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BFD Expert Voices - Climate Deals

BFD Expert Voices

Oct. 31 — Verisk agreed to sell Wood Mackenzie to Veritas Capital for around $3.1 billion. 

Why it matters: The deal is a strong endorsement for the business that WoodMac has built, and it underscores the demand behind research and analytics for the renewable energy sector — a major part of the company's business, Axios' Michael Flaherty wrote.

Flashback: In 2012, private equity firm Hellman & Friedman agreed to buy WoodMac for £1.1 billion.

Read more on this and the rest of Monday's Climate Deals newsletter 

Plus: Monday's ProRata, discussing antitrust scrutiny on private equity

1. Climate Deals' merger Monday

Oct. 31 — Emerson agreed to sell a 55% stake in its climate technology business, which mostly sells Copeland-branded HVAC compressors and related products, to Blackstone at a $14 billion enterprise value.

Why it matters: This is about both climate and cost, with Blackstone betting that residential and commercial building owners will pay to upgrade system efficiency, Axios' Dan Primack wrote, adding that the sale was also part of a broader Emerson divestiture push.

2. Blackstone's climate-tech deal

Nov. 1 — Starfire Energy, a Denver-based startup that makes parts for ammonia manufacturers, has raised $24 million in Series B funding, the company exclusively told Megan.

Why it matters: Upstream companies like Starfire are attracting investors as demand for clean energy manufacturing grows, and as the processes become more complex.  

Read more on this and the rest of Tuesday's Climate Deals newsletter

Plus: Tuesday's ProRata on Saudi interests in Twitter

3. Assembling the ammonia supply chain

Nov. 2 — Amp Robotics, based in Denver, this week announced that it closed a $91 million Series C financing round for its waste-sorting machines, Alan wrote.

Why it matters: Recycling sorting is labor-intensive and expensive — which means the vast majority of recyclable waste ends up in landfills. Amp says its robots make the process not just viable but lucrative. 

Read more on this and the rest of Wednesday's Climate Deals newsletter 

Plus: Wednesday's ProRata, discussing Washington state's move to block Albertsons' dividend payout.

4. Robots, AI and trash-sorting hell

Nov. 3 — After an active year of federal policies that favored climate technology, investors are preparing to go it alone should midterm results change the tone in Washington, Megan reported.

Why it matters: Private investors may have to step up and fund potentially risky, capital-intensive projects like battery-manufacturing plants or grid-resilience projects should federal funds and incentives be pulled back or stopped altogether.  

Context: Several Republican candidates in state and federal races have indicated that ESG initiatives, particularly from large asset managers, are among their top targets should they win. 

Some state candidates are looking to follow Texas Gov. Greg Abbott's lead in banning the state from doing business with BlackRock due to its ESG work.

What they're saying: Investors and policy advisers are watching candidates' rhetoric more than polling numbers as they start to strategize with climate-tech companies and asset managers with climate investments on what comes next.

Read more on this and the rest of Thursday's Climate Deals newsletter

Plus: Thursday's ProRata on Dan Snyder's possible sale of the Washington Commanders.

5. Investors eye midterms with caution

Situational awareness: EV maker Polestar has raised $1.6 billion from its two major shareholders: Volvo and PSD Investment Ltd., the entity controlled by Chinese billionaire Li Shufu.

Thank you for reading Climate Deals! Please tell your climate colleagues, business leader friends and fans of Kermit the Frog to sign up for this newsletter. 

November 04, 2022

1. Climate Deals' merger Monday