FOMO Wednesday: A flurry of early-stage investment in climate tech
Markets may be in a recession, and climate tech investment may be looking like Westeros in Season 6, but the funding announcements keep coming.
Why it matters: Investors of all types are still betting on early-stage startups in climate tech.
Reinvigorating truck stops with EV charging: Xendee raised $12 million in Series A funding to deploy net-zero DER and EV fast-charging tech at truck stops.
- Anzu Partners led, and was joined by truck stop giant TravelCenters of America.
- Between driver shortages and self-driving trucks, truck stops are facing irrelevance. Reliable EV charging may give motorists a reason to stop again.
Replacing RECs with round-the-clock energy: Granular, a startup aimed at helping companies match energy consumption with zero-carbon power day or night, landed $2 million, our colleague Ben writes.
- Seedcamp led, and was joined by Revent and Powerhouse Ventures.
- Companies may pledge to meet all of their energy demand with renewables, but that's often via "renewable energy certificates." That means pulling power from grids with fossil fuels.
- Now, major players from Google to the U.S. government are seeking to match consumption with generation.
Carbon capture for crops: Travertine Technologies emerged from stealth to announce $3 million in seed financing to commercialize CCS for fertilizer production.
- Grantham Environmental Trust and Clean Energy Ventures led the round.
- Travertine, founded by a UC Berkeley professor, says it can capture CO2 from the air, mineralize the gas, and produce sulfuric acid that's used in mining and fertilizer production.