Green Capital - June 20, 2024
Green Capital - June 20, 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
Recurrent Energy, a subsidiary of Canadian Solar, has secured $513M in financing for Arizona's largest standalone battery storage project. The financing package includes a $249M construction and term loan, a $163M tax equity bridge loan, and a $101M credit facility. Construction is scheduled to commence in Q3 2024, with completion expected by Q2 2025.
Princeton NuEnergy (PNE) announced plans to invest $11M to open a lithium-ion battery recycling plant in Chester County, South Carolina. Founded in 2019 out of Princeton University, PNE specializes in recycling batteries from electric vehicles, electronics, and renewable energy sources like solar.
Norwegian shipping firm Höegh Autoliners has secured $10.4M from Enova to enable its four new ammonia-powered Aurora-class car carriers to operate solely on ammonia upon their 2027 delivery.
BP has agreed to acquire Bunge's 50% stake in BP Bunge Bioenergia, a Brazilian sugar and ethanol joint venture, for $1.4B. The transaction is expected to be completed by the end of 2024. BP will gain full ownership of Bioenergia, which produces approximately 50,000 barrels per day of ethanol equivalent from sugarcane.
Masdar, a renewable energy company based in the UAE, has entered into an agreement to acquire an initial 67% stake in Greece's Terna Energy at a price of €20 per share. The acquisition values Terna Energy at €2.4B. Following the acquisition, Masdar plans to launch a mandatory tender offer to purchase the remaining shares of Terna Energy to achieve full ownership.
Nextracker (NXT), a leading global provider of intelligent solar tracker and software solutions, has acquired Ojjo in an all-cash deal valued at approximately $119 million, subject to customary adjustments. Ojjo, a U.S.-based renewable energy company, specializes in technology for utility-scale ground-mount solar applications.
Start-Up Investments
ecoLocked, a biochar carbon removal company, has secured €4M in seed funding led by Matterwave Ventures and Climentum Capital, among other investors. The funding will support expanding production facilities, introducing new product lines, and enhancing R&D capabilities.
Cloover has secured a substantial $114M seed round led by Lowercarbon Capital. The startup aims to connect 1B people to renewable energy through its operating system, which integrates stakeholders across the renewable energy industry, from installers and prosumers to manufacturers, energy providers, and investors.
Aikido Technologies, a US floating wind startup backed by Bill Gates, has raised an oversubscribed $4M in seed funding.
Downforce Technologies, based in London, has secured $4M in funding primarily to expand its offerings in the African agricultural sector. The company specializes in remote sensing software solutions that help farmers assess soil health and implement carbon credit generation and emissions data collection.
Kinetic, an automotive infrastructure company, has secured $21M in Series B funding led by Menlo Ventures. Currently operating four service hubs across the US and planning to launch four more soon, Kinetic focuses on scanning, programming, and calibration services for vehicles equipped with advanced driver assistance systems (ADAS), ensuring comprehensive vehicle maintenance and repair capabilities.
M2X Energy, a developer of modular gas-to-liquid systems producing low-carbon methanol from stranded methane, has raised $40M in a recent financing. The funds will accelerate M2X's deployment of its first commercial fleet of methanol production systems. They’re targeting deployment and delivery in early 2025 under long-term offtake agreements.
Battery Smart, a battery swapping network, has successfully raised $65M in a Series B funding round. The investment was led by LeapFrog Investments. Other participants in the round include MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.
Molten Industries is raising $25M through a Series A financing round led by Breakthrough Energy Ventures (BEV). The startup converts natural gas into clean graphite for lithium-ion batteries and produces clean hydrogen.
New Public Listings
United Hydrogen Group, a hydrogen energy producer, will go public on the Nasdaq via a $1.6B merger with Aimei Health Technology, a special purpose acquisition company (SPAC).