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BFD Expert Voices - Climate Deals

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May 1 — Frontline Wildfire Defense, a San Francisco-based startup, raised $6.4 million in seed funding, the company exclusively told Megan.

Why it matters: Wildfire technology is a growing area of interest for climate investors, some of which have seen the affect of larger and stronger fires firsthand.

Read the rest of the article and Monday's newsletter

Plus: Monday's Pro Rata, chronicling the aftermath of Dominion's lawsuit

1.  Wildfire defense funding

The Fairview Fire near Hemet, California, in Riverside County on September 7, 2022. Photo: Patrick  Fallon AFP via Getty Images

May 1 — KKR and Brookfield are investing big money to expand clean energy in India, Alan reported.

Why it matters: India is seeing breakneck demand for electricity. Green power that can keep pace can't come soon enough.

The latest: KKR this week announced it's investing $250 million in Serentica Renewables, an energy-management firm that incorporates green power for commercial and industrial clients.

2. Investors take big steps in India

May 2 — The Oil and Gas Climate Initiative's Climate Investments arm is pursuing up to $750 million for a second fund, Alan learned.

Why it matters: The fund will largely target investments in physical assets instead of software, joining a growing number of hardware-focused climate investment vehicles.

Catch up fast: OGCI Climate Investments is the venture arm of a U.K.-based coalition of oil majors, including Aramco, BP, Chevron, Exxon Mobil and Shell.

Read the rest of the article and Tuesday's newsletter

Plus: Tuesday's Pro Rata, on a dealmaker standstill

3. $750M climate fund

May 2 — Mike Schroepfer is ready to debut his next act: climate VC firm Gigascale Capital, Megan reported.

Why it matters: Gigascale will back early-stage climate companies with a particular focus on hardware startups.

Driving the news: Former Meta CTO Schroepfer — aka Shrep — founded Gigascale with former Prelude Ventures general partner Victoria Beasley and former Fine Structure Ventures investor Evaline Tsai.

4. Ex-Meta CTO unveils Gigascale Capital

Mike Schroepfer delivers a speech during the the Web Summit at Parque das Nacoes in Lisbon

Mike Schroepfer at the Web Summit at Parque das Nacoes, Lisbon in 2016. Photo: Patricia De Melo Moreira/AFP via Getty Images

May 3 — Redaptive, a Denver-based startup that manages energy use in buildings, raised $50 million in Series E extension funding, the company exclusively told Megan.

Why it matters: The new tranche of funding brings Redaptive's Series E total to $250 million. The initial Series E funding closed in December.

Details: Private equity firm and long-time Redaptive investor Linse Capital led the additional $50 million in equity funding.

Read the rest of the article and Wednesday's newsletter

Plus: Wednesday's Pro Rata, on PE's AI experimentation 

5. Energy-management startup nets $50M

May 4 — Asset manager Baillie Gifford is pouring another $180 million into electric aircraft developer Joby Aviation, as federal regulators are taking new steps to clear the way for the mosquito-like machines, Alan wrote.

Why it matters: The reinvestment from a traditionally conservative institutional investor reflects major confidence in a technology that won't reach consumers until next year at the earliest.

Driving the news: Baillie Gifford is buying nearly 44 million newly issued shares at $4.10 per share, Joby announced in its Q1 earnings report.

Read the rest of the article and Thursday's newsletter

Plus: Thursday's Pro Rata, on banking uncertainty 

6. Air taxis gaining altitude

An  Electric Vertical Take-Off and Landing (eVTOL) aircraft outside the New York Stock Exchange

A Joby Aviation eVTOL on display outside the New York Stock Exchange for the company’s IPO in 2021. Photo: Michael Nagle/Bloomberg via Getty Images

May 4 — Online marketplace Hive Brands has signed a deal with one of Comcast's venture arms, Forecast Labs, Alan reported.

What's happening: Comcast will run ads for Hive on affiliated TV channels and streaming services, such as Peacock.

Context: Other online grocers in the sustainability space include Thrive Market, which frames itself more as a health-oriented store; Grove Collaborative, which generally focuses on cleaning and personal care products; and Misfits Market, the meat and produce subscription service that recently acquired Imperfect Foods.

7. Hive Brands and Comcast buzz

Illustration of a bag of groceries and money.

Situational awareness: Editor Michael Flaherty here wishing happy trails and the very best for our colleague Megan Hernbroth, who starts a new chapter today. Here's one of my favorite articles of hers — one that detailed how a hedge fund managed to build the third-largest portfolio of U.S. solar projects.

📝 Today's digest was compiled by Axios Editorial Research Associate Natalie Breymeyer.

🚗 Natalie joined Axios Pro a few weeks ago and is jumping into the fray already. Based in Washington, she'll be spending the weekend driving across the state for her brother's college graduation.

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May 05, 2023

1. Wildfire defense funding