Transactions of over $210 million announced as Treecard prepares for its 2023 launch and climate change costs the EU €145 billion in a decade

Sustainable Investment Round-Up

Transactions of over $210 million announced by FTXT Energy Technology, KORE Power, Trreecard, OroraTech, FigBytes and Solarise Africa.?

Great Wall Motor's hydrogen fuel cell arm raises nearly $79m in Series B

FTXT Energy Technology, China-based developer of hydrogen fuel cell technology and an affiliate of the Chinese Great Wall Motors, has raised $78.6 million in a Series B investment round. The round was led by the China National Building Material (CNBM) New Materials Fund, the largest cement and gypsum board producer in China, according to the review by Eudora Wang at DealStreetAsia . Other investors included SDIC Fund Management and Liben Energy with UBS Securities’ China joint venture as the financial adviser of the deal. FTXT will direct the net proceeds to accelerate the development and iterations of its new technologies and products, with the aim to build an international R&D system and attract exclusive professionals to assist its manufacturing capabilities.?https://bit.ly/3VNXmh8 ?

KORE Power Announces ~$75M First Close of $150M Investment Round with Siemens as Lead Investor and Joined by Quanta Services

US-based developer of lithium-ion battery cells and manufacturer of integrated solutions for e-mobility and energy storage sectors, KORE Power, has closed an initial $75 million tranche of a private placement which is said to reach a total of $150 million. The lead investor included Siemens Financial Services with participation from Quanta Services. Strategic partners included Nidec Motor Corporation, Honeywell Ventures and Trog Hawley Capital. Goldman Sachs & Co. LLC acted as KORE’s Exclusive Placement Agent. The raised funds will kickstart the construction of the KOREPlex gigafactory in the US and to purchase long lead-time items needed for such construction. The construction of the gigafactory will enable KORE to supply batteries to a broad range of innovative e-mobility and energy storage customers.?https://bit.ly/3uvTmpL ?

London-based Treecard bags €22M to help people plant trees with every purchase

Treecard, the England-based fintech company dedicated to reforestation projects by helping people become more sustainable in their financial lives, has announced a $23 million investment raised in a Series A round led by Valar Ventures. Other investors include World Fund, EQT Ventures, Seedcamp, Episode 1, and angel investors Dylan Field from Figma and Josh Browder at DoNotPay. The raised funds will be used to extend the Treecard team so as to double in size and continue to develop its product ahead of the official launch in 2023.?https://bit.ly/3VLOpVw ?

Space-based thermal-infrared data intelligence startup OroraTech adds €15 million to the flight plan

Germany-based startup OroraTech, the space-orientated and thermal-infrared data intelligence firm, has secured over $15 million in a Series A extension round led by Edaphon, reports Dan Taylor , the Managing Editor at Tech.eu . A non-dilutive section of the round was co-funded by the European Space Agency (ESA) and the Free State of Bavaria. Other existing investors included Findus Venture, Ananda Impact Ventures, BayernKapital, ConActivity, APEX Ventures, SpaceTec Capital, and industry experts Ingo Baumann and Clemens Kaiser. The raised funds will ensure the launch of the second OroraTech thermal-infrared camera into space and consequently expand its operational capacity and climate solutions portfolio.?https://bit.ly/3XWfwza ?

FigBytes Raises Additional US$14.5M Funding

FigBytes – Canada-based provider of environmental, social and governance (ESG) insight platform for strategy, data and reporting and stakeholder engagement – has raised an additional $14.5 million in funding. Investors included existing shareholder Quantum Innovation Fund, an affiliate of Quantum Energy Partners. FigBytes intends to utilise the funds to continue growth and scale its sales and marketing efforts, customer success, and product development activities in North America, Europe and India.?https://bit.ly/3Us8sHr ?

Oikocredit invests US$7 million in Solarise Africa to support affordable solar access for businesses in Africa

Solarise Africa, South African firm with the mission to ensure affordable commercial and industrial solar installations for small and medium African business enterprises, has secured $7 million from Oikocredit in partnership with the managed funds of Lion’s Head Group – Facility for Energy Inclusion (FEI) and AfricaGoGreen (AGG). The funds contributed to a $33.4 million multi-currency loan facility. The funds will ensure the creation of employment, financial savings and CO2 reduction for African businesses.?https://bit.ly/3ulPKH7 ?

Climate change has cost the EU €145 billion in a decade

Albeit the ramifications of climate change are felt in all countries across the world, those located in Europe have encountered a rise in temperatures and consequent financial loss. According to the World Meteorological Organization , temperatures have risen more than twice the international average in European countries. Heatwaves, floods and other effects of climate change are said to have caused €145 billion in economic losses in the EU within the last decade.?

Temperatures in the region have increased at more than twice the global average over the past 30 years – higher than any other continent, according to the World Meteorological Organization. It says that between 1991 and 2021, temperatures rose at an average rate of about +0.5°C per decade . Alpine glaciers lost 30 metres in ice thickness from 1997 to 2021.

As of 2020, Greece recorded the highest climate-related losses of any country in the continent. Though other countries have had their fair share of economic harm. Countries like Germany lost almost €108 billion, France nearly €99 billion and Italy just over €90 billion.?

In accordance with the Green Deal, the EU intends to become the first carbon neutral bloc by 2050. The four main components of its adaptation strategy entail making adaptations smarter, faster, and more systematic, and to support international action for climate resilience. Whether European countries will be able to stick to the ambitions of the Green Deal remains to be seen.

Read more in the World Economic Forum .?

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KJ Mahoney

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