⚡ Modern Electron, a Bothell, WA-based hydrogen-based home heating startup, raised $30m in Series B funding from At One Ventures, Extantia, Starlight Ventures, Valo Ventures, Irongrey, Wieland Group, and others. □ Zero Acre Farms, a San Francisco, CA-based vegetable oil alternative startup, raised $37m in Series A funding from Lowercarbon Capital, Fifty Years, S2G Ventures, Virgin Group, Collaborative Fund, and FootPrint Coalition. □ Novi Connect, a Larkspur, CA-based B2B marketplace for sustainable ingredients and packaging, raised $40m in funding from Tiger Global, Defy.vc, and Greylock. ⚡ Marvel Fusion, a Germany-based nuclear fusion startup, raised $40m in Series A funding from Earlybird, PRIMEPULSE, Thistledown Capital, Nicolas Berggruen Charitable Trust, Heinz Dürr Invest, Possible Ventures, and others. ⚡ Ekona Power, a Canada-based developer of hydrogen technology, raised $61.9m in funding from Baker Hughes, Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures, and BDC Capital. □ Dott, a Netherlands-based electric bike and scooter startup, raised $70m in Series B extension funding from Abrdn, Sofina, EQT Ventures, and Prosus Ventures. □ Verdox, a Woburn, MA-based electric carbon capture and removal company, raised $80m in funding from Breakthrough Energy Ventures, Prelude Ventures, and Lowercarbon Capital. ☔ Descartes Underwriting, a Paris-based corporate insurance technology company that addresses climate and emerging risks, raised $120m in Series B funding from Highland Europe, Eurazeo, Serena, Cathay Innovation, Blackfin Capital Partners, Seaya Ventures, and Mundi Ventures. □ Superpedestrian, a Cambridge, MA-based startup using AI programming to power ultra-safe scooters, raised $125m in Series C funding from Antara Capital, the Sony Innovation Fund, FM Capital, Spark Capital, General Catalyst, and the Citi Impact Fund. More public equity investor pressure on legacy companies helps create more potential buyers for innovative climate tech down the road. The 33 corporates in NETZ’s portfolio will need new climate technologies to reach their emissions reduction goals - and are already some of the most acquisitive (Schneider, Deere, Trane) and biggest R&D big spenders. Why spill ink on a public ETF in a newsletter literally titled Climate Tech VC? Legacy companies’ transitions open the door for new, innovative startups. NETZ sees upside in the transformative hefty balance sheets and developed supply chains of companies like GM, Occidental, and Deere, and isn’t afraid to get their hands dirty with active engagement and proxy voting to promote climate progress. Transform Climate takes a markedly different approach to climate ETF portfolio construction versus the heavy emphasis on young, renewable clean energy stocks that most existing climate ETFs take. 1 Transform Climate ETF holdings as of, ordered by % of net assets invested (market value $933m) and rounded to the nearest %. NETZ’s portfolio includes 33 companies from some of the heaviest emitting industries (energy, agriculture, transportation) with significant potential and demonstrated commitment to decarbonize. The new exchange-traded fund (ETF) trades under a nifty ticker (NETZ) and invests in legacy companies profiting from the energy transition. 1 is back on track with a public market play to drive decarbonization: Transform Climate. 1 chugs along the Net Zero trackīest known as the upstart activist hedge fund that claimed three Exxon board seats for climate-forward directors, Engine No.
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