Over $218 million was raised in November by cleantech companies Element Energy, Newheat, EODev, Monarch Energy and Xlinks First Limited

The top 5 cleantech investments in November 2023?

Element Energy Secures $111 Million in Series B Funding

Element Energy, a US-based Battery Management Technology company, has completed a significant capital raise of $111 million. This includes a $73 million Series B equity investment and a $38 million debt facility, primarily funded by Keyframe Capital Partners, L.P.?

A major U.S. clean energy generation company and Cohort Ventures co-led the Series B round. Additional investors include Mitsubishi Heavy Industries, Ltd. (MHI), Drive Catalyst, FM Capital, and AFW Partners, along with continued support from existing stakeholders like LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners.

Element Energy, established in 2019 and headquartered in Menlo Park, California, specialises in advanced battery management technologies. Their proprietary hardware and software aim to enhance both new and second-life batteries' efficiency, safety, and longevity. The company is undertaking a 50 MWh pilot project in the U.S., set to be completed in early 2024. This fresh influx of capital will accelerate the deployment of Element's technology in various markets and applications, including SaaS for energy storage systems, new hardware and software for energy storage, and full-battery energy storage systems utilising second-life batteries. https://bit.ly/3N9Mybe

Newheat Secures $32.7 Million for Renewable Heat Projects to Lead European Market

Newheat, a France-based company specialising in renewable heat and a leader in solar heat production, has raised $32.7 million in a significant capital-raising effort to scale up its sustainable renewable heat supply and establish itself as a European leader. This funding round, the largest in the company's history, was led by SWEN Capital Partners through its SWIFT 2 strategy (SWEN Impact Fund for Transition 2), along with historical partners Noria, Bpifrance through its FIEE fund, the Etchart Group, and Holdheat. This investment reflects the growing interest in renewable heat as a key element for achieving climate objectives and reducing fossil fuel dependence. Newheat, known for its work in decarbonising large industrial sites and district heating networks, plans to deploy 15 new projects within three years, representing a total investment of approximately $163.5 million and aiming to deliver 200 GWh of renewable heat annually.

With renewable heat emerging as a crucial factor in the energy transition, Newheat has expanded its service range to include all solutions for recovering and producing renewable heat. These include waste heat recovery at industrial sites, solar thermal energy, heat storage, industrial heat pumps, and combustion of renewable resources like biomass or biogas. This strategic expansion allows Newheat to offer comprehensive decarbonisation solutions, potentially replacing up to 100% of its customers' fossil energy. https://bit.ly/3GjuyHE

EODev Secures Over $49 Million for Hydrogen Fuel Cell Power Generators Expansion

EODev, a leading company in the hydrogen fuel cell power generators market, has successfully raised approximately $49 million to finance its development plans. This fundraising effort, led by TiLT Capital Partners, a venture capital firm of the Siparex Group specialising in energy transition, marks a significant milestone for the company. The round also saw participation from Supernova Invest, CapHorn, and PULSE, the CMA CGM Energy Fund. This capital injection is designed to strengthen EODev's position in the market, enabling it to expand its product range and accelerate commercial development.

Under the leadership of CEO Jeremie Lagarrigue and Chairman Thierry Best, EODev has gained the support of major shareholders including the Accor, Amfil, Thélem assurances, Monnoyeur, and Toyota groups. The investment by TiLT Capital Fund 1, along with the backing of Supernova Invest, CapHorn, CMA CGM's PULSE, and existing shareholders, reflects a strong confidence in EODev's solutions and their impact on decarbonisation and climate change mitigation. https://bit.ly/416uOTO

Monarch Energy and LS Power Form Partnership for Green Hydrogen Projects

Monarch Energy, a US-based green hydrogen project developer, has partnered with LS Power, a leading North American power and energy infrastructure manager, to launch Clean Hydrogen Fuels, LLC. This collaboration aims to develop a portfolio of green hydrogen projects throughout the US. LS Power is set to invest up to $400 million in projects developed by Monarch, showcasing a significant commitment to the clean energy sector. Additionally, LS Power has provided $25 million in preferred equity financing to Monarch Energy and will gain a seat on Monarch's Board of Directors. This investment is intended to boost Monarch's project pipeline, facilitate expansion across the US, and enhance the company's talent pool.

Monarch Energy focuses on large-scale electrolyser projects to supply cost-effective green hydrogen to industries that are challenging to decarbonise, such as refining, chemicals, fertiliser, and long-haul transport. The formation of Clean Hydrogen Fuels will enable Monarch to leverage LS Power's extensive experience in project development, commodities, and other areas. https://bit.ly/3sQrrUy

Xlinks First Limited Secures $25.4 Million Investment for Renewable Energy Project

Xlinks First Limited, a UK-based company established in 2019, has secured a significant investment of approximately $25.4 million from TotalEnergies, marking a major milestone in its renewable energy project. This investment, complementing contributions from Octopus Energy and the Abu Dhabi National Energy Company (TAQA), propels Xlinks towards realising its visionary project in Morocco. The project combines solar and wind energy to supply green electricity to the United Kingdom, incorporating high-voltage direct current (HDVC) subsea cables and extensive battery energy storage. Upon completion, this innovative initiative is expected to deliver renewable, reliable, and affordable electricity to power over 7 million British homes.

Under the leadership of CEO Simon Morrish , Xlinks has been at the forefront of championing long-distance power exchanges, fostering a unique partnership between the UK and Morocco. With this strong backing and collaborative effort, Xlinks First Limited is poised to significantly impact the renewable energy landscape, driving towards a sustainable future. https://bit.ly/3GsBx0U

Featured Innovator: Antora Energy's Thermal Battery Innovation

Antora Energy has introduced a promising solution for green industrial heating with its thermal battery technology. Using electricity, this system heats graphite blocks to over 3200°F (1760°C) in an insulated container. When required, the heat is released through an opening, which can also be converted back to electricity using thermophotovoltaic cells. Having raised over $50 million in venture capital in February, Antora Energy is advancing this innovation with a commercial-scale pilot project in Fresno, California. This technology presents a significant stride towards replacing fossil fuels in high-temperature industrial applications.

Learn more about the Thermal Battery from Time and Antora Energy.

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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 .