Your Newsletter at a Glance
Note from the author: This week has been electric for EV investment — we are covering over $30 billion in EV infrastructure from battery factories to widespread charging networks. A lot of which has been made possible through the Biden administration’s allocation of Inflation Reduction Act funds.
Nature-based solutions saw innovative investment into the world of insects as alternative protein solutions, alongside a steady stream of funds into the blue economy with conservation projects and new financing for sustainable fisheries.
Deal Count: This week covers over $270 billion in global climate finance deals and commitments, and around $3.4 billion in NbS deals. Check it out in the 65 stories below.
Climate Finance
Deals above $100m
Market Watch
Duke Energy to invest $145b in clean energy transition [Carbon Credits]
- Duke Energy released its annual climate report outlining its sustainability and net zero goals, performance, and progress, with the plan to invest $145 billion over the next ten years as it takes the lead in the clean energy transition. In its Impact Report, one of America’s largest energy holding companies claimed to expand its 2050 net zero goal to cover over 95% of its footprint including Scope 2 and relevant Scope 3 emissions, making it one of the first in the sector to do so.
Netherlands to spend $31 billion in drive to meet 2030 climate goals [Reuters]
- The Dutch government said it would spend 28 billion euros ($31 billion) in the coming years to guarantee it would meet its climate goals for 2030. The government announced a range of measures which it said would make sure CO2 emissions in the Netherlands will be 55% lower than in 1990 by 2030 - ranging from building large offshore solar power fields to lifting taxes for polluting industries.
Canada, Volkswagen to invest more than C$20 billion ($14.7b) in EV battery gigafactory [IBT]
- Canada's federal government will provide up to C$13.2 billion in manufacturing tax credits through 2032, matching the $35 per kWh in production subsidies offered by the U.S. Inflation Reduction Act (IRA). It will also provide a C$700 million grant. Ontario's provincial government also will provide C$500 million in direct investment to the German carmaker, as well as hundreds of millions of dollars to upgrade local infrastructure.
Research
VCs invested €60BN ($65.8b) in climate tech last year [The Next Web]
- As reported by Bloomberg, the total global investment into the energy transition, private and public, reached $1.1 trillion in 2022. This was up from a mere $214 billion ten years prior, and the numbers have positively skyrocketed since 2020.
Californians have bought more than 1.5 million electric vehicles [ars technica]
- The article says that 21.2% of all new light vehicles sold in California in Q1 were plug-in vehicles. They argue that California is far and away the country's largest adopter of plug-in electric vehicles. Because of the state's ability to regulate its own air quality and spurred on by a large economy and plenty of affluent residents, the EV has gained plenty of traction in the Golden State. So much so that last month, California met its goal of having more than 1.5 million clean vehicles on the road two years ahead of schedule.
Nature-based Solutions
Deals above $1m
Market Watch
- The funding includes $477 million for 149 nature-based infrastructure projects intended to bolster coastal communities’ ability to respond to extreme weather events, address climate hazards, and support locally led restoration. The awards will be made through the National Oceanic and Atmospheric Administration’s Climate-Ready Coasts Initiative and funded through the Biden-Harris Administration’s Bipartisan Infrastructure Law and Inflation Reduction Act.
- Convent Capital explained last year that this fund offers growth capital to innovative and sustainable agrifood companies in the 37 OECD (Organization for Economic Co-operation and Development) countries. Each investment made through the fund will range from EUR5-20 million with a focus on ventures that have stretched beyond venture into their growth phase. Under this mandate, the fund focuses on investment in innovative and sustainable food and agriculture businesses operating in the EU with a mission to generate both financial returns and positive environmental impact by supporting companies committed to improving the sustainability and efficiency of food chains.
Sumitomo signs $100 million MoU with Singaporean insect startup [The Fish Site]
- The MoU allows Sumitomo to distribute Nutrition Technologies' products into the Japanese market for use in a range of sectors, including pet food and aquafeeds. With the growing demand for food and increasing pressure on protein supply, Sumitomo Corporation sees the need for more sustainable products and the opportunity presented by Nutrition Technologies products, which are made from black soldier fly larvae (BSFL).
