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Growth funding's still out there for climate
Nov 2, 2023
Infinitum's efficient motors. Photo: Courtesy of Infinitum
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.
