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Booster, a startup that provides energy to vehicle fleets on-demand, raised just over $125 million in Series D funding, the company tells Megan.

Why it matters: Fleet managers are not transitioning to fully electric vehicles in one fell swoop, and managing the different needs of aging vehicles with new EVs can add enough complexity to discourage the transition entirely. 

Driving the news: Rose Park Advisors led the round and will gain a board seat as part of the deal. Booster CEO Frank Mycroft declined to disclose the valuation of the round.

New investors in the Series D include Chaac Ventures, Equinor Ventures, Mitsubishi Corporation and Thayer Ventures. 

Several existing investors also re-upped in the round, including Cercano Management, Conversion Capital, Enterprise Holding Ventures, Invus Opportunities, Madrona Venture Group, Maveron Ventures, Perot Jain L.P. and Version One Ventures.

Renewable Energy Group also increased its strategic investment as part of the round. 

How it works: Booster supplies its customers, typically logistics and delivery companies, with on-demand fuel supplies when fleet vehicles are not in use.

Booster's own fleet of trucks — some of which Mycroft says run on biofuels — bring biodiesel, traditional fuel and stored electricity for EVs overnight to fleets waiting to hit the road in the morning.

It charges customers a per-vehicle fee to fuel up, but some customers have access to a subscription product that also includes data sent from the vehicles to Booster to manage fuel use and route mapping.

Between the lines: Booster is betting that traditional vehicles will continue to make up a majority of fleets in the U.S. and that traditional fuel prices will remain high.

Yes, but: Mycroft wants Booster to become the Amazon of vehicle fuel regardless of what form the fuel itself takes.

That tight-margin, high efficiency approach now widely accepted in e-commerce is partly to blame for existing supply chain crises affecting consumer goods.

While it may be inconvenient to wait months for a couch, a crunch in fleet fuel could be catastrophic.

💭 Megan's thought bubble: On-demand vehicle fuel is an intriguing idea that could improve mobility for disadvantaged communities should it become accessible for broader populations.

But that depends on the delivery mechanism humming along as promised.

1 big thing: Fuel startup gets $125M boost

Illustration of a fleet of cars on a hundred dollar bill with Benjamin Franklin's eyes peering through. 

Natrion, a startup that makes a component for solid-state lithium-ion batteries, tells Megan it raised $2 million in seed funding.

Why it's the BFD: Solid-state batteries are making big promises for EV makers and long-term energy storage but are still a far ways away from commercialization. 

Driving the news: Natrion's $2 million in seed funding comes via convertible note with a $12 million valuation cap, co-founder Thomas Rouffiac tells Megan.

Chicago-based TechNexus Venture Collaborative led the round with participation from Tamarack Global, Mark Cuban and Illinois Ventures.

TechNexus Venture Collaborative CEO Terry Howerton will join Natrion's board as part of the round.

Natrion received its last check of the round two weeks ago, Rouffiac says.

How it works: Natrion makes a polymer-ceramic component for lithium-ion batteries that it says improves charging speed and longevity.

It's a replacement component for existing lithium-ion batteries, unlike some other solid-state companies that are rethinking the entire battery cell design to incorporate the solid materials.

Natrion is currently testing its technology in small cell batteries similar to what you'd find in a watch. With the funding, it plans to start testing larger prototypes that are more typical for EV batteries.

The intrigue: Natrion co-founder Alex Kosyakov said that materials shortages — primarily cobalt, nickel and manganese — are causing EV makers to turn to other available materials that could impact the industry's shift to solid-state technologies.

Kosyakov said that Natrion is also working on components that work in lithium iron phosphate batteries, an increasingly common alternative.

2. The BFD: Natrion nets $2M

Illustration of a battery with a dollar bill wrapped around it. 

A startup developing less harmful fertilizer raised $4.3 million in a pre-seed round led by Anthos Capital and Acre Venture Partners, Alan has learned.

Why it matters: Current fertilizers — from manufacture to application — may generate more greenhouse gas emissions than commercial aviation.

What's happening: Switch Bioworks is developing "symbiotic microbes" to replace the chemical nitrogen in common fertilizers. 

Nitrogen fertilizer is typically produced from fossil fuels. 

Agriculture accounts for about 10.5% of U.S. greenhouse gas emissions. Roughly 20% of that pollution is from the production and use of nitrogen-based fertilizer alone — and that doesn't include impacts of runoff on water supplies and ecosystems.

What's next: Switch is aiming to engineer microbes that will eliminate the emissions and pollution associated with most current fertilizers.

The funding pre-seed round will support further R&D.

Of note: Emerson Collective, a corporation founded by Laurene Powell Jobs, also participated in the round. 

Co-lead investor Anthos is focused on growth-stage companies. Acre targets startups in food and agriculture. 

3. Switch Bioworks harvests $4.3M for fertilizer

Illustration of shovel in a dirt pile with Ben Franklin's face.

Chrysler finally getting on board with EVs: Stellantis N.V. — the parent company of Chrysler, Jeep, Dodge, Ram, Fiat, Alfa Romeo and other automakers — has executed a binding, definitive agreement with Samsung SDI to build an EV battery factory in Kokomo, Indiana.

The plant is expected to come online in 2025. The joint venture will invest more than $2.5 billion, and as much as $3.1 billion, Stellantis says. 