Research
2 biotech startups are 3D printing ‘fish’ to give the ocean a rest [Sustainable Brands]
- Mycorena and Revo Foods have combined mycelium-based protein and 3D printing to create a potential win-win for seafood fans and overexploited fish populations. The article says that the companies’ 3D-printed, mycoprotein-based vegan seafood alternatives transform Mycorena’s fungi into a paste that is then inserted into a 3D printer, where it is extruded in layers that create the final product. The companies say the 3D printers are key to creating the unique and complex structures that allow them to recreate the mouthfeel and texture of distinct materials such as fish flesh.
Five projects using community-led regenerative agriculture to fight climate change [one earth]
- One earth argues that through regenerative agricultural practices, which increase soil fertility and carbon storage, net zero food and fiber systems can be achieved globally. These sustainable growing techniques also provide food security, improve livelihoods, empower women, and increase biodiversity.
Climate Finance
Deals above $100m
Individual Deals & Market Watch
- The European Commission and the European Investment Bank have announced Euro 18 billion of financing under Global Gateway, Europe's investment strategy for partner countries. This will boost investment in Global Gateway's priority areas — climate action, clean energy and connectivity — in Europe's partner countries around the world. In particular, these projects will aim to help bridge the global climate finance gap and support prevention, adaptation and mitigation.
Viessmann/Carrier: €12bn ($14.9b) heat pump deal marks time of transition [Financial Times]
- “Carrier Global of the US is buying Viessmann Climate Solutions for €12bn in stock and cash in the wake of a family transition. Maximilian Viessmann, son of long-serving chief executive Martin, fully took over that role about a year ago. A different kind of handover will occur in Germany next year. New gas and oil boilers will be banned. VCS can expect to do nicely from sales of domestic heat pumps, already bolstered by higher gas prices.”
ChargeUK starts with aim to double UK charging network with a $7.5b investment in 2023 [Bloomberg]
- A new electric-vehicle trade group, backed by units of BP Plc and Shell Plc, started up in the UK with a goal to double the size of the nation’s charging network this year. ChargeUK, which includes 18 companies that install chargers, plans to invest £6 billion ($7.5 billion) in new EV infrastructure by 2030.
Germany to raise € 5 billion euros ($5.5 b) from new 10-year green bond [Yahoo Finance]
- Germany was set to raise € 5 billion from a new 10-year green bond, according to a lead manager memo seen by Reuters. Germany set the size of the bond, which matures on 15 February 2033, at € 5.25 billion and will retain € 250 million of the bond on its own books. The bond, which saw over € 14.8 billion of investor demand, will price at a spread of 0.5 basis points below a conventional German government bond with the same maturity.
Hyundai Motor, SK On plan $5 billion EV battery plant in US [Bloomberg]
- Hyundai Motor Group and SK On Co. will spend as much as $5 billion in North America for the production of electric car batteries as President Biden’s green bill encourages companies along the EV supply chain to make investments there. Shares rose as much as 5% in Seoul. The South Korean firms will have an equal shareholding in the plant, to be constructed in Bartow county, Georgia. It’s expected the facility will produce EV battery cells starting in the second half of 2025.
Apollo launches $4 billion fund in clean energy push [Reuters]
- Apollo Global Management Inc has launched a $4 billion fund to invest in companies looking to transition to clean energy. The fund, ACT Capital, is part of the $50 billion sustainable investment target Apollo set for itself last year. Several private equity firms have been raising billions of dollars to expand their footprint in the clean energy space, amid calls for more companies to transition away from fossil fuels.
