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1) Latest Fundraising Deals 🤝

May was loud. Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

☀ Energy dominated, with the same wrinkle as last month. Almost everything now orbits AI compute. Cowboy Space (formerly Aetherflux) raised a thumping $275m Series B at a $2bn valuation, led by Index Ventures with IVP, Blossom Capital and SAIC, to build rockets whose upper stages double as solar-powered data centres in low Earth orbit. Norway’s Bitzero signed a 15-year binding letter with Singapore’s OneQode for 110MW of hydro-powered AI capacity at its Namsskogan site, potentially worth $2.6bn in lifetime contracted revenue if definitive documentation lands. Back on more terrestrial ground, Ameresco closed its biofuels JV with HASI, called Neogenyx, on $400m of HASI capital, $100m to Ameresco at closing and $300m for growth. Norway’s Gen2 Energy bagged a €61.6m Innovation Fund award, structured as a production subsidy of around €3.49 per kg of certified liquid hydrogen for up to 10 years, aimed at the shipping sector. Paris-based Lithosquare raised $25m seed (co-led by World Fund and Kindred Capital) for AI-driven critical metals exploration, and Houston’s Casimir closed $12m seed (Scout Ventures) on the slightly wild premise of harvesting energy from quantum vacuum fluctuations. Make of that what you will.

🏭 Industrial Production was the other headline act, and it was basically one word. Minerals. Elevra Lithium closed an A$441m package to expand its North American lithium operation, including a A$275m placement and a strategic C$145m convertible note from the Canada Growth Fund. The Ewoyaa project in Ghana goes to Huayou Cobalt for $71m in the process, so Elevra is unambiguously pivoting to North America. Meanwhile Rare Earths Americas priced an upsized $63.3m IPO on NYSE American at a $368m valuation, with proceeds heading into US and Brazilian rare earth exploration. The supply chain onshoring narrative is no longer subtle. On the chemicals side, Trillium Renewable Chemicals raised $13m Series B (HS Hyosung Advanced Materials, Capricorn Partners) to operate the world’s first demo plant making fully bio-based acrylonitrile, the feedstock behind everything from carbon fibre to ABS plastic.

♻ Circular Economy had a varied month. The standout was Vienna-based Waterdrop, which raised €100m+ (roughly $117.8m) in its largest round to date. New leads were Aspeya, Atlantic Grupa and alpine skier Aleksander Aamodt Kilde, with existing backers Temasek, Döhler and Bitburger continuing to support. Less glamorous but arguably more useful: Galicia’s Humara closed a €1.2m seed led by Impact Shakers for AI-powered waste-treatment design software, and Cameroon’s Bleaglee walked away with the $1m Milken-Motsepe Grand Prize for AI-driven waste recycling. Different scales, same idea. Making waste systems actually work.

⭐ Best of the rest. India’s Wingreens World closed a $12.6m Series D from Ashish Kacholia and Alchemy Fund, paired with the share-swap acquisition of Safe Harvest, to deepen its regenerative supply chain. In Honolulu, Pacific Hybreed raised $1m to scale hatchery production of hybrid oyster and clam seed, with ~30% higher yields and 50% lower harvest costs through more uniform growth. Finland’s Reduciner spun out of VTT with a €3.6m seed (Voima Ventures, Lifeline) to turn captured industrial CO₂ into carbon monoxide that slots into existing kit. And UK-based Temperate picked up an undisclosed SAFE from Adapt [us] Capital for radiative cooling technology that, by beaming heat into space, aims to do residential air conditioning on around 5% of the electricity.

Quick note: the through-line this month is AI-adjacent infrastructure. Chips, cooling, orbital compute, critical minerals. That tracks with where the capex is flowing. Hydrogen and biofuels both got a meaningful look-in too.

2) New Fund Announcements 💵

A relatively quiet month for fund launches, which often means the next wave is being lined up.

