Climate Tech Updates

Updated: Feb 8

Take a look at what happened in the European climate tech startup ecosystem last week! 👀


Funds


🧠 Norrsken to back African tech entrepreneurs with a new $200M impact fund.

Stockholm’s impact VC Norrsken has made the first close of a new fund that will be used specifically to support growth-stage startups hailing from Africa. With this announcement, the fund is more than half complete (55%) at $110M, with $65M arriving from a number of unicorn founders who are not only sharing their cash but perhaps, more importantly, their know-how. The fund is looking to support startups operating in fintech, edtech, medtech, and ‘market-enabling solutions’.


🌊 Portugal's Indico Capital Partners launches €50M ocean tech 'Blue Economy' fund. Lisbon VC Indico Capital Partners is launching a climate tech fund - the Indico Blue Fund. The €50M VC and growth equity fund will target Blue Economy startups and SMEs operating out of Portugal. So far €36M has been raised, with the €50M target expected later this year. More than half of the LPs are from outside Portugal, notably from the United States.



💠 New EIP fund to invest in tech that banishes emissions and gives the planet a bit of a breather. Energy Impact Partners has captured $200M of commitments for its $350M fund, doubling down on its commitments to transition the world toward a sustainable future. The fund targets early-stage technologies that accelerate the transition to net-zero greenhouse gas emissions.

💚 HSBC Invests $100M in Bill Gates’ Climate Solutions Initiative Breakthrough Energy Catalyst. Breakthrough Energy Catalyst, a climate solutions-focused initiative founded by Bill Gates, was founded in mid-2021, bringing together businesses, governments, philanthropies and individuals in a public-private partnership network aimed at investing in and scaling new ‘climate-smart’ technologies that will enable the achievement of net-zero by 2050. Breakthrough Energy announced the addition of two new anchor partners, HSBC and impact platform Builders Vision to its green-tech investment network Catalyst.

Milestones


🔭 Italian space transportation and services company D-Orbit announced plans to go public via a SPAC, in a deal that values the venture at $1.4B. The merger with special purpose acquisition company Breeze Holdings is expected to close in the second or third quarter of the year.



Policy


🇦🇺 The Australian government pledged $700M to protect the Great Barrier Reef, months after it narrowly avoided being placed on the UN's cultural agency's "danger" list due to the threat of climate change. Prime Minister Scott Morrison unveiled the nearly decade-long conservation package days ahead of a February 1 deadline set by UNESCO to submit a report on the reef's state of conservation.



Open calls


💙 Faros is an Accelerator promoted by CDP Venture Capital SGR and is dedicated to startups that aim at developing sustainable, disruptive and environmentally responsible solutions in the field of blue economy and harbour innovation. Faros aims at strengthening the relationship between startups, corporate stakeholders and public administration throughout the development of a more comprehensive value chain in the field of the blue economy.


🌀 Kickstart is partnering with Axa to seek for startups to engage with for a mobility project. Axa is running a mobility project and is on the search for an SME to partner with for a pilot, with a potential of a commercial project or/and investment. This opportunity has a short deadline - complete and submit this form by February 6th, 2022.


Launch


🤑 PLAN3T users can now connect their bank accounts from more than 800 German banks and unlock new features such as: the Green cashback to gcheet up to 5% cashback from more than 60 sustainable partner brands and automated Co2 tracking to understand the CO2 footprint of your daily purchases.


Ecosystem


😎 Nicholas Yiu: Climate Tech Investing in 2021. Learn more about how the climate tech investment scene is booming, the challenges in scaling a climate startup, how universities are evolving and about climate policy, more specifically UK Net Zero and COP26.

🤯 Peter Spiller: Innovating to net zero: Five climate technology trends to watch in 2022 and beyond. Five groups of climate technology could attract $3 trillion of capital per year by 2025 and abate 40% of greenhouse gas emissions by 2050. The technologies to watch are: (1) Electrifying transportation, buildings, and industry; (2) Launching the next green revolution in agriculture; (3) Remaking the power grid to supply clean electricity; (4) Delivering on the promise of hydrogen; and (5) Expanding carbon capture, use, and storage. Interesting stuff


🌳 PwC just released its “The PwC Net Zero Future50”: Climate tech is helping to tackle one of the hardest challenges of our time. We’ve highlighted 50 UK-based innovators that could be a vital part of the solution. 🏴󠁧󠁢󠁳󠁣󠁴󠁿 Scotland is poised to take a leading role in developing new technology that can help meet the challenge of global climate change. A new report captures the growth and investment potential of climate tech, highlighting some of the Scottish companies already successfully working in this space.



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