USDA launches $3.1 billion climate-smart initiative [Successful Farming]
- The USDA said 29 projects involving 45 major commodities in the Partnerships for Climate-Smart Commodities program were already active. Agriculture Secretary Tom Vilsack said negotiations were complete with the majority of 70 big-budget projects selected last fall for $2.8 billion in support. Like the USDA’s land stewardship programs, participation in the climate-smart initiative is voluntary and incentive-based.
GM, Samsung SDI outline $3 billion spend on US battery plant [Bloomberg]
- General Motors Co. and South Korean battery maker Samsung SDI Co. plan to spend $3 billion on a new cell plant in the US amid a push by President Joe Biden to encourage domestic investment in return for production tax and EV credits. The plant will have an annual production capacity of 30 GWh and mass production should start in 2026.
- The proceeds of the offering are expected to finance, or refinance specified green projects, including but not limited to clean transportation, renewable energy, energy efficiency, sustainable management of living natural resources and land use, terrestrial and aquatic biodiversity, and sustainable water and wastewater management. The offering closed on April 13, 2023.
$2.5B boost may keep Vinfast moving despite IPO status [Green Car Reports]
- Vinfast has secured additional funding pledges worth $2.5 billion. That may allow it to keep it moving smoothly ahead of its planned U.S. stock-market listing and past that timeframe.
Biden pledges $1.5bn for Climate and Deforestation Fund [Earth.org]
- US President Joe Biden announced plans to increase funding to support climate resilience and clean energy projects in developing countries and curb deforestation in Brazil’s Amazon rainforest through a contribution to the UN-led Green Climate Fund.
Bosch to buy chipmaker TSI, invest $1.5 billion in US plant [Bloomberg]
- Robert Bosch GmbH is acquiring US chipmaker TSI Semiconductors and plans to invest more than $1.5 billion in its California foundry, expanding the German company’s global bet on chips. The world’s biggest auto-parts supplier plans to retool and modernize TSI’s Roseville site with a target to start producing silicon carbide chips there from 2026. The company expects 30% annual demand growth for this type of chip, commonly used in power management that’s beneficial to electric cars.
BRICS Bank ‘re-taps into USD bond market’ with $1.25 billion 'green' bonds [Bitcoin.com]
- The New Development Bank (NDB), founded by the BRICS bloc, has placed three-year “green” bonds on international capital markets in the amount of $1.25 billion. The net proceeds will be used to finance or refinance eligible “green” projects, as defined in the NDB’s Sustainable Financing Policy Framework.
Brookfield backs Indian Avaada's green hydrogen biz with USD $1bn [Renewables Now]
- Avaada Group has obtained USD $1.07 billion (EUR 972.2m) in a funding round led by the renewables arm of Canada’s Brookfield Asset Management, securing money for its green hydrogen and green ammonia ventures in India.
Dubai firm Quazar eyes $1bln 'green' building materials plant [Zawya]
- Dubai-based Quazar Investment said it has joined hands with a UK-based start-up Graphene Innovations Manchester (GIM) to jointly develop and mass manufacture eco-friendly building materials which are designed to slash carbon dioxide (CO2) emissions. The start-up is based in the Graphene Engineering Innovation Centre (GEIC) at Masdar Building within The University of Manchester. The comprehensive agreement involves a mix of exclusive and collaborative arrangements.
Mitsubishi Corp, MUFG to launch $1 bln decarbonization fund - Nikkei [Reuters]
- Mitsubishi Corp, Mitsubishi UFJ Financial Group and others will launch a decarbonization fund with investment of a total of $1 billion in startup companies. Investments are expected to be made for European and U.S. companies leading in floating offshore wind power and renewable aviation fuel technologies.
Solum Partners closes Fund II with $850 million of capital commitments [businesswire]
- Fund II invests in production assets globally across a variety of crop-types, including coffee, almonds, apples and berries. In deploying capital and managing its investments, Solum remains committed to supporting the local communities it invests in and aims to drive sustainable impact through active portfolio management.