🇪🇺 UK & Europe. London-based Charm Impact announced the first close of Hummingbird One at $6.25m, against a $12m target. The blended finance vehicle deploys $50k–$500k loans to early-stage clean energy and clean cooking businesses across Sub-Saharan Africa, with a deliberate slant towards locally-owned and female-led ventures. Backers include Oikocredit, the IKEA Foundation and the Good Energies Foundation. Initial focus markets are Kenya, Uganda, Nigeria and Zambia, and the fund has already deployed to Kenyan renewable equipment aggregator Megawatt Energies.

🌎 Rest of World. The most state-aligned launch came from New Mexico, where Tierra Adentro Growth Capital launched its inaugural $100m fund with anchor backing from the New Mexico State Investment Council. The mandate spans energy, quantum, data centres and telecoms, framed around “American reindustrialisation”, with first cheque already cut to Zanskar, the AI-native geothermal developer. Elsewhere, Cendana Capital and Kline Hill Partners closed Kline Hill Cendana Partners Fund II at its $400m hard cap, a generalist venture secondaries vehicle picking up LP interests in mature early-stage funds. Not a climate fund, but Cendana backs many of the emerging managers active in climate, so it counts as adjacent liquidity.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

Latest Updates

1. New Feature Development - Answer the poll on whether you are interested in an AI chat interface for the platform.

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New Feature Development

I am currently building a new feature so that users can talk to the database via an AI Agent, within an interface on the platform, so you can:

• Get quick reports on companies & investors

• Understand full verticals and technologies

• build tables and graphs on deal data

Let me know if you’d be interested in this new feature in the poll below!

1) Latest Fundraising Deals 🤝

April brought mineral megadeals, precision fermentation scale-ups, and a (re-reads notes) resurgence of overnight rail. Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

🏭 Industrial Production commanded the room this month. USA Rare Earth secured a $565 million project finance package from the U.S. DFC for its Serra Verde acquisition, paired with a 15-year offtake covering all four magnetic rare earths - the sort of government-backed supply chain play that’s become standard since critical minerals went strategic. Canada’s Lumina Metals pulled off a $297 million IPO for three Polish copper and silver projects, multiple times oversubscribed. Oxford spinout Ascension Earth Resources raised £1.7 million for geothermal critical mineral recovery and locked in its own 15-year U.S. government offtake. Meanwhile, Cloneable.ai picked up $4.6 million to automate heavy industry workflows with captured expert knowledge, because apparently even steel plants need AI clones now.

🚅 Transport split between fuels, freight, and romance. Brunei’s BioSeaga signed a heads of agreement for a $350 million SAF biorefinery in Malaysia, targeting 300 tonnes per day from palm mill effluent and used cooking oil. Humble Robotics raised $24 million for fully autonomous, cabless electric Class 8 haulers, no driver compartment, just batteries and route optimisation (and general optimism). South Korea’s Chaevi went public at $74.8 million to expand EV charging infrastructure. And Berlin’s Nox Mobility secured €2 million to reinvent overnight rail with premium sleeper pods, planning 100-city European coverage by 2035.

🌾 Food & Agriculture leaned hard into precision fermentation. Lithuania’s Pentasweet landed €65 million in project finance to build Europe’s first brazzein sweet protein factory in Vilnius, operational by mid-2027 zero sugar, actual sweetness, commercial scale. Toronto’s AuX Labs closed $4 million for recombinant casein to make animal-free cheese that doesn’t taste like compromise. Both bets hinge on regulatory approval timelines holding, which is the recurring theme in this vertical.

⭐ Best of the Rest: Franco-Swiss Bubble Robotics raised $5 million for autonomous underwater monitoring fleets; Japan’s Monochrome brought in ¥1.7 billion ($12.7 million) for aesthetically integrated rooftop solar; Croatia’s Fasal Bio secured €7 million for wood-based thermoplastic composites; Munich’s SPiNE closed €3 million for building-to-grid energy management software; and Vancouver’s Skyward Wildfire got $643,000 to neutralise lightning strikes before they ignite forests. UK’s Mylky exited to Tooru plc for £12 million, plant milk machines sold as wellness accessories

Also shout out to Allbirds for the very sustainable pivot to become an AI company (yes the same Allbirds that sold trainers).

