Green Capital - June 18, 2024
Green Capital - June 18, 2024
Financial news in environmental markets.
Green Capital is a daily series dedicated to tracking capital flows and emerging opportunities in environmental markets. Notable events include green investment deals, start-up fundraising, and new public listings.
Deals/Fundraising
Nickel 28’s (NKL) former CEO, Anthony Milewski, has reached a settlement with the company to avoid further litigation on allegations of serious misconduct. After this deal, Milewski has given up nearly half of his shares in Nickel 28 and now owns 6.4% of the firm. NKL hasn’t reached a settlement with the other two executives involved in the same allegations, former president Justin Cochrane and CFO Conor Kearns.
Renewable biocarbon product manufacturer Aymium has secured $50M of debt financing from Fortress Investment Group and Kilonova Capital.
Peab, a construction and engineering firm, has issued $141M in green bonds to finance construction projects involving green buildings, transportation, and pollution management.
Refactor Capital has secured a $50M raise for a fourth fund dedicated to making seed investments in biology, climate, and other technology startups.
Salesforce has announced a $25M commitment to new permanent carbon removal projects with Frontier, a carbon removal coalition. Additionally, the company signed its first European virtual power purchase agreement, amounting to nearly $4M for clean energy philanthropic grants.
Fotowatio Renewable Ventures (FRV) has announced a new $5B green hydrogen and ammonia project in Brazil.
Green Plains (GPRE), an ethanol producer, recently announced several new milestone advancements for a new carbon capture project at its facilities in Nebraska. The project is expected to begin operations in H2 2025.
Njord Carbon, a carbon project and carbon capture developer, has received two years of capital in funding from Verdane and Södra.
The Frontier fund, a carbon removal fund with backers like Alphabet, Meta, and Stripe, has invested $49M in Stockholm Exergi AB to develop carbon capture and storage systems.
Air Liquide and Dunkerque’s CO2 storage project in France is receiving $172M in funding from the EU’s CEF-E (Connecting Europe Facility for Energy) program. The facility will handle up to 1.5M tons of carbon dioxide each year.
Start-Up Investments
Carbon capture materials startup CuspAI is developing an artificial intelligence platform to accelerate the materials design process of carbon capture facilities. The company just raised $30M in a seed round involving Lightspeed Venture Partners and other investors.
LD Carbon, a recycler/producer of recovered carbon black from scrap car tires, has closed a $28M funding round led by Toyota’s growth fund, Woven Capital.
Cawa, an API infrastructure for carbon accounting and ESG platforms, has successfully raised €500K in a funding round to facilitate the sale of carbon credits.