Daimler plans $650M US charging and hydrogen network for big rigs [Green Car Reports]
- Called Greenlane, the joint venture was started in 2022 by Daimler, utility NextEra Energy Resources, and investment firm BlackRock Alternatives. It plans to add charging stations and hydrogen stations along "various freight routes," along the coasts and in Texas, starting with a Southern California site.
Pertamina Geothermal to issue USD $400 million green bonds [Think Geoenergy]
- Indonesia’s state-owned geothermal developer PT Pertamina Geothermal Energy (PGE) has announced plans to issue green bonds worth IDR 5.94 trillion (approx. USD $400 million). The green bond will have an interest of 5.15% per annum and will mature in 2028. The notes will be issued on 27 April 2023.
ReNew Energy Global raised $400 mn through green bonds [greentechlead]
- The green bonds received strong demand from investors in US, Europe and Asia as it opened the high-yield issuance out of India after a broad market hiatus of more than a year. The order book was oversubscribed about 4 times with a total investor demand aggregating in excess of $1.5 billion, resulting in 35bps tightening of pricing.
Ardersier Port receives £300 million ($372m) for energy transition facility [insider.co.uk]
- Investment into the former McDermott construction yard is being made by Quantum, a US investment firm that provides private capital to the energy industry. The funds will accelerate work that has already begun to redevelop the port and unlock its potential to support the deployment of offshore wind installations and the decommissioning of oil and gas infrastructure in the North Sea.
- Kirkland & Ellis counseled Braya Renewable Fuels, a Newfoundland and Labrador, Canada-based producer of low-emission renewable fuels, on a $300 million preferred equity investment from Energy Capital Partners (ECP), a leading energy transition focused investor in the electricity, clean energy, renewable and sustainable infrastructure sectors.
Ohmium raises USD $250m in growth equity to expand capacity [Renewables Now]
- Electrolyser systems maker Ohmium International announced the closing of a USD-250-million (EUR 226m) Series C round of growth equity financing led by the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. The company, which is based in the US but manufacturers in India, said it will use the money to support its expansion to 2 GW of production capacity for Proton Exchange Membrane (PEM) electrolysers, and for projects in the key regions of the US, Europe, India and the Middle East. A portion of the sum will be invested in research and development (R&D), too.
- The CDF, a wholesale lending pathway that will provide low-cost capital to Community Development Financial Institutions and other mission-driven lenders for local clean energy and building electrification projects and other scopes of work, will support lenders financing projects that reduce greenhouse gas emissions in disadvantaged communities.
KKR to invest $250 million more in India's Serentica Renewables [Reuters]
- U.S. private equity firm KKR & Co Inc will invest an additional $250 million in Serentica Renewables. Founded last year, Serentica focuses on industrial decarbonisation by making renewables the primary source of energy for the commercial and industrial sectors that use more than 50% of the electricity generated in India.
- The €169 million fund will support communities most negatively affected by the move away from fossil fuels and the cessation of commercial peat extraction. The fund, which will be in place until 2027, will ensure that no-one is left behind by the climate transition and will promote economic, social, and territorial cohesion in line with key EU priorities. It will support training and upskilling for former peat workers. For their communities, this funding will enable them to benefit from new green jobs, the development of affordable green energy, the decarbonisation of local transport, and the roll-out of new tourism enterprises. It will also support investment in sustainable agriculture and forestry, the development of SMEs and start-ups, as well as support for vital research and innovation.
World Bank approves $150 million loan to Panama for green development [Reuters]
- The World Bank has approved a $150 million loan to support sustainable growth and climate resilience in Panama. The Development Policy Loan (DPL) represents the first of two operations in the Central American country, it added, which are designed to support the energy transition, socially-inclusive growth and sustain capital for resilient growth.
ACWA Power’s Egypt solar project secures $123m financing [Gulf Business]
- Saudi Arabia’s ACWA Power, partly owned by the Public Investment Fund, has signed a $123m financing package to develop the 200 megawatts (MW) Kom Ombo solar project in Egypt. Financing institutions for this project include European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (the OPEC Fund), African Development Bank (AfDB), AfDB’s Sustainable Energy Fund for Africa (SEFA), Green Climate Fund (GCF), Arab Petroleum Investments Corporation (APICORP) and Arab Bank.