2) New Fund Announcements 💵

Three substantial closes this month, all infrastructure-flavoured.

Europe led the charge. Luxembourg’s Vesper Infrastructure Partners hit final close on its Vesper Next Generation Infrastructure Fund I at €900 million ($972 million), exceeding its €800 million target and clocking in as the largest first-time value-add infrastructure fund globally since 2023. The fund targets pan-European clean energy, decarbonised mobility, digital infrastructure, and sustainable living, backed by the European Investment Fund, Spain’s COFIDES, and Italy’s CDP Real Asset SGR. Sensible ticket sizes, sensible sectors, sensible LPs.

Across the Atlantic, Lime Rock New Energy closed its second growth equity fund at $640 million in April, surpassing its $500 million target and pulling nearly 90% reinvestment from Fund I’s institutional base. The roster includes university endowments, climate-focused family offices, and European and Asian institutions — evidence that energy transition growth equity has moved from thesis to track record.

Geothermal got its own vehicle. EIG Global Energy Partners held the initial close of EIG Geothermal Catalyst Partners, a dedicated fund for mid-stage U.S. next-gen geothermal development capital.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

Latest Updates

1. New Feature - You can now explore the ClimateTech Taxonomy that powers the platform. Browse verticals, sub-verticals, and granular solution categories to quickly find technologies and sector reports specific to your needs.

2. Advanced Access - The new Taxonomy page includes detailed sector and technology reports with market sizing, company landscapes, and deal activity for Advanced Access users (from £2,400/year). I am offering the first 10 customers a discount, so get in contact if you’re interested!

3. Share share share - please share the platform with anyone you think would find it useful 🙏

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1) Latest Fundraising Deals 🤝

March was a big month for energy storage project finance and a surprisingly lively one for agri-tech seed rounds. Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

☀ Energy dominated proceedings, again, and this time it was battery storage writing the cheques. Arevon Energy closed a mammoth $920m financing package for its 300 MW / 1,200 MWh Nighthawk storage project in California, blending a $482m debt facility, $169m in preferred equity from Goldman Sachs Alternatives, and a $268m tax credit transfer. On the venture side, Ayar Labs raised $500m in Series E funding (Neuberger Berman–led, with NVIDIA and AMD as strategic backers) for its co-packaged optics tech that could slash energy use in AI data centres. Total funding now sits at $870m and the valuation at $3.75bn. Closer to home, University of Sheffield spin-out AmpliSi picked up a £2m pre-seed from Northern Gritstone and Clean Growth Fund for porous silicon battery anodes, marking Clean Growth Fund’s first deployment from its new Fund II. Energy storage and next-gen hardware are clearly where the conviction capital is flowing.

🌾 Food & Agriculture had a strong seed-stage month. AgriPass Robotics, an Israeli outfit building AI-driven robotic weed control, raised $7.5m (including $1.7m in non-dilutive grants from the Israeli Innovation Authority) to roll out its RHIC platform across the US and Europe. Paris-based Amatera secured €6m to industrialise its crop genetics platform, which pairs plant cell biology with AI and automation to breed climate-resilient varieties for coffee and wine grapes, with plans to move into staple crops next. Malaysian drone company Aonic raised $10m Series A led by Kairous Capital to scale precision agriculture across Southeast Asia, already claiming $60m in annual revenue and profitability since 2023. And AGT Food and Ingredients completed its IPO on the Toronto Stock Exchange, generating roughly C$625m in gross proceeds including a concurrent C$200m private placement from Fairfax Financial. That’s a lot of capital chasing resilience at the farm gate. Sensible, given how 2025’s harvest went in parts of the Northern Hemisphere.

🏭 Industrial Production had one standout. Akash Systems, backed by Khosla Ventures and Founders Fund, secured a $300m offtake agreement for its diamond-cooled AI servers using AMD Instinct MI350X GPUs. Diamond has the highest thermal conductivity of any known material, and Akash claims the tech delivers up to 22% higher FLOPs per watt, potentially letting data centres run throttle-free at higher ambient temperatures. That’s a big bet on cooling innovation as AI racks push past 60 kW.

