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BFD Expert Voices - Climate Deals

BFD Expert Voices

Sept. 25 — Israeli billionaire and Mobileye co-founder Ziv Aviram plans to invest most of his new climate-tech fund into growth startups, he told Katie.

Why it matters: Aviram's $1 billion to $2 billion fund could provide a new boost to mature companies in the climate-tech sector at a time when growth funding has fallen off a cliff.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on Vista Equity topping $100 billion in assets under management.

1. Growth stage gets another billion

illustration of Ziv Avaram surrounded by colorful lines and photos of trees

Photo Illustration: Tiffany Herring/Axios. Photo: Ohad Romano

Sept. 26 — French startup Ayro closed a €19.2 million (~$20.3 million) Series B to expand construction of its towering sails for oceangoing ships, the company told Alan exclusively.

Why it matters: Incorporating advanced sails with cleaner-burning fuels may be the only way to fully decarbonize the maritime industry and enable companies to meet tightening emissions regulations.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on recession projections among private market investors. 

2. Sailing into €19.2M

The Canopée began sea trials this summer with four Oceanwings sails. Photo: Courtesy of Ayro

Sept. 26 — Venture capital firm Anzu Partners closed its third fund at $200 million, Katie reported.

Why it matters: It's a challenging time to raise funds to back early-stage, highly technical startups compared to the heights of 2021. Anzu Partners said the fund brings the firm's assets under management to about $1 billion.

3. Anzu Partners raises $200 million

Sept. 27 — Permitting is holding back the carbon removal sector, according to industry execs, Katie reported.

Why it matters: Scientists and executives see the nascent sector as a key method for reducing emissions and holding the Earth's temperature below a critical threshold.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on VC firms developing "responsible AI" guidelines for themselves.

4. Carbon-removal red tape 

Illustration of three pencils erasing the phrase "CO2".

Sept. 27 — Electric boat maker Arc closed on a $70 million Series B round to develop and produce its next generation of electric watercraft, Katie wrote.

Why it matters: Thanks to low-cost, high-energy batteries, power boats can now electrify the same way as cars and trucks.

5. $70M for electric boats

The Arc One, a limited-edition electric sports boat from Arc. Photo: Courtesy of Arc.

Sept. 28 — Nuclear fusion and geothermal could replace all natural gas and coal plants by the 2040s, said Vinod Khosla.

Why it matters: The comments from the old-guard contrarian Silicon Valley investor run counter to the way most researchers and industry execs are expecting the energy transition to go, Katie wrote.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on preliminary data that shows global M&A activity is trending lower.

6. Khosla's fusion vision

Vinod Khosla, co-founder of Khosla Ventures, at the ARPA-E Energy Innovation Summit, March 2023. Photo: Sarah Silbiger/Bloomberg via Getty Images

Sept. 28 — London-based Atlas Materials raised a $27 million Series A to design a low-emissions nickel plant for North America, Alan wrote.

Why it matters: The plant is yet another example of the Inflation Reduction Act drawing foreign manufacturing investment to North America, as automakers and battery manufacturers race to buy raw materials that comply with the climate law's domestic sourcing requirements.

7. 540 million nickels

Illustration of a magnifying glass finding a dollar sign on a piece of nickel ore.

We made it to Friday, climate readers. Research associate Natalie Breymeyer here with your weekly digest.

Situational awareness: The White House on Thursday announced several efforts aimed at boosting nationwide resilience to climate change.

🍾 Natalie's good friend is getting married this weekend and she can't wait to celebrate. 

✏️ Special thanks to copy editor Phoebe Neidl for edits.

🙏 Thank you for reading us this week! Please ask your friends and colleagues to sign up.

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September 29, 2023

1. Growth stage gets another billion