Stellantis says it’s aiming for battery-electric vehicles to account for 50% of its sales in North America by 2030.

Yet CEO Carlos Tavares is also warning of critical minerals shortages.

4. 🌡️ Temperature check

Illustration of a thermometer shaped like a smoke stack with smoke spewing out.

Synthesis Capital, a food-tech and alternative protein investor, announced the launch of Synthesis Capital Fund I with more than $300m AUM. Investors include CPT Capital and Société Familiale d’Investissements, as well as Nuveen, Credit Suisse Climate Innovation Fund, Dynamic Loop Capital, DisruptAD, The Nest, Heyi Holdings, trusts associated with the Sainsbury family, Interogo Holding, WTT Investment, CIFF and others. http://axios.link/8AtB

Regrow, a Durham, New Hampshire-based crop management startup, raised $38m in Series B funding. Gavanize Climate Solutions led, and was joined by Time Ventures and Rethink Impact. http://axios.link/0Aso

Shellworks, a London-based developer of plastic-free packaging, raised $6.2m in seed funding. LocalGlobe led, and was joined by Founder Collective, True Global, BoxGroup and Divergent Capital. http://axios.link/QyBj

Ivanhoe Electric, a Vancouver-based minerals exploration company, filed for a $200m IPO. It plans to list on both the Toronto Stock Exchange and the NYSE American exchange. http://axios.link/wOgS

TotalEnergies has agreed to acquire half of Global Infrastructure Partners’ interest in Clearway Energy Group for $1.6b cash, plus a 50% interest in a TotalEnergies subsidiary that holds a 51% interest in SunPower (Nasdaq: SPWR). Global Infrastructure Partners owns a controlling stake with a 42% economic interest in Clearway Energy (NYSE: CWEN). http://axios.link/p16H

ENGIE North America and Solano County, California, are building $41m in energy infrastructure, including 3.4 megawatts (MW) of solar and four microgrids with 7.6 megawatt-hours (MWh) of storage. http://axios.link/5ugA

LSB Industries (NYSE: LXU), a chemicals producer, announced agreements with thyssenkrupp Uhde USA and Bloom Energy (NYSE:BE) to produce green ammonia at an LSB facility in Pryor, Oklahoma. http://axios.link/FCoU

Allego Holding B.V. (NYSE:ALLG), a European EV charging network, and Volkswagen Group France, have entered a partnership with Groupe Bertrand, a hotel and restaurant group, to deploy EV chargers at locations across France. http://axios.link/5ovz

Sasol (NYSE: SSL) and Helmholtz-Zentrum Berlin are leading a consortium to develop sustainable aviation fuels. http://axios.link/wUfX

Solo Advanced Vehicle Technologies, a vehicle hardware company for the freight sector, has signed an initial agreement with American Battery Solutions to develop a battery system for a battery-electric Class 8 long-haul truck. http://axios.link/OfaQ

SolarEdge Technologies and its subsidiary, Kokam Limited Company, have opened a 2 gigawatt-hour battery cell manufacturing facility in South Korea. http://axios.link/O0t8

5. Hot deals

Gilchrist DiPrete joined Clean Energy Ventures as director of finance. DiPrete most recently managed portfolio and fund analytics at Omega Funds. 

H2U Technologies, developing green hydrogen technologies, has named David Martin its chief commercial officer. http://axios.link/vsJR

Biliti Electric, developing compact EVs, has appointed Mark Joseph to its board of directors. Joseph is CEO of Mobitas Advisors. http://axios.link/gztr

Perch Energy, a clean-energy tech services provider, has appointed Sencelia Reynolds as COO. Reynolds was previously COO of Centricity. http://axios.link/hoPM

Perch Energy has also named Georgina Arreola as vice president of policy. Arreola was previously vice president of operations. http://axios.link/L0sh

Green Rock Energy Partners, a sustainable infrastructure-focused private equity firm, has appointed Christine Gabbianelli as principal, head of investor relations. Gabbianelli was previously a founding member and principal of investor relations at Fairview Capital Group. http://axios.link/iCT9

RR.AI, developing autonomous driving technology, has appointed Joseph Putney as CTO. Putney was previously vice president of engineering at Robotic Research. http://axios.link/U1iA

Black & Veatch has named Leon Downing global practice and technology leader for nutrient removal in the company’s water business. http://axios.link/sHUy

Resilient Infrastructure Group has named Paul Schuler as executive vice president of sales and service. Schuler previously led North American sales for Suez Water Technology and Solutions. http://axios.link/4AHP

6. It's personnel

Alan and family are sharing real estate with a family of robins that made their home just outside the baby's room. Not pictured: At least a couple of hatchlings in the nest.

7. Today in nature

A robin sits in a nest in an evergreen tree.

✍ Situational awareness: The SEC this afternoon will consider rules aimed at rooting out greenwashing, in part by standardizing terms such as "ESG" and "sustainable" in investment products. The meeting kicks off at 1pm ET.

🌞 It's officially work-from-patio season for Megan. No, that's not a Zoom virtual background.

📺 Alan watched that "Better Call Saul" mid-season finale last night. Yowzer. Send him your takes along with your tips and pitches. 

Thanks for reading Climate Deals! Please share with your friends, family, co-workers and investment analysts.

May 25, 2022

1 big thing: Fuel startup gets $125M boost