All Access

Climate Deals

Standard

Climate Deals Thought Bubble

Thought Bubble

Climate Deals Alerts

Alert

mustard

BFD Expert Voices - Climate Deals

BFD Expert Voices

• Form Energy, a Somerville, Mass.-based long duration storage startup, closed a $270m credit facility, which it says includes a tax credit advance facility with an accordion feature for up to $1b of total credit. Go deeper

• Rainmaker, an El Segundo, Calif.-based cloud seeding startup, raised $100m in Series B funding from NOA VC, Upfront Ventures, DCVC, Lowercarbon Capital and Dream Ventures. Go deeper

• Kairos Power, an Alameda, Calif.-based nuclear reactor startup, plans to use $100m from a combination of direct investment and engineering services from Samsung C&T to build its nuclear demo plant in Oak Ridge, Tennessee. Go deeper

• Ultraviolette, an Indian developer of EV platforms, raised $85m. Yali Capital and TDK Ventures led, joined by Lip Bu Tan. Go deeper

• Amber Electric, an Australian battery-focused energy retailer, raised a €49m Series E round led by Morgan Stanley. Go deeper

• First American Nuclear Company, an Indianapolis-based nuclear reactor developer, is raising $25m and closed $1m of it, according to a filing. Go deeper

• StandardX, a British isotope developer, raised a £10m seed co-led by Vsquared Ventures and East X Ventures and including Firstminute capital, UKI2S, Brevan Howard Macro Venture and Geometry. Go deeper

• American Supercritical, a developer of supercritical CO2 for powering gas turbines, raised $8m in pre-seed funding. Silent Ventures led, joined by Riot Ventures, Harpoon, Reveille VC, Hillwood, Mana Ventures, Climate Capital, and Alumni Ventures. Go deeper

• Audax Private Equity acquired Integral Consulting, a Boulder, Colo.-based science and engineering consultancy, from Imperial Capital Group. Go deeper

• Bain Capital agreed to acquire lake and pond management firm SOLitude and its Vertex aquatic solutions business from Rentokil Initial (NYSE: RTO) for $230m. Go deeper

• Blackstone and EQT completed their $6.6b buyout of Spanish waste management firm Urbaser from Platinum Equity. Go deeper

• Copeland, a Blackstone portfolio company, acquired Addison, Ill.-based environmental monitoring and compliance firm Dickson from May River Capital. Go deeper

• LLR Partners invested in EnergyCAP, a Boalsburg, Pa.-based utility and energy management platform backed by Resurgens Technology Partners. Go deeper

• MML Capital invested in Dalcour Maclaren, a U.K. utilities and infrastructure consultancy. Go deeper

• Pfingsten acquired Next Point Bearing Group, a Valencia, Calif.-based distributor of precision and miniature bearings and related power transmission components. Go deeper

• SMT Energy, a Boulder, Colo.-based developer of battery energy storage systems, secured up to $268m in equity from Climate Adaptive Infrastructure. Go deeper

• Stonepeak invested in AMPYR, a London-based distributed energy infrastructure platform. Go deeper

• Vanguard Renewables, owned by BlackRock, agreed to acquire Generate Upcycle's North American operations, forming a food waste-to-renewable natural gas platform. Go deeper

• Verdane invested in Xpansiv, an NYC-based provider of registries, marketplaces, and data for energy transition markets. Go deeper

• EcoCeres, a Hong Kong-based maker of sustainable aviation fuel that's backed by Bain Capital, plans to seek $1b in a local IPO, per Reuters. Go deeper

• ProEnergy, a Sedalia, Mo.-based power generation firm backed by Energy Capital Partners, is working with Morgan Stanley and JPMorgan on an IPO that could value the company at up to $50b, per Bloomberg. Go deeper

• Nscale, a London-based AI hyperscaler that last week filed for an IPO, raised $3.36b in a convertible note offering led by Third Point. Other participants include Nvidia, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries. Go deeper

• Nvidia agreed to buy an additional $1.5b of SB Energy's shares before its IPO, according to a filing. Go deeper

