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BFD Expert Voices - Climate Deals

BFD Expert Voices

Oct. 17 — The emissions-tracking software space remains a land grab with well-funded startups taking on the Big Four and Big Tech in a David vs. Goliath battle. TBD on who will actually emerge as a leader in the space, but recent developments include: 

Microsoft added emissions-tracking software and a carbon credit network into its 365 enterprise software.

Fifth Wall, a VC firm with an active climate fund, partnered with consulting group EY to offer emissions tracking software for real estate portfolio holders.

Go deeper into the state of play and read Monday's newsletter.

Plus: Monday's Pro Rata, with insight about VCs on the ballot  

1. Emissions-tracking software state of play

Oct. 18 — A majority of companies are leaning into emissions reduction as their sole strategy to reach net-zero goals, a new KPMG survey of 5,800 companies found.

Why it matters: Environmental groups have pushed back against carbon credits as a way for companies to "buy their way out" of doing the often complex and expensive work of true emissions reduction, Megan writes.

Plus: Tuesday's Pro Rata, with investors' generation gap POV    

2. How to reach net zero

Oct. 18 — The Interior Department announced the country's first lease auction for offshore wind development in the Pacific Ocean, Alan wrote.

Why it matters: The move is a first step toward unlocking as much as 25 GW of new wind capacity for the Western U.S. 

Plus: Alan spoke with Equinor's new U.S. wind chief, Molly Morris.

3. First auction for Pacific offshore wind energy

Oct. 19 — Bill Gates weighed in on the state of the global energy transition during the Breakthrough Energy Summit in Seattle, Megan reported.

Why it matters: Gates' firm, Breakthrough Energy, and its associated venture capital arm, Breakthrough Energy Ventures, are among the most active investors and advocates pursuing climate-friendly technology. 

Read Wednesday's Climate Deals newsletter. 

Plus: Wednesday's Pro Rata, with fossil fuel's deep pockets    

4. Gates sees shift in energy transition

Oct. 20 — Seattle-based Lithos raised a $6.23 million seed round to give away basalt to farmers — and, in turn, capture vast amounts of carbon, Alan reported.

Why it matters: This isn't a mere ag-tech or carbon play. Lithos also aims to become the go-to software provider for carbon accounting and management for soil-based carbon removal. 

Read Thursday's Climate Deals newsletter. 

Plus: Thursday's Pro Rata, with the value in kicking bus tires    

5. Volcanic seed round for farmers

A tractor spreads basalt across a field. Photo: Courtesy of Lithos.

Oct. 20 — National Grid Partners, the corporate venture arm of energy company National Grid, invested $20 million across three energy software startups, the firm exclusively told Megan.

Why it matters: Corporate venture groups with deep industry ties are increasingly making their case to startups. 

6. National Grid Partners puts $20M to work

Oct. 20 — This week we spoke with Bill Clerico, the founder of newly formed venture firm Convective Capital.

Why he matters: Clerico previously founded WePay, a fintech startup that he ultimately sold to JPMorgan in a deal valued around $400 million in 2017. With Convective Capital's initial $35 million fund, he's planning to write checks around $1.5 million on average to technology companies combating, predicting and preventing wildfires.

7. Convective Capital's Bill Clerico

Photo illustration: Gabriella Turrisi/Axios. Photo: Courtesy of Bill Clerico

Situational awareness: Axios Pro gathered reader insight in the Axios Pro Deals Sentiment Report 2022. Give it a read!  

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October 21, 2022

1. Emissions-tracking software state of play