Recent Deals – 22 October 2024
Laser-powered weeding devices, long-duration iron-air batteries, and carbon negative construction materials derived from captured CO2: Recent Deals worth looking at
Agriculture & Food
Carbon Robotics (2018) develops automated laser-powered weeding devices. Their technology utilizes artificial intelligence, robotics, and lasers to accurately eliminate weeds to increase crop yield and quality.
On October 21st, Carbon Robotics raised $70M in Growth Equity from Bond, NVentures , Anthos Capital, FUSE, Ignition Partners, Sozo Ventures, Voyager Capital and Revolution LLC.
The funding will help scale Carbon Robotics’ LaserWeeder business through the introduction of new software and hardware products as well as expanding its manufacturing capabilities. Through the investment round, Carbon Robotics will support its growth into new markets in Eastern Europe, Southern Europe, and the Asia-Pacific Region.
Energy & Power
Form Energy (2015) develops an iron-air battery capable of delivering long-duration energy storage for 100 hours to replace existing baseload generation.
Form Energy’s October 10th Growth Equity round raised $405M. The round was led by T. Rowe Price, with the participation of existing investors GE Vernova, TPG Rise Climate, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue, Energy Impact Partners, Engine Ventures, NGP Capital, Temasek Holdings, GIC, Prelude Ventures, Gigascale Capital, Blindspot Ventures, and VamosVentures.
The funding round will support Form Energy into its next phase of growth, as it expands operations to meet growing demand and scale their business in the U.S. In addition to the round, GE Vernova and Form Energy have signed a Memorandum of Understanding to accelerate the manufacturing and commercial deployment of Form Energy’s iron-air battery.
Materials & Chemicals
Paebbl (2021) manufactures carbon negative construction material from captured CO2 from industrial facilities. Their technology speeds up CO2 mineralization by 10 million times, converting it into usable solid carbonate materials.
Paebbl raised $24.9M in Series A funding led by Capnamic Ventures, with participation from Climate Pledge Fund, HOLCIM, Aurum Impact, 2050 VC, Pale Blue Dot, and Grantham Foundation.
The funding will be used to expand operations and development efforts through the development of a new plant, which will ramp up their production capacity to 3 tons of product per day. In May of 2024, Paebbl successfully sequestered its first full ton of CO2 in their mineral product.
Resources & Environmental Management
Nattergal (2021) develops nature restoration projects for land and seascapes to recover biodiversity. Nattergal buys, leases, or manages large areas of ecologically degraded land and seascapes across the UK and Europe to recover biodiversity and bring about functioning natural processes.
Nattergal raised $52.2M in Seed funding from Aviva Insurance and Landsowne Partners. Aviva invested via its corporate venture capital fund, Aviva Ventures, becoming a key institutional investor for Nattergal.
The Seed funding round has enabled Nattergal to expand operations and acquire three sites, including the newest, Harold’s Park Wildland, in Essex, in June 2024. Alongside Lansdowne Partners and Aviva, Nattergal has attracted a number of pioneering institutional, venture, and angel investors as shareholders.
Transportation & Logistics
Joby Aviation (2009) provides electric aircraft mobility systems. Their quiet, all-electric 5-seat passenger aircraft can take off and land vertically and is optimized to deliver air-transportation-as-a-service.
On October 14th, Joby Aviation raised $500M in Growth Equity from Toyota Motor Corporation. The investment will be paid in two tranches, the first of which will be released this year and the second in 2025.
The funding will support the continued partnership between Joby and Toyota to develop powertrain components and provide additional key components for eVTOLs. Joby and Toyota’s partnership jointly supports the certification and commercialization of Joby’s evTOL aircraft.
Waste & Recycling
Gropyus (2019) develops construction management software for multi-residential and commercial construction. They use a fully digital and automated construction process to develop sustainable buildings to combat the housing shortage.
Gropyus’ October 9th Growth Equity round raised $108M from Semapa and Practical Venture Capital.
Gropyus plans to use the proceeds to transform its plant in Richen into a fully digitally operated and flexible robotic smart factory. According to the company, it will use robots to make wall and ceiling parts in about 16 minutes, with 86% automation. By the end of 2024, it will produce 250,000 m² per year, enough for over 3,500 apartments.