Seattle VC fund Capria raises $100M to invest in ‘Global South’ startups [GeekWire]
- The fund, Capria’s second, will target founders and startups focused on generative AI and climate technologies. Investments have already been made in startups in Mexico, Brazil, Nigeria, and Egypt, including Kueski (fintech), Agrofy (agritech), MAX (mobility), and Paymob (fintech). Investors in the new fund include Gates Ventures, the private investment office of Microsoft co-founder Bill Gates, as well as OIP Investment Trust, various foundations, individuals, and family offices.
- The Canada Infrastructure Bank (CIB) and Ameresco Canada Inc. (Ameresco) have reached financial close on an agreement which sees the CIB committing to fund up to $100 million towards energy efficient building upgrade projects. The CIB's funding is intended to support Ameresco-led energy retrofits to decarbonize commercial and industrial buildings across Canada.
Research, Frameworks, & Case Studies
Smaller EV prices to come down as EV sales climb, IEA says [Reuters]
- The International Energy Agency (IEA) predicts that nearly one in five cars sold globally this year will be electric, with the prices of smaller EV models dropping to rival those of combustion engine cars in North America and Europe by the mid-2020s.
VC firms create $60 billion-plus climate tech alliance with backing from the UN [CNBC]
- The Venture Capital Alliance (VCA), a coalition of more than 20 venture capital firms, launched with the goal of getting the VC industry to increase its commitments to climate tech. The alliance has laid out guidance that its VC members and their portfolio companies must follow to ensure they meet the requirements to achieve net-zero emissions by 2050. Some of the world’s largest VC funds, including Tiger Global, have signed up as members of the alliance.
Nature-based Solutions
Deals above $1m
Individual Deals & Market Watch
£1.6bn ($1.9b) investment to clean up rivers and coastlines [Yachting Monthly]
- More than £1.6bn is to be invested by water companies in improving the industry’s infrastructure in England in the next two years, the water industry regulator Ofwat announced recently, in a victory for environment campaigners. It follows a request from the government Department for the Environment, Food and Rural Affairs (DEFRA) to English water companies to ramp up their investing between now and 2025 to tackle storm overflow discharges, reduce nutrient pollution from treatment works and address water resilience challenges.
- The Department of the Interior announced that more than $146 million in funding has been approved by the Migratory Bird Conservation Commission, providing the U.S. Fish and Wildlife Service and its partners the ability to help conserve or restore 242,000 acres of wetland and associated upland habitats for waterfowl, shorebirds and other birds across North America – including Canada and Mexico.
Major firms back WWF-led plan to unlock $100m of finance for sustainable fisheries [edie]
- Major fish feed companies including Cargill and Skretting are supporting the creation of a new innovative financing model for fisheries which could unlock $100m+ for sustainability efforts in the sector by the end of the decade. The financing model was unveiled by NGO WWF and impact investment advisory Finance Earth. Called the Fisheries Improvement Fund, the fund will provide upfront funding to enable the creation of Fishery Improvement Projects (FIPS).
Kamala Harris announces $78.7M in Florida projects to fight climate change [Florida Politics]
- The money will come from the Commerce Department and will be administered by NOAA, via the Biden Administration’s Climate-Ready Coasts initiative funded through the Bipartisan Infrastructure Law (BIL) with additional funds leveraged from the Inflation Reduction Act (IRA). The Biden-Harris Administration is committed to protecting and enhancing the diverse coastal habitats and wildlife.
Washington state to receive $74.4 million in coastal and climate resilience funding [Newswires EIN]
- New funding from the National Oceanic and Atmospheric Administration (NOAA) will invest $74.4 million across 14 projects in Washington state to enhance these protections, create jobs, and support healthy natural environments. This funding is part of a nationwide $562 million investment in climate resilience from the Climate-Ready Coasts initiative, which is funded through the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA).
