Feedstock derived SAF, polystyrene recycling, and a milestone round for Indonesian renewable energy: Recent Deals worth looking at 

Agriculture & Food 

NovoNutrients (2017) is a developer of technology that transforms CO2 into protein products. Through their technology, NovoNutrients tailors strains of microbes to digest waste streams with different gas mixes.   

NovoNutrients’ July 9th round raised $15M in Series A funding from investors Woodside Energy and CM Venture Capital. This tranche brings total Series A funding to $18M, including Woodside Energy’s previous contribution of $3M in April of 2023.   

The round will support construction of a pilot plant in the San Francisco Bay area. Over the last year, NovoNutrients has been refining its bioreactor design in preparation for the plant’s completion, using thinner, looper cylinders rather than larger tanks to lower the amount of energy needed to mix the gases.  

Energy & Power  

Xurya (2018) provides PV solar installation, operation and maintenance services for commercial and industrial buildings. Xurya is the first Indonesian company to offer solar rentals without their initial costs and incorporate machine learning into solar management and remote solar operations.   

On July 3rd, Xurya raised $55M in Series B funding from Norfund – the Norwegian investment fund for developing countries, Swedfund, British International Investment, and AC Ventures. Xurya is the first Indonesian renewable energy company to receive direct funding from both the Norwegian Climate Investment Fund and Swedfund.  

Through this round, Xurya and investors hope to advance the energy transition in Indonesia through further developing the company’s offerings. Their efforts have resulted in an increased adoption of rooftop solar for the commercial and industrial industries. 

Materials & Chemicals 

Aether Fuels (2022) is a sustainable fuel developer working to decarbonize aviation and ocean shipping. Their Aurora technology creates fuel from any feedstock that can be converted to CO, CO2, CH4, or H2, including captured carbon dioxide, industrial waste gases, biogas, gasified municipal solid waste and waste biomass. 

Aether Fuels’ $34M Series A on July 2nd saw the participation of a number of investors, including AP Ventures, Chevron Technology Ventures, CDP Venture Capital, Zeon Ventures, Xora Innovation, TechEnergy Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and JetBlue Ventures.  

The round will be used to scale up Aether Fuels’ catalysts and process technology through expanding its R&D infrastructure. Additionally, the investment will also help to expand and accelerate the construction of a fully integrated 100 gallon-per-day (gpd) test production plant. Aether, in collaboration with select strategic partners, has stated their intention to begin developing a pipeline of commercial scale production facilities in the U.S. and Southeast Asia.  

Resources & Environmental Management 

Apiday (2021) is an ESG platform developer. Their platform collects all ESG data in one place, automating ESG reporting and certification processes and improving ESG scores to make ESG improvements in collaboration with third parties like ESG consultants. Apiday’s platform currently targets private equity funds and blue-chip companies needing to track and pilot sustainability practices. 

On July 8th, Apiday raised $10.88M from AENU, Dapni, and Gallion.exe in Series A funding.  

Apiday plans to use the capital injection to accelerate growth and boost the company’s standing among asset management firms, particularly those in Europe. The company aims to expand in Europe through opening offices in Germany and the UK, as well as growing its team to 70 employees over the next year.  

Transportation & Logistics 

Volant Aerotech (2021) is an eVTOL aircraft developer. Its verification aircraft, the VE25, is a full-scale passenger eVTOL featuring eight VTOL propellers for lift and is the basis for the production model intended for advanced aerial mobility, air cargo, and medevac missions.  

Volant Aerotech raised $13.7M in Series A funding from Legend Capital on July 5th. This round follows Volant’s $14M Series A raised just one month ago.  

Through this investment, Volant will accelerate its development, production, and testing of three models of eVTOL aircraft. Specifically, Volant will use the capital to test flight and testing of the VE25 verification aircraft, further research and development and manufacturing of the product aircraft AC101 and working towards the airworthiness certification of the VE25-100.  

Waste and Recycling  

Polystyvert (2011) is a developer of solutions for recycling polystyrene. Their technology incorporates processes that remove all contaminants found in plastic compounds, allowing safe recycled content to be used in the same applications as virgin resin.  

On July 8th, Polystyvert raised $16M in Series B funding from Earth Foundry, Infinity Recycling, and Swen Capital Partners. Total Series B funding is targeted at $30M, with a second tranche of funding providing another opportunity for investors to participate.  

The company plans to use part of the funding to further diversify its intellectual property portfolio, which includes more than 40 patents with worldwide coverage. The round pushes Polystyvert closer to industrial-scale commercialization and the construction of its first commercial bank in Quebec.