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BFD Expert Voices - Climate Deals

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Aug. 14 — Singapore investment giant Temasek led a $12 million investment in solar coatings startup Caelux, rounding out the Series A at $24 million in its final close, Alan reported.

Why it matters: The money will fund Caelux's plans to build the biggest factory outside China making perovskite-coated solar modules, which can generate up to 30% more energy than conventional panels.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on Bain Capital's agreement to buy Chindata Group for $3.16 billion.

1. Temasek and Khosla back solar coatings

Data: PitchBook; Note: Includes investors with at least one climate tech investment; Chart: Axios Visuals

Aug. 15 — The number of venture investors that made at least one climate tech investment in the U.S. this year is down 20%, according to PitchBook.

Why it matters: The climate tech sector needs a broader array of investors if the space is going to play a role in decarbonizing the U.S. economy. Government dollars can't do this alone, Alan wrote.

Go deeper: Read Tuesday's newsletter plus Tuesday's Pro Rata on hesitation in the IPO market.

2. More climate investors wanted

Aug. 15 — Mining startup TechMet raised $200 million in an equity round and said it will exceed a $1 billion valuation in the coming months, Katie wrote.

Why it matters: As the world transitions to more electric vehicles and clean energy, companies and governments are on the hunt for more minerals to power EV batteries and to be components for clean energy infrastructure.

3. 🦄 Mining unicorn

Aug. 15 — Shares in Vietnamese electric vehicle company VinFast soared on its Nasdaq debut, following the completion of its SPAC, Katie wrote.

Why it matters: The public markets have been challenging for unprofitable electric vehicle players taking the SPAC route — all eyes are on this listing and whether it can stay above the wreckage.

4. Vietnam's EV maker races out of SPAC gates

VinFast's North Carolina manufacturing plant. Photo: Courtesy of VinFast.

Aug. 16 — Occidental agreed to acquire direct air capture startup Carbon Engineering for $1.1 billion, in a deal announced late Tuesday, Katie reported.

Why it matters: The move is a major validation for the direct air capture industry and shows how oil companies see value in removing and capturing carbon dioxide.

Go deeper: Read Wednesday's newsletter plus Wednesday's Pro Rata on Trump's control of Truth Social.

5. Oxy is buying Carbon Engineering

Illustration of a cardboard box full of carbon molecule with more falling from above. 

Aug. 16 — The Inflation Reduction Act is playing a crucial role in moving forward the deployment of advanced modular nuclear reactors, according to conversations with executives from the sector, Katie reported.

Why it matters: Energy companies are searching for more clean sources of electricity that provide power around the clock, but new large nuclear plants have largely stalled in the U.S.

6. The IRA is supercharging advanced nuclear

illustration of an atom surrounded by shapes and legal symbols

Aug. 17 — David Crane, the Department of Energy's undersecretary for infrastructure, says to corporate leaders moving too slowly toward climate goals: "Get on the front of the bus so you don't get run over by the bus."

Why he matters: A year ago, when the Inflation Reduction Act was passed into law, Crane was still in the private sector. Today, the business leader and prior CEO of NRG Energy is bringing a sense of private sector urgency to federal energy policy.

Go deeper: Read Thursday's newsletter plus Thursday's Pro Rata on an SBIC expansion scoop.

7. DOE's David Crane on IRA & DAC

an illustration of DOE undersecretary David Crane next to abstract shapes and solar panels

Illustration: Tiffany Herring/Axios; Photo: Courtesy of Department of Energy

Aug. 17 — TPG's climate investing fund agreed to buy a majority stake in refrigerant management provider A-Gas from KKR, the firms announced Thursday morning.

Why it matters: KKR says it's retaining a "significant minority" stake in the U.K. business, meaning two private equity giants are teaming up on sustainable refrigeration, Alan wrote.

8. TPG and KKR eye the fridge

Illustration of a blank check in an ice cube.  

Happy Friday, climate readers. Research associate Natalie Breymeyer here with your weekly digest.

Situational awareness: This week marked a year since the passing of the Inflation Reduction Act. We featured several articles that looked at the climate bill's impact and dedicated Wednesday's newsletter almost entirely to the subject. 

🏊‍♀️ Natalie is staying cool in the PNW heat wave by jumping into the bay in the evenings. The hot weather has created great conditions for seeing the bioluminescence in the water once it gets dark.  

🙏 Thank you for reading us this week, and special thanks to copy editor Phoebe Neidl! Please ask your friends and colleagues to sign up.

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August 18, 2023

1. Temasek and Khosla back solar coatings