• Genel Energy (LSE: GENL) sweetened its takeover bid for Capricorn Energy (LSE: CNE) to around $436m, topping Capricorn's agreement with Norwegian oil firm DNO. Go deeper

• Schneider Electric (Paris: SU) agreed to acquire listed Bulgarian smart device maker Shelly Group for €1.2b. Go deeper

• Generate Capital is selling off its anaerobic digester business, Upcycle, to Pinta Energy in the U.K. and Vanguard Renewables in North America. Go deeper

• Glass Lewis, the SF-based proxy advisor, completed an all-stock merger with Europe-focused ESG data firm Clarity AI, which had raised over $330m from firms like Kibo Ventures, SoftBank, Fifth Wall, BlackRock, Deutsche Börse, Mundi Ventures, Seaya Ventures, and Founders Fund. Go deeper

• Oaktree sold COL Group, an Italian power transmission and distribution specialist, to Eaton (NYSE: ETN) for €810m. Go deeper

• Bessemer Venture Partners raised $4b for a new growth fund and $1.75b for a new seed and early-stage fund. Go deeper

• Blackstone shelved a $3b collateralized fund obligation effort for one of its older PE secondaries funds, per Bloomberg. Go deeper

• Connect Ventures, a European pre-seed firm, held a $55m first close on a fifth fund targeting $80m. Go deeper

• DTCP, a European defense-tech VC firm, raised €455m for its debut fund. LPs include Deutsche Telekom, Porsche SE, EIFO, Danica, and SmartCap. Go deeper

• Ibex Investors raised $87m for an Israel-focused secondaries fund. Go deeper

• Lightcone Ventures, led by Prime Movers Lab vets Brad Pruente and Anton Brevde, is raising its debut fund, per an SEC filing. Go deeper

• Lightspeed is targeting $250m for its next India-focused early-stage fund, per TechCrunch. Go deeper

• Lux Capital added three partners: Sarah Hess (ex-Point72 Ventures) and Mia Krishnamurthy (CRV) on the investment team, and Mahi Joshi (Evercore) on the capital formation team. Go deeper

• Google signed a deal with Georgia Power to finance and buy power from boosted nuclear power plants in Georgia. Go deeper

• Nth Cycle, a Burlington, Mass.-based metal refining startup, announced a $1b supply deal with Glencore. Go deeper

• Jennifer Hankins joined Rev1 Ventures as president and CEO. She previously was with Tulsa Innovation Labs. Go deeper

• Michelle Daubar is joining Engine Ventures as a partner and head of IR. She previously was with Oak HC/FT. Go deeper

• OMERS Ventures promoted Laura Lenz to head of ventures. Go deeper

Energy and climate deals of the week

Everything that happened the week of Sept. 21.

Illustration of an electric plug in the shape of a lasso around the words "Energy and climate deals roundup"

Illustration: Sarah Grillo/Axios. Stock: Getty Images

<h2 class="text-h6 !font-sans !font-normal !leading-[1.2em]">Venture Capital</h2><p>• <strong>Form Energy</strong>, a Somerville, Mass.-based long duration storage startup, closed a $270m credit facility, which it says includes a tax credit advance facility with an accordion feature for up to $1b of total credit. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://formenergy.com/form-energy-announces-closing-of-270m-credit-facility/" data-vars-content-id="3ac8550a-1578-4321-b0ef-2a0c35d93282" data-vars-headline="Energy and climate deals of the week" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://formenergy.com/form-energy-announces-closing-of-270m-credit-facility/" target="_blank">Go deeper</a></p><p>• <strong>Rainmaker</strong>, an El Segundo, Calif.-based cloud seeding startup, raised $100m in Series B funding from NOA VC, Upfront Ventures, DCVC, Lowercarbon Capital and Dream Ventures. <a class="gtmContentClick" data-vars-link-text="Go deeper" data-vars-click-url="https://axios.link/4h3gpl7" data-vars-content-id="3ac8550a-1578-4321-b0ef-2a0c35d93282" data-vars-headline="Energy and climate deals of the week" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://axios.link/4h3gpl7" target="_self">Go deeper</a></p>

Energy and climate deals of the week

Venture Capital

What to read next