Clean Energy | January 9, 2023

A passel of clean energy deals to kick off the new year

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, January 9 — Climate tech proved resilient last year relative to other VC sectors more impacted by the global economic slowdown. And the beat goes on.

Spain’s H2B2 Electrolysis Technologies is among the first companies this year to raise capital in the hot green hydrogen market. The company is developing projects in Spain, the U.S., Germany, India and Colombia with capacity to generate 200 megawatts of clean energy. It’s raising capital via a special purpose acquisition company, or SPAC, which will allow the company to go public through an acquisition from Carlyle Group.

SPACs were a popular growth strategy (and early investor exit strategy) for companies in emerging tech sectors, before plummeting last year with the overall market downturn.

Community renewables

Nashville-based Silicon Ranch Corp. raised $375 million to build out community renewable energy and battery storage infrastructure. The company’s existing and pipeline of projects amounts to five gigawatts of clean power generation in the U.S. and Canada. Manulife Investment Management, TD Asset Management Inc. and Mountain Group Partners backed the company. Silicon Ranch closed a $775 million equity round early last year.

Greening infrastructure

Caban Systems raised $51 million to decarbonize and modernize critical infrastructure. For example, the California-based company combines lithium-ion energy storage and remote monitoring software for telecommunications providers to green telecom towers, which often use diesel fuel as one of their main power sources.

Woman-led Caban has supplied more than 1,200 megawatt-hours of clean energy and helps reduce site operating costs by as much as 70%. Its Series B round was backed by BCP Ventures, Ontario Power Generation Pension Fund, Ember Infrastructure and others.