Growth funding's still out there for climate
It might be tough times for founders raising growth funding, but for companies with expanding customers and robust revenue, there's still dollars out there.
Why it matters: Growth funding for climate tech dropped off a cliff in the first half of this year, but there are signs it could be bouncing back.
Driving the news: Efficient motor company Infinitum closed a $185 million Series E round this week led by Just Climate, the low-carbon venture firm launched by Al Gore's Generation Investment Management.
- Participating investors included Galvanize Climate Solutions, NGP, Alliance Resource Partners, Rockwell Automation, Riverstone Holdings, Chevron Technology Ventures and others.
- Infinitum CEO Ben Schuler said the funding environment was "the hardest I've ever encountered over the last seven or eight years," but added, "If you have a successful business, the market is always open."
- The company raised the funds to expand production of its efficient motors, which it sells to industrial companies like data center operators and logistics center operators.
What's next: The Austin-based company will have produced 30,000 of its motors in 2023, and is building out manufacturing in Mexico to grow its production.