Recent Deals – 13 August 2024
Agriculture & Food
Agrovision (2017) develops technology that combines genetics and data analysis to streamline farming operations and grow superfruits. Currently, Agrovision operates berry brand Fruitist, which is made available by global retailers across Europe, the UK, U.S., Asia and the Middle East. Its other brand, Big Skye, focuses on China.
Agrovision’s August 5th round raised $100M in Growth Equity led by Aliment Capital with participation from other undisclosed investors, bringing Agrovision’s post-money valuation to $1B.
The round will further accelerate product innovation through investing in AI and developing production capabilities that include automating packaging and extending product shelf-life. Additionally, the investment will be put towards accelerating global distribution and brand development.
Energy & Power
TS Conductor (2019) develops carbon-core encapsulated aluminum conductors to increase the ampacity of electric transmission and distribution lines. Their conductors, which are suitable for both new build and reconductoring, can triple generation capacity and decrease operational losses.
On July 31st, TS Conductor raised $60M in Series A funding from Wellington Management, Breakthrough Energy Ventures, National Grid Partners (NGP), Quanta, and NextEra Energy.
The majority of the oversubscribed funding round will be used to open a second production facility in the U.S. and increase manufacturing capabilities. Their existing facility currently operates at near-full capacity, with the company also planning to increase the facility’s output in the short term.
Materials & Chemicals
InventWood (2016) is a cellulose-based nanomaterials developer. Their MettleWood product is 60% stronger than construction-grade steel but 80% lighter, offering a less costly and more sustainable replacement for structural beams, columns, and connections that will ultimately result in significant reductions of greenhouse gas emissions.
Aether Fuel’s $8M Seed on August 8th saw the participation from Grantham Foundation, Builders Vision, Echelon Ventures, and four-time cleantech CEO John Rockwell.
The investment will be put towards commissioning the company’s pilot production facility capable of profitably producing up to one million square feet of product annually. The round accompanies the appointment of Tyler Huggins Ph.D., as its new CEO as it prepares for a 2025 launch.
Resources & Environmental Management
Graphyte (2023) provides carbon dioxide removal technology that combines photosynthesis with practical engineering. Their Carbon Casting technology sequesters carbon-containing biomass waste underground, providing a less energy-intensive alternative to other engineered carbon removal technologies.
On July 30th, Graphyte raised $30M in Series A funding led by both Prelude Ventures and Carbon Direct Capital Management. Investors Breakthrough Energy Ventures and Overture VC also participated in the round.
The investment will be used to accelerate Graphyte’s innovative carbon dioxide removal technology as it will facilitate the launch of four carbon removal facilities between 2025 and 2026 to scale up its carbon removal operations. Its Loblolly project in Arkansas has already begun operations and is projected to reach a capacity of 50,000 metric tons of CO2 removed per year.
Transportation & Logistics
Wallbox (2021) is an EV charger developer and manufacturer. Currently, Wallbox offers a charging and energy management solution for residential, semi-public, and public use to over 100 countries.
Wallbox raised $45M in Growth Equity funding on July 31st, led by Generac Power Systems. This investment strengthens Wallbox’s commercial partnership with Generac to integrate Wallbox installers into Generac’s energy management systems.
The new capital injection will be put towards furthering manufacturing capability and commercial performance to support planned growth in the North American market. Furthermore, their reaffirmed relationship with Generac will enable deeper integration of Wallbox chargers into residential and C&I energy ecosystems.
Waste & Recycling
Unspun (2015) supplies custom jeans and provides a software API platform for digital customization and is a developer of additive and automated apparel production technology. Their 3D weaving platform, Vega, weaves yarns directly into the completed pieces of a garment at speed.
On July 30th, Unspun raised $32M in Series B funding from DCVC, Lowercarbon Capital, E12, Decathlon, and SOSV. This round follows Unspun’s partnership with Walmart announced earlier this year.
Through this investment, Unsupun will build additional Vega 3D weaving machines in conjunction with apparel manufacturers and fashion brands, simultaneously reducing costs and environmental impact of clothing production. Ultimately, Unspun aims to scale Vega as rapidly as possible to localize apparel manufacturing across North America and Europe.
Upcoming Event
Climate mitigation remains the best long-term form of adaptation.
But, with the reality that the world will miss the 1.5°C target, adaptation and resilience as an innovation theme is becoming ever more important to protect people, property, and our livelihood, as well as enable people to live and industries to function in a new climate reality.
Join us on September 10 in Boston, MA for a one-day special event where leaders and innovators will discuss the interplay between adaptation and mitigation.
