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Al Gore's Just Climate unveils its first three investments

Feb 1, 2023
Illustration of a hundred dollar bill stylized as an electric symbol.

Illustration: Aïda Amer/Axios

Just Climate, the U.K. investment firm set up by the former vice president, this morning announced its first three investments since its launch in 2021.

Why it matters: The investments lay out a road map of where the firm is aiming its money.

Details: Just Climate poured capital into:

  • ABB E-mobility, the Switzerland-based EV charging provider that's planning an IPO.
  • H2 Green Steel, a Swedish startup raising a $280 million Series B equity round to decarbonize steelmaking.
  • Meva Energy, another Swedish company, which is developing gasification tech that would enable factories to generate renewable energy.

Of note: Just Climate led the Meva investment.

Catch up fast: Just Climate was launched by Generation Investment Management, which has offices in London and San Francisco.

  • The investment firm was co-founded by Gore and Goldman Sachs veteran David Blood.

Zoom in: Just Climate joined three other investors in backing ABB E-mobility.

  • The investments totaled 325 million Swiss francs for a 12% share.
  • Those additional investors: Porsche Automobil Holding SE; General Atlantic's climate fund, BeyondNetZero; and Singapore's sovereign-wealth fund, GIC.
  • ABB has raised 525 million Swiss francs to date and retains 80%. The company had planned to go public in Q2 2022, but postponed those plans, per Electrive.

What's next: Just Climate is ultimately aiming to make 10-12 investments ranging from $30 million to $150 million.

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