⭐ Best of the Rest. Indian battery-swapping network Battery Smart kicked off a pre-Series C with $7.4m in early commitments led by Acacia Inclusion for its EV two- and three-wheeler swap stations. Berkeley-based DAC startup AirMyne landed a strategic investment from Japan’s ENEOS Holdings to scale its liquid solvent direct air capture tech towards a commercial pilot. And solar installation platform Artemis (formerly Monalee) closed $6m in seed funding co-led by Long Journey Ventures and Copec WIND Ventures while pivoting to an AI-only software model for distributed energy.

Quick note: the pattern this month is pretty clear: project finance for storage is booming, early-stage agri-tech is having a moment, and AI infrastructure efficiency is pulling in serious growth capital. Whether all three trends survive the tariff uncertainty and rate environment is another question entirely.

2) New Fund Announcements 💵

Europe led on sovereign-scale commitments. Deutsche Finanzagentur issued a €4bn 15-year Green Federal bond under Germany’s updated 2026 Green Bond Framework, with an order book north of €22bn from over 130 investors. That kind of oversubscription speaks for itself. Emerald Technology Ventures hit €100m on its Global Water Fund II (up from a €60m first close in late 2025), targeting €150–180m total, with Temasek and the Grundfos Foundation joining Veralto, Ecolab, and SKion Water as investors. And MUFG teamed up with AlbaCore Capital to launch a European infrastructure debt platform offering both investment-grade and high-yield strategies, with seed funding from Mitsubishi UFJ Trust and Banking Corporation.

In Africa, AIIM held a $50m first close on its African Transition Acceleration Fund, targeting $200m for early-stage energy transition developers across the continent. FSDAi and Allied Climate Partners anchored the close, joined by the IFC’s Frontier Opportunities Fund, KfW, and Proparco. Aqua-Spark reached a $48m first close for its Africa-focused aquaculture fund, backed by KfW, AgriFI, Gatsby Africa, and the Livelihood Impact Fund, with an ambition to deploy $250m over the next decade. South Africa’s DBSA announced a $500m Credit Guarantee Vehicle, anchored by $350m from the World Bank, to crowd in private capital for transmission, transport, and water infrastructure.

Asia-Pacific saw bold moves too. China announced the creation of a National Fund for Low-Carbon Transition through its 2026 government work report, a state-backed vehicle to bankroll hydrogen, green fuels, and zero-carbon industrial parks, though no fund size has been disclosed. India’s Green Frontier Capital held a first close on its climate opportunities fund, now targeting $75–100m (downsized from an original ₹1,500 crore target) for early-stage decarbonisation ventures. Sistema.bio launched FarmCarbon with $53m to pre-finance 90,000+ biodigesters for smallholder farmers across the Global South, backed by BNP Paribas Asset Management, British International Investment, and Shell Foundation. And a coalition including Amazon, Google, and Salesforce, coordinated by Beyond Alliance, pooled $100m into a Superpollutant Action Initiative targeting methane and black carbon through 2030.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

Latest Updates

1. New Platform - As promised the platform has gone through a big upgrade. Check out the new platform and see the full advanced access demo at: app.climatetechnavigator.com/demo

2. Advanced Access - Want to have enhanced access to information on climatetech companies and the ability to export the underlying data, but don’t want to spend £20K a year on a traditional data provider? Advanced access on the ClimateTech Navigator is just £2,500 a year! Find out more about the new features and databases on the new website.

3. Share share share - please share the platform with anyone you think would find it useful 🙏

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You can check out the full demo on the platform, or on Navattic.

