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 

Perfect Day Foods, animal-free milk proteins producer, raised $350 million in a growth equity round from Temasek Holdings, Canada Pension Plan Investment Board, Horizon Ventures, Bob Iger and SK Inc. The company uses sugar-fed microflora to ferment proteins. This process, reportedly, reduces water consumption by 99% and greenhouse gas emissions by 97% as compared to producing milk from animals. The proteins can then be used to make dairy products such as ice cream, yogurt, cheese etc. Perfect Day plans to drive innovation across its process and ingredients, as well as expand its consumer products with this round of funding. 

Energy & Power 

Lhyfe, developer of turnkey solution to produce green, modular and rapidly deployable hydrogen for mobility and industry, secured $58 million Series A funding. Investors in this round include Swen Capital Partners, Banque des Territoires, Noria Invest, OUEST CROISSANCE, Océan Participations and Vendée Energie. Lhyfe is currently initiating a supply 300 kilos of hydrogen from its production site in Vendée. It is also planning to produce renewable hydrogen at an industrial park in Denmark and offshore hydrogen off the coast of Le Croisic. The company has set itself a goal of avoiding 1 billion tonnes of CO2 emissions. The new round of funding will help strengthen Lhyfe’ team and fund new projects. 

Materials & Chemicals 

Fairmat, developer of carbon fiber composites from recycled materials, raised $10 million in seed funding round led by Singular. Other angel investors also participated in this round. The company recycles carbon fiber production scrap and end-of-life waste back into composite material. It aims to divert 190 million metric tons of waste in 50 years from landfills. Fairmat aims to increase its team and start initial sales at scale by mid 2022. 

Resources & Environment 

Cleancult, provider of refillable glass bottles and deliverer of household cleaning formulas and detergents in recyclable containers, raised $25 million in a Series B funding round from Vanterra Capital, Natureza, Moving Capital, Maywic Select Investments, Blue Scorpion Investments, Atento Capital and Anchor Capital. The company works on a subscription model; the customer specifies the product they need and often refills are needed. The items are shipped in recyclable cartons, customer moves product into reusable bottles, and recycles the packaging. Cleancult plans on bringing on more retail partners and expand across the United States and Canada. 

Transportation & Logistics 

Ola Electric Mobility, developer of electric mobility solutions, secured $200 million in growth equity from SoftBank and Falcon Edge Capital. Ola’s FutureFactory has a 10 million production capacity and is an integrated facility with localized production of 90% of the parts used. The factory is reportedly carbon-negative, with renewable energy powering most of operations. The company is also planning multi-level, automated charging systems in 400 cities in India. Ola Electric aims to develop vehicles other than 2-wheelers.