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Nov. 13 — ExxonMobil unveiled a major plan to develop lithium for electric vehicle batteries, Alan wrote.

Why it matters: The announcement shows that one of the world's largest providers of fuel for combustion engines also has a detailed and long-term plan for doing the same for electric vehicles.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on senators introducing a bill that would increase regulations on PE and VC investments into China. 

1. Exxon's lithium plans

an illustration of an industrial battery surrounded by shapes and cutouts of money 

Nov. 13 — Swedish truck company Volvo Group plans to acquire the battery business of bankrupt electric vehicle company Proterra for $210 million.

Why it matters: The outcome for Proterra's fast-growing battery unit highlights both the expanding global market for electric trucks and buses but also the challenges ahead for EV manufacturing.

2. Volvo Group to buy Proterra battery unit for $210M

A Proterra battery-powered transit bus. Photo courtesy of Proterra

Nov. 14 — Cox Enterprises has invested $250 million into solar developer DSD Renewables as part of its growing list of climate tech investments, Katie wrote.

Why it matters: Investments in solar projects continue to set records in the U.S., supercharged by the Inflation Reduction Act.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on Glencore agreeing to buy Teck's coal business for $7 billion. 

3. Cox's $250M solar play

A solar project developed in White Plains, N.Y., by DSD Renewables. Photo courtesy of DSD Renewables

Nov. 14 — Carbon removal startup Rewind closed a $5 million seed round to collect biomass from farm and timber harvests and deposit it in the Black Sea, Alan reported.

Why it matters: The Israeli company says its model offers a relatively cheap approach to removing carbon from the atmosphere.

4. Removal under the sea

Illustration of an anchor holding three carbon dioxide molecules underwater.

Nov. 15 — Evenergi Labs, a software developer that helps transit agencies and other vehicle fleets go electric, raised $5 million toward a planned $10 million Series A, it told Alan exclusively.

Why it matters: The startup's software smooths the rocky road of an EV transition at a time when governments are investing loads of resources into green transportation systems.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on European antitrust regulators seeking to block Adobe from completing its $20 billion takeover of Figma.

5. Riding the electric bus

Animated illustration of a charge indicator bar in the shape of a bus, filling up with a bar that looks like money.

Nov. 15 — Tenet, a software startup linking electric vehicle shoppers with financing providers, closed a $10 million Series A as it expands beyond loan servicing into energy management, the company told Alan exclusively.

Why it matters: EVs are a gateway to electrifying all sorts of things around the house — and Tenet wants to make itself the go-to app for doing so.

6. $10M for EV loan startup

Illustration of Ben Franklin in a sports car.

Nov. 16 — The local bike shop is now part of the robust and growing e-bike ecosystem that is seeing a surge in venture investment as the space matures into a full-fledged vehicle segment.

Driving the news: Used e-bike marketplace Upway closed a $30 million Series B last month, the startup told Alan exclusively.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on the social media "unicorn" IRL's lawsuit developments. 

7. New cash for used e-bikes

an illustration of an electric bicycle surrounded by circles and cutouts of dollar bills

Nov. 16 — Canadian carbon removal firm Deep Sky raised a C$75 million round ($54.79 million) to fund a research facility and start planning a commercial project, wrote Katie.

Why it matters: The emerging sector of pulling carbon dioxide from the air and oceans is seeing a dramatic increase in both private investment and government support.

8. Deep Sky sucks up C$75M

A rendering of Deep Sky's carbon removal research center, likely located in Quebec. Image courtesy of Deep Sky

🥳 It's Friday, climate readers. Research associate Natalie Breymeyer here with your weekly digest.

Programming note: Axios will be observing Thanksgiving next Thursday and Friday, so your next weekly digest will come on Dec. 2. Enjoy the holiday!

Situational awareness: The U.S. Export-Import Bank is providing $169 million in financing to Beta Technologies, an electric aircraft developer based in Burlington, Vt. 

⛴️ Natalie is taking a ferry to the San Juan Islands to spend the weekend at a beachside cabin. 

🙏 Thank you to Michael Flaherty and Chris Speckhard for today's edits.

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

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November 17, 2023

1. Exxon's lithium plans