1) Latest Fundraising Deals 🤝

February was a solid month for climate capital, with power infrastructure and transport both pulling significant cheques. Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

☀ Energy owned February. Heron Power raised $140m Series B, backed by Andreessen Horowitz and Breakthrough Energy Ventures, to build a 40-gigawatt automated manufacturing facility for its solid-state transformer hardware, the kind of grid-modernisation infrastructure that’s been underfunded for years. DG Matrix closed $60m Series A on similar territory, with ABB Electrification Ventures among a lengthy syndicate backing its solid-state transformers for AI data centres and EV charging. Efficient Computer also took $60m Series A from Triatomic Capital and Eclipse for ultra-low-power general-purpose processors. And at the larger end, Indian renewable-as-a-service provider CleanMax launched an IPO targeting ~$373m for capacity expansion. A busy month to be a power electronics company.

🚅 Transport had some interesting texture (that’s a word people use right?). Ever raised an oversubscribed $31m Series A from Eclipse Ventures for its AI-native used EV marketplace in the US, seems a sensible bet that secondhand electric vehicles need better infrastructure to move quickly. Breadfast raised $50m in a pre-Series C round to beef up its Egyptian e-grocery distribution network ahead of a larger raise. And GreenPower Motor announced a financing facility of up to $18m in preferred equity, primarily to get back onside with Nasdaq listing requirements.

💨 Greenhouse Gas Removal saw two interesting structures. Bolivia-based Exomad Green signed a multi-year offtake agreement with Senken for contracted biochar carbon removal volumes approaching $30m across 2026–2028. CREW Carbon picked up a $2.35m Colorado Energy Office grant for its wastewater alkalinity enhancement approach to ocean-based carbon removal. Smaller, but the technology is genuinely novel.

⭐ Best of the Rest. FYLD raised $41m Series B (Energy Impact Partners, Partech) for its AI-powered infrastructure safety and productivity platform, some solid traction in a sector that’s chronically underdigitised. California Cultured closed out its Series A at $8.06m to commercialise cell-based cocoa. Saudi fintech CASHIN raised $16m Series A from Impact46 for AI-enabled fuel station infrastructure. Swiss semiconductor firm Chiral Nano took $12m in seed funding from Crane Venture Partners and Quantonation. And Aepnus Technology received an undisclosed investment from 212 NexT for its electrochemical process that turns industrial waste into battery supply chain chemicals.

2) New Fund Announcements 💵

European capital was the real story this month. Kembara VC hit a first close of €750m, anchored by a €350m commitment from the European Investment Fund, on its debut fund targeting deep tech and climate scale-ups, with a hard cap of €1.25bn and around 20 companies in scope. Mundi Ventures manages the vehicle, which is squarely aimed at capital-intensive climate and clean infrastructure plays where European funding gaps are most acute. The Clwyd Pension Fund has set a target to reach 14% of assets in climate solutions by 2030, equivalent to roughly £441m toward low-carbon and nature-based investments. And Nordea reached a milestone for its Article 9 Global Climate and Environment Fund, crossing approximately €7.3bn, a hopeful reminder that institutional appetite for thematic climate funds remains very much alive.

Further afield, RA Capital Management reached final close on its inaugural Planetary Health Fund at $120m, dedicated to environmental sustainability across energy and food systems. Voyager Ventures closed an oversubscribed Fund II at $275m (total AUM across its fund strategies now $475m), focused on energy, industrials, and climate hard tech. And development finance institution Proparco co-launched the €50m Hummingbirds Gondwana fund alongside Swedfund and British International Investment, targeting nature-based carbon sequestration in emerging markets.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

Since launching the pilot version of the ClimateTech Navigator 4 months ago, over 280 users have signed up and started making it part of their research routine which, frankly, is more than I expected when I was building this thing in my spare time between PhD chapters. The feedback has been incredible, but it became pretty clear that the original platform was in need of an upgrade.

So today I am launching a new iteration of the ClimateTech Navigator, with existing users being migrated over (please contact me if you have any issues accessing the new version). Then, in response to persistent requests for access to the underlying data, I am also launching the Advanced Access tier. More on that below.

Introducing the New and Improved Platform

The new ClimateTech Navigator is a significant step up from the pilot. The most visible changes for the basic version are the completely redesigned dashboard, companies and investor pages, that hopefully will make navigating the climatetech ecosystem considerably more intuitive, whether you’re hunting for a specific company, tracking an investor’s portfolio, or looking for new innovations.

