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Climate Deals Thought Bubble

Jan. 9 — Stellantis, the Netherlands-based parent company of Jeep, Chrysler and Fiat, signed a binding supply agreement with Element 25 to supply battery materials for electric vehicles, Alan wrote.

Why it matters: Commodities markets are volatile. That's unleashed a furious arms race between automakers seeking to lock down long-term supplies for the raw materials needed to build EVs.

Read the rest of this story and Monday's newsletter 

Plus: Monday's Pro Rata, on startup valuations and a biopharma buy

1. Paving the road for EV growth

Jan. 10 — Investment and merger activity in the uranium mining sector exploded in 2022, triggered by renewed concerns around energy security, Alan reported.  

Why it matters: Investors are rushing to secure critical raw materials — especially for a new generation of advanced reactors. 

Read the rest of this story and Tuesday's newsletter

Plus: Tuesday's Pro Rata, on CVS circling Oak Street Health

2. Uranium mining blows up

Jan. 10 — Enpal, a German provider of rooftop solar leases, is nearing a $230 million (~€215 million) investment led by TPG at a valuation of $2.4 billion (~€2.2 billion), Alan reported.

Why it matters: Solar leasing programs are on the decline in the U.S. But TPG apparently sees big opportunity in Europe.

3. Solar subs

Photo: Jens Büttner/picture alliance via Getty Images

Jan. 11 — Hystar, an Oslo, Norway-based developer of ultra-efficient hydrogen electrolyzers, closed a $26 million Series B round that was led by industry heavyweights and hydrogen-focused investors, Alan reported.

Why it matters: Hystar says the funding will enable it to reach commercial operation — bringing a new challenger to the increasingly crowded hydrogen production markets.

Read the rest of this story and Wednesday's newsletter

Plus: Wednesday's Pro Rata, on M&A implications of a noncompete-clause ban

4. Heavy industry backs Hystar's green hydrogen

Jan. 11 — ReelData AI, a Halifax, Nova Scotia-based data software startup, raised $8 million in Series A funding, the company exclusively told Megan.

Why it matters: The round highlights investor interest in the aquaculture space, a business area tied to ag tech but more niche and, in some cases, more complex than typical farm innovations.

5. Fish farming startup snags $8M

Jan. 12 — EnrichAg, a subsidiary of ag tech company Terramera that focuses on soil testing, has raised $6 million of a planned $15 million Series A round, the company exclusively told Megan.

Why it matters: Ag tech startups continue to win over investors eager to tap into the resilient funding landscape around climate tech. 

Read the rest of this story and Thursday's newsletter 

Plus: Thursday's Pro Rata, on JPMorgan Chase's legal case against student financial aid platform Frank

6. Soil tester EnrichAg digs up $6M

⌨️ Editor Michael Flaherty here with our first weekly digest of the year. We've seen a flurry of deal activity already, which you'll see below.

🇨🇳 We also saw a report by Alan on how the U.S. law meant to crack down on forced labor in China is impacting the solar industry. More on that next week.

🙏 Thank you for reading us this week. 

🐟 Please tell your fellow climate tech experts to sign up for this newsletter, along with any miners and fisherman you may know. 

January 13, 2023

1. Paving the road for EV growth