$56 million for projects supporting waterway restoration and protection [Scoop]
- More than $56 million of funding over three years has been committed to plug capability and capacity gaps so restoration and protection of our lakes, rivers and streams can be fully rolled out across Aotearoa. Eleven projects funded by the Essential Freshwater Fund (EFF) will help upskill, train and provide information and tools for people in community groups, tangata whenua, regional and unitary councils, rural advisory businesses and other organizations.
- Rwanda’s fish firm Kivu Choice, a subsidiary of Victory Farms in a team with the Kenyan-based parent company has raised $35 million to enable the East African aquaculture group fund operations expansion in Rwanda and Kenya, and potential entries into Ethiopia, Uganda, and Tanzania. The funds, which is the group’s Series B fundraising round completed this month, constitute the largest ever investment in Africa’s aquaculture industry, according to Kamran Ahmad Kivu Choice founder and CEO.
Biomaterials startup Woodoo raises $31m; enters construction market [AgFunder News]
- Woodoo—a French biomaterials startup transforming low-grade wood into high-performance, low-environmental impact materials that can replace everything from glass and steel to leather and concrete—has raised $31 million in a round led by Lowercarbon Capital with participation from Purple and One Creation.
- The51 Food and AgTech GP announced the closing of $30 Million of its $50 Million Fund targeting Pre-Seed to Series A investments in diverse Founders transforming food and agriculture for global impact. Lead Investor Farm Credit Canada has been joined by Alberta Enterprise Corporation and National Bank of Canada, family foundations and offices, and several individual accredited investors from agribusiness, farming and industry backgrounds.
NOAA awards more than $27m to The Nature Conservancy in Alabama [Alabama Political Reporter]
- The Nature Conservancy (TNC) in Alabama announced that it has been awarded more than $27M of $265M in transformational habitat restoration and coastal resilience funding from the National Oceanic and Atmospheric Administration (NOAA). Funding will be split between two coastal Alabama projects, with $14.6M going toward Coffee Island Restoration in Mobile County and more than $12.8M to the Perdido Watershed Initiative in Baldwin County and the adjoining Escambia County, Fla.
Hawaii acquires $26M from Biden to fund coastal climate change initiatives [Hawaii Public Radio]
- The U.S. Department of Commerce is slated to give $26 million to eight climate change resiliency projects in Hawaiʻi. It’s part of the Biden Administration’s Climate-Ready Coasts initiative, funded through the Bipartisan Infrastructure Law. Three projects under The University of Hawaiʻi Sea Grant College Program will use the funding to tackle marine debris.
- Luxembourg’s ministry of finance has committed $25 million to BlueOrchard Finance’s Green Earth Impact Fund, which seeks to raise $250 million to invest in private equity, debt and real assets funds focused on climate adaptation and mitigation, water protection, and biodiversity in emerging markets.
- Maple Hill Creamery announced the finalization of the award of $20 million in funding from the U.S. Department of Agriculture (USDA) to grow markets for sustainable, regenerative grass-fed organic dairy farming. The funding, initially announced in September 2022, is part of the USDA’s Partnerships for Climate-Smart Commodities program, awarding $2.8 billion in funding to pilot projects that will help build and expand opportunities for consumers to purchase food grown in a climate-friendly way.
CDFW invests $17.5 million in the Klamath Basin [Redheaded Blackbelt]
- The California Department of Fish and Wildlife (CDFW) recently provided $17.5 million for the collaborative planning and implementation of three emergency projects that aim to restore critical salmon habitat, improve water management and make the Klamath Basin more resilient to climate change.
- Israeli startup Chunk Foods is gearing up to launch whole cuts of plant-based meat in the US foodservice market this summer after raising a sizable seed round ($15 million) late last year to expand its fermentation-based platform. The investment—from backers including Fall line Capital, The MIT E14 fund, and Robert Downey Jr. ‘s FootPrint Coalition—will be used to expand the team and complete construction of a plant in Israel with the capacity to manufacture millions of steaks annually by the summer.
