Climate and Clean Tech | April 23, 2021

Climate dealmaking accelerates along with the proliferation of pledges

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, April 21 – Venture capital deals into climate technologies reached a record $16.4 billion in 2020, according to Pitchbook. As Earth Day approaches, here’s a sampling: 

Climate-tech funds. Swedish VC firm Pale Blue Dot closed on its €80 million debut climate tech fund to invest in early-stage startups in Europe and the U.S… New Zealand’s Finistere Ventures and New Zealand Growth Capital Partners are raising a NZD$40 million fund to commercialize innovations in sustainable food and agriculture.

Capturing carbon. Canada-based CarbonCure Technologies and CarbonBuilt, developed at UCLA, each win $7.5 million for carbon capture and reuse in cement as part of the $20 million the NRG COSIA Carbon XPRIZE, which rewarded companies turning CO2 emissions into valuable products.

Electrify everything. Electric boat-maker X Shore, a Stockholm-based women-led company, pulled in $17 million to expand production of its Eelex 8000 craft made from recycled bottles, cork, and reused plastic… Polestar, an electric vehicle-maker owned by Volvo (which is itself owned by China-based Geely), raised $550 million, led by China’s Chongqing Chengxing Equity Investment Fund and Zibo.

Green infrastructure. Clean energy investment platform CleanCapital secured $300 million from Manulife Investment Management to acquire 63 megawatts of solar projects… Blue like an Orange makes 106 million reais ($19 million) investment in Órigo Energia to boost solar energy access for small businesses and households in Brazil.