The German start-up raised $240 million in a growth equity funding round. The round was led by Tencent, and included previous backers Atomico, Freigeist and LGT. Last year the company revealed a new air taxi and plans to launch an air taxi service in the next five years has a total for $340 million in equity funding. Funding will be used for product development.
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