Over $2 billion in transactions as Carbon Engineering is acquired by Occidental Petroleum & other news from cleantech firms

Carbon Engineering Acquired by Occidental Petroleum for $1.1B

Carbon Engineering, a US-based technology provider specialising in direct air capture (DAC) solutions, has been acquired by Occidental Petroleum for $1.1 billion. The purchase aims to support Occidental's efforts to develop around 100 plants capable of extracting carbon dioxide (CO2) from the atmosphere. This extracted CO2 can then be stored underground or used to produce materials like concrete and aviation fuel.

The direct air capture technology is still in its early stages and will require significant investment to ascertain its economic feasibility and profitability potential. Industry analysts from Roth MKM brokerage have noted potential concerns about increased financial leverage and cash expenditure in Occidental's Low Carbon Ventures division.

Under President Joe Biden, the U.S. government considers DAC technology crucial in their ambition to achieve net-zero emissions by 2050, provided the technology can be scaled and commercialised. DAC technology doesn't just mitigate emissions like traditional carbon capture; it actively removes CO2 from the environment.

Since 2019, Occidental has collaborated with Carbon Engineering on implementing DAC technology. Vicki Hollub, Occidental CEO, expressed optimism about the acquisition, stating that it positions the company to foster expansive development partnerships in a capital-efficient manner. https://bit.ly/3KPCT8v

RRG Nature-Based Solutions Secures Investment with Global Giant Mitsui & Co. for Regenerative Agriculture Initiative

RRG Nature Based Solutions LLC (NBS), a US-based company engaged in global regenerative agricultural projects, has secured an investment from Tokyo-headquartered Mitsui & Co., Ltd.? With a focus on agricultural sustainability, regenerative agriculture emphasises harmony with nature, counteracting climate change, and conserving ecosystems and water resources. This approach is gaining traction, with major food and beverage producers adopting regenerative agriculture-derived raw materials to reduce environmental impacts and ensure sustainable raw material sources.

In January 2023, RRG NBS originated as a spinoff from the Renewable Resources Group's unit providing natural capital conservation solutions. Offering comprehensive solutions from project inception to farming guidance, RRG NBS strives for agricultural sustainability. With a two-decade history, RRG has excelled in sustainable agriculture and support for small farmers through its subsidiary, RRG Capital Management. Another key investor in RRG NBS is S2G Ventures, a venture capital firm with significant expertise in agriculture. https://bit.ly/44nTGX7?

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

Caelux Gains $12M Boost for Advanced Perovskite Solar Innovations

Caelux – a US-based leader in harnessing perovskites for enhanced solar energy solutions – has secured a $12 million Series A3 investment led by global investment powerhouse Temasek and backed by Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures. This round takes Series A funding to $24 million, earmarked to expedite Caelux's factory operations, research, development, and product release. The company's groundbreaking strides in perovskite technology are set to change the solar energy sector, promising a potent, efficient, and economically viable alternative. Caelux is establishing a production facility in Baldwin Park, California, with an envisioned output of 100MW of perovskite-coated glass.

Scott Graybeal, Caelux's CEO, emphasises the transformative potential of their perovskite advancements, anticipating its substantial influence on the solar industry by offering a more compelling solar solution. As they prepare to release their premier product, Caelux? One, they aim to surpass the industry standard by achieving more than 30% efficiency in commercial tandem solar modules. https://bit.ly/45AwPbZ

TechMet Secures $200M for Expansion of Critical Minerals Projects

TechMet, an Ireland-based global critical minerals investment company, has successfully raised $200 million in an equity fundraising round to boost its projects related to clean energy metals. This financing will facilitate the construction and expansion of production, refining, and recycling projects across ten assets to enhance the extraction, processing, recycling, and manufacturing of critical minerals.

The equity round witnessed contributions from shareholders, including DFC, Swiss-based Mercuria Energy, and Lansdowne Partners, which boosted its stake in TechMet. New notable investors in this round encompassed US-based S2G Ventures and the direct investment team of Builders Vision.

Brian Menell – TechMet's founder, chairman, and CEO – emphasised the urgency to strengthen supply chains in the UK and Europe to support the increasing demand for batteries, electric vehicles, and other clean energy systems. https://bit.ly/44g0Gpe

If you have any questions please reach out. We’d also love to expand our network, so please share this email with anyone in your network who may enjoy it.

Best Regards,

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.