£11m ($13.8m) for conservation projects to help Wales’ endangered wildlife [Welsh Government]
- The Minister named nine new large and 17 medium projects who will benefit from the latest round of Nature Networks funding, to strengthen the resilience of Wales’ seas, forests and disappearing grasslands. These are home to some of Wales’ most iconic species, including the curlew, otter and bottlenose dolphin.
- Acre Venture Partners led the round with participation from Syngenta Group Ventures and Globo Ventures as well as Maya Capital, Valor Capital and SP Ventures. Arado will use the new funding to expand its existing markets in Brazil and continue developing its technology offerings for farmers and retailers.
Aqua-Spark invests $12m in aquaculture tech firms in Finland and Vietnam [Scandasia]
- Aqua-Spark, the Netherlands-based global aquaculture investment fund, recently launched investment projects in aquaculture tech firms in Finland and Vietnam. The company together with Tesi, Valio, Voima Ventures, and Nordic Foodtech invested an EUR 11 million (USD $12 million) in a Finnish biotech startup, eniferBio, which has developed a fungal protein produced from the byproducts of food and agricultural processes that contains high levels of carbs, fats, and minerals.
Peru to receive $10m towards efforts against deforestation [Quantum Commodity Intelligence]
- Peru is set to receive $10m from Norway for achieved policy milestones aimed at reducing deforestation.
$9M grant aims to restore Waikīkī reefs with coral nurseries [University of Hawaii]
- A coral reef restoration project off iconic Waikīkī Beach has been recommended for a $9 million grant by the National Oceanic and Atmospheric Administration’s (NOAA) Office of Habitat Conservation. The REEFrame project is a partnership by the University of Hawaiʻi at Mānoa, Conservation International, the Hawaiʻi Division of Aquatic Resources, the ocean technology firm Natrx, the ocean engineering firm Oceanit, and workforce development nonprofit ClimbHI. The project will run from summer 2023 to mid-2026.
It’s Fresh! secures £6.7m ($8.3m) to grow its food waste reduction technology business [FDI Forum]
- It’s Fresh! has secured a £6.7 million investment led by BGF and Zintinus, alongside existing investor Praesidium. It’s Fresh! has commercialized and further developed applications for the patented technology which controls the impact of ethylene emitted by fresh produce. The company’s technology slows the rate of ripening and can be applied across the supply chain from harvest through to transit, to in-store fruit containers, making fresh produce safer, more available, and affordable for growers, distributors, retailers, and consumers.
- With seed funding totalling €7.5 million, Origin by Ocean will look toward a future industrial-scale algae refinement plant. €3 million are private funds from the main investors Voima Ventures and Lifeline Ventures as well as from Batofin and Security Trading. The equity round was further boosted with a €4.5 million loan from Business Finland, which was used to pilot industrial-scale algae refining and commercialize the process.
$7.4m funding boost for alt-fried chicken brand VFC [Just Food]
- Meat-free brand VFC has received a £6m ($7.4m) investment from vegan-focussed investment firm Veg Capital. VFC is looking to expand in the UK and internationally with the funding. The business also made it clear that it is open to further investment from other firms, with Veg Capital as its sole investor.
- In partnership with the Caribbean Biodiversity Fund, Global Affairs Canada will contribute a total of CAD 8 million ($5.9m) to the CORE project; CAD 4 million of this will be used for small to medium grants to local environmental and women-rights organizations to implement inclusive and gender-responsive nature-based solutions (NBS), including ecosystem-based adaptation (EBA). The CBF will provide near 1:1 co-financing to GAC’s contribution for CORE small grant funding, further expanding the reach of this important initiative.
