Over $1.2 billion was raised in August by cleantech companies Redwood, Verdagy, Rondo Energy, dcbel, and Fourth Partner Energy

Redwood Materials Secures Over $1B in Series D Funding to Strengthen US Battery Supply Chain

Redwood, a U.S.-based company, has completed a Series D funding round, raising over $1 billion. The funding was co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and T. Rowe Price Associates. Redwood will use funds to grow its capacity and offer domestic battery materials for the first time to enhance the USA battery supply chain.

Redwood's core strategy revolves around amassing end-of-life batteries, amplifying its refining capabilities, and leveraging these resources to produce sustainable battery materials. The company has now amassed nearly $2 billion in equity capital and a $2 billion loan commitment from the Department of Energy.

New investors from the recent round include OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund, and Deepwater Asset Management. Redwood aims to create a closed-loop battery materials supply chain to support a sustainable future. https://bit.ly/45YNqGP

Verdagy Secures $73M Series B for Green Hydrogen Tech to Decarbonize Heavy Industries

Verdagy, a USA-based pioneer in scaling electrolyser technologies, has secured $73 million in a Series B funding round. The round was co-led by Temasek and Shell Ventures, with additional investment from Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures, and Zeon Ventures. This funding will help Verdagy accelerate the launch and commercialisation of its eDynamic? 20MW electrolyser module, targeting future systems with capacities of 200MW and more. Heavy industries like oil and gas, ammonia, steel, and e-fuels will deploy electrolyser technology to support worldwide industrial decarbonisation.

Green hydrogen, produced by splitting water with renewable energy sources, is central to Verdagy’s strategy. Their innovative technology ensures vast-scale green hydrogen integration into heavy industries, achieving reduced investments and operational costs. With a focus on a higher hydrogen output per cell, Verdagy's technology incorporates real-time performance monitoring and predictive maintenance.

CEO Marty Neese, COO Peter Cousins, and Founder Dr Ryan Gilliam are some of the experienced professionals from the hydrogen, solar and battery sectors at the Verdagy team's helm. The company plans to leverage its unique electrochemical cells – which use membranes and high current density operations – to reduce the CAPEX of an electrolyser substantially. https://bit.ly/3KFC9Tl ??

Rondo Energy Secures $60M for Global Industrial Decarbonisation Efforts

Rondo Energy, a US-based provider of zero-carbon industrial heat and power, has raised $60 million to expedite the global deployment of its Rondo Heat Batteries and transform the energy storage market. Rio Tinto, Microsoft’s Climate Innovation Fund, Aramco Ventures, SABIC, SCG, TITAN, Breakthrough Energy Ventures, Energy Impact Partners, SDCL SEEIT, and John Doerr have come on board as investors. This collective funding aims to support Rondo’s international operations and facilitate the global establishment of energy storage projects.

Rondo’s innovative technology transforms intermittent wind and solar power sources into continuous, high-temperature, clean heat essential for industries. By doing so, it offers a more affordable pathway to industrial decarbonisation. This groundbreaking approach has already been showcased in its collaboration with Calgren Renewable Fuels, marking the first commercial operation of its kind in the US. https://bit.ly/45xJ8py

dcbel Receives Strategic Investment from Volvo Cars for Bidirectional EV Charging?

dcbel, a smart home energy firm, has received a strategic investment from Volvo Cars via its corporate venture capital arm, the Volvo Cars Tech Fund. The investment aims to support dcbel's R&D efforts and market expansion. dcbel's flagship product, the dcbel r16 Home Energy Station, is a multifunction residential bidirectional electric vehicle charger that automates whole-home energy management. It reduces environmental and financial costs for homeowners by converting rooftop solar electricity and home battery storage into usable power. The investment from Volvo Cars aligns with their commitment to fully electrify their fleet. ?https://bit.ly/3onP6JG ?

Fourth Partner Energy Receives Over $109M Investment to Boost Renewables in India

Fourth Partner Energy, an Indian-based renewable energy company, has secured a combined investment of over $109 million to support its green energy projects nationwide. The Norwegian investment fund, Norfund, has injected over $42 million to further Fourth Partner Energy's off-site solar and wind projects. The International Finance Corporation (IFC) also contributed almost $68 million for the firm's rooftop solar installations and a 75 MW solar park in Atharga, Karnataka.

In June 2021, Fourth Partner raised $125 million in equity funding, with Norfund contributing $100 million. The company has shown impressive growth, elevating its asset base from 550 MW in 2021 to its current 1.35 GW. With the ambition for a 3.5 GW asset portfolio by 2025, Fourth Partner has embarked on diverse projects, including the recent commissioning of its first wind-solar hybrid venture in Gujarat and announcing a 600 MW interstate transmission system project in Karnataka.

Vivek Subramanian, Co-Founder and Executive Director of Fourth Partner Energy, emphasised the company's collaborations with other financial stakeholders like British International Investment, Oiko Credit,? responsAbility, SBI, IREDA, and TCCL – each indicating their repeated commitment. British International Investment had previously provided $47 million for projects spanning India, Bangladesh, Sri Lanka, Indonesia, and Vietnam, further underlining Fourth Partner Energy's expansive reach. https://bit.ly/457DCdl

Featured Innovator: InVert Windows by TBM Designs Offer Energy-Free Solar Shading with a Touch of Nature

TBM Designs has developed InVert self-shading windows to decrease energy consumption by reducing solar heat gain in buildings. These windows contain thermo-bimetal pieces between insulated glass, which automatically flip to block sunlight when heated yet remain transparent. This can reduce cooling requirements by up to 25%. Notably, InVert windows operate without using any energy. TBM Designs' CEO, Karen Sabath, describes the flipping motion of the pieces as reminiscent of fluttering butterflies, symbolising nature protection.

Learn more about this electricity-free smart window at Time and TB Designs.

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The Endow Capital Team

Endow Capital meets the most pressing global development issues by matching innovative companies with impact capital, achieved by its corporate finance advisory and strategic consulting services. Find out more about our work .