Over $230 million in transactions as Fourth Partner Energy raises funds for its solar and wind projects & other news from cleantech firms

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

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?

General Fusion Secures $25M in Series F Funding for Fusion Machine Targeting 2026 Breakeven

General Fusion, a Canadian-based firm, revealed plans for its new Magnetized Target Fusion (MTF) machine. The innovative machine is designed to achieve fusion conditions exceeding 100 million degrees Celsius by 2025 and target scientific breakeven by 2026. The company completed its Series F funding, raising $25 million. Investors include BDC Capital, GIC, and a grant from the Government of British Columbia, supported by the Canadian government’s Strategic Innovation Fund (SIF).?

The machine, named Lawson Machine 26 (LM26), will be constructed at the company's Richmond headquarters. It is a cornerstone of General Fusion's aim to deliver commercial fusion energy to the grid by the early to mid-2030s. The company's unique MTF approach offers a streamlined path to zero-carbon electricity production, overcoming challenges faced by traditional fusion methods. https://bit.ly/45nHxTa

Membrion Secures $12.5M in Series B Funding with Samsung Ventures and Lam Capital Leading the Investment

Membrion, a USA-based electro-desalination membrane manufacturer, has successfully closed its Series B funding round valued at $12.5 million. Samsung Venture Investment Corporation and Lam Capital led the second close with an investment of $5.5 million. Other contributors include Indico Capital Partners, Harvard Business School New York Alumni Angel Group, New York Angels, and GiantLeap Capital. Earlier in 2023, PureTerra Ventures led the Series B investments worth $7 million, with participation from GiantLeap Capital, Safar Partners, and Freeflow Ventures. Since its establishment, Membrion has amassed $23 million in funding.

Greg Newbloom, CEO and founder of Membrion emphasised the company's transformative technology in treating challenging wastewater, highlighting its effectiveness in the semiconductor industry. With numerous successful pilot projects, Membrion is now transitioning to commercial installations, aiming to provide a cost-saving, sustainable wastewater treatment solution.? https://bit.ly/3OChwIO

Treehouse Gains $10M to Accelerate Home EV Charger Installations

Treehouse, a USA-based electrification firm specialising in home EV charging installations, has secured $10 million in funding. Leading the investment round were Montage Ventures and Trucks Venture Capital. Other notable participants included CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The company plans to use these funds to extend its Installation-as-a-Service to over 30 states within the upcoming year and to invest in software that broadens its electrification product range.

Addressing the anticipated rise in EVs, Treehouse offers a swift home charging solution that enables EV owners to quickly estimate costs and bundle home charging setups with their choice of charger. Their innovative pricing technology provides instant quotes for home charging installations, which can be incorporated directly into vehicle loans, making home charging more accessible.?

Eric Owski, the company's CEO and Co-Founder, emphasised the urgency of home decarbonisation, revealing that the funding will bolster Treehouse's geographic reach and tackle industry scaling challenges. https://bit.ly/3DSXHrN