Using fungi to replace the meat replacement, Berlin’s Nosh raises €3.2 million ($3.5m) [tech.eu]
- Berlin-based developers of traditional meat (and other sources of protein) Nosh has raised €3.2 million in a seed funding round. The startup will use the capital to press forward with R&D projects as well as gear up for mass production and intensify commercialisation efforts.
Wasson Creek watershed restoration project secures $3.5 million in funding [KEZI]
- State officials said that the South Slough National Estuarine Research Reserve, which manages nearly 7,000 acres of natural areas along the Coos estuary, recently secured $3.5 million in funding to establish a “living laboratory” as part of the Wasson Creek Restoration Project. The project is focused on improving Coho salmon, lamprey and marbled Murrelet habitat.
DWR Habitat Council allocates $3.4 million to habitat restoration projects [Cache Valley Daily]
- Roughly $3.4 million was allocated to selected habitat restoration projects at the annual Utah Division of Wildlife Resources Habitat Council funding meeting. The DWR Habitat Council was created by the Utah Legislature to provide funds for the enhancement, preservation, management, acquisition and protection of fish and wildlife habitat, and for improving hunting and fishing access.
NovoNutrients sign $3 million agreement to scale its alt-protein technology [The Fish Site]
- NovoNutrients has signed a $3 million tech development agreement with global energy company, Woodside Energy. NovoNutrients’ technology – which converts industrial CO2 emissions into protein supplements for people, animals and farmed fish – has been operating at a lab-scale. This tech development agreement with Woodside Energy supports the construction and operation of a larger pilot-scale system.
NOAA grants $2.9M for Vieques Bioluminescent Bay restoration [NimB]
- Two Puerto Rican community organizations, the Vieques Conservation and Historical Trust and the Society for the Marine Environment (SAM, in Spanish), along with the Ocean Foundation and Merello Marine Consulting, have received a $2.9 million grant from the U.S. National Oceanic and Atmospheric Administration (NOAA) for an ecological restoration project that will target the coastal marine habitats within Puerto Mosquito, also known as the Vieques Bioluminescent Bay.
- Japanese automaker, Honda Motor Co and the Honda USA Foundation announced they have awarded more than $2.7 million in funding to a variety of environmental education and conservation initiatives across the U.S. The funding includes $625,000 to support The Nature Conservancy (TNC) programs across 10 states and an additional $2M in financial grants to 67 organizations undertaking environmental and conservation initiatives across multiple states.
ISDA receives over $1 million for gulf hypoxia zone [Morning AgClips]
- The Indiana State Department of Agriculture’s Soil Conservation Division received $1,713,333 from the US EPA through the Gulf Hypoxia Program created under the federal Bipartisan Infrastructure Law to help states in their nutrient reduction strategy efforts.
Research, Frameworks, & Case Studies
- According to the article, the global non-GMO soy protein market is projected to reach US$ 2.5 billion by 2023 and it is poised to experience a moderate CAGR of 4.8% between 2023 and 2033. As per the Fact.MR report, the global non-GMO soy protein market is poised to reach a total of US $4 Billion by 2033.
7 ways to accelerate the transition to sustainable agriculture [World Economic Forum]
- The World Economic Forum argues that there is an urgent need to accelerate the transition to sustainable agriculture practices globally. They say this can be achieved by implementing regenerative practices and nature-based solutions, applying Integrated Pest Management (IPM) techniques, adopting agroforestry practices, reducing vulnerability and improving adaptive capacity against climate change impacts, advancing circularity in agriculture, adopting digital agriculture solutions for the farming supply chain, and ensuring predictability through innovative agri-technologies.
Global pea protein market size to reach $2.9 billion by 2027, exhibiting a CAGR of 11.9% [Benzinga]
- The article references research showing that the global pea protein market size was valued at USD 1.7 billion in 2022. The market is estimated to expand USD 2.9 billion by 2027, exhibiting a CAGR of 11.9% over the projected period.
What’s new in climate investment?
More NewsFunders
Lead Contributors
.png)