But the bigger upgrades have occurred under the bonnet. Alongside the core company and investor databases, the platform now features two dedicated databases that together paint a much fuller picture of how money actually moves through the climatetech ecosystem.

The first new database is the ClimateTech Deals Database which has tracked over 21,000 fundraising deals across the companies in the platform, searchable by climate vertical, deal stage, funding type, geography, and more. If you want to know which Series B rounds closed in green hydrogen last quarter, or which investors keep appearing in carbon removal deals, this is where you go. While the new Climate Funds Database supplements this with information from the investor side! It covers over 6,000 climate-focused funds, historical and current, with data on fund size, backers, investment thesis, and sector focus.

The platform currently profiles 16,500+ climatetech organisations and 2,400+ investors, all categorised through the same climate solution taxonomy that made the original platform useful, with 450+ solution types and 100+ sub-verticals, to help you navigate from offshore wind to biochar without drowning in irrelevant results. As before, the core companies and investor databases remain free to explore.

New Advanced Access Tier

From the moment the pilot launched, the most common request I received was some version of: “This is great, but can I export it?” Investors wanted to pull company lists into their own workflows. Researchers wanted the deal data in a spreadsheet. Corporate teams wanted to generate reports they could share internally.

The new Advanced Access tier is the answer to all of these requests and I’ve deliberately priced it to be accessible.

Advanced Access starts at £2,000 per year for two seats (find out more here). That’s a fraction of what traditional start-up intelligence platforms typically charge (often £10,000–£20,000 per year), and it’s designed to put serious climatetech data within reach of the teams and individuals who actually need it, not just the organisations with enterprise procurement budgets.

Here’s what you get with Advanced Access:

• Export Data - Download up to 500 rows per month directly from the company and investor databases, complete with corresponding deal and fund data, ready for your own analysis.

• Full Deals Database Access - Filter and explore all 21,000+ fundraising deals at once, with deal summaries, investor details, and round-by-round breakdowns.

• Full Funds Database Access - Search across 6,000+ climate funds by vertical focus, fund size, limited partners, and investment thesis.

• Advanced Company and Investor Profiles - Unlock the full depth of each profile and export them as shareable reports.

• Advanced Analytics - Access analytical overviews of deal flow over time, global maps of where climate innovation is concentrated, vertical breakdowns, and custom graphs.

• Favouriting with Notifications - Build watchlists of companies and investors and receive alerts when new deal updates are added for organisations you’re tracking.

• Additional Seat Access - Request an additional seat to bring in a colleague if using the annual Advanced Access plan.

Access the full details of the new features and pricing on the freshly updated website! Advanced Access is currently in pilot, and for now you will need to get in contact if you want to upgrade to this tier.

Keep Tuned

If you want to stay on top of new deals, funds, and companies as they’re added to the platform, the best place to start is the newsletter, where subscribers receive a monthly roundup of the latest climatetech funding activity.

Subscribe now

For more regular updates, follow along on LinkedIn, where I plan to start posting deal highlights and data insights as they come through on a more regular basis.

On the content side, there’s plenty in the pipeline. Over 6,000 additional companies and investors are currently being processed and will be uploaded to the platform in the next update.

I’ve also begun work on a new Climate Solutions Database: a structured library of reports and in-depth research on specific climate technologies, their current state of development, and their role in the broader energy and nature transition. Think of it as the analytical layer on top of the company and deal data, designed to help users understand not just who is working on a problem, but how mature the solutions are, where the breakthroughs are happening, and where the gaps remain.

More details on both of those soon. In the meantime, the platform is live at climatetechnavigator.com - go and see what you find.

January-26 Updates

1. Community Support - A big thank you to the multiple different organisations that shared companies to be processed into the ClimateTech Navigator recently - a special shout out Thibault Boiron who shared a whopping 300+ new organisations for the platform!

2. Exciting Platform Updates - I am currently building an updated version of the ClimateTech Navigator based on feedback from users so far, with extra premium features to help bring in funding to maintain the platform. Expect a big update in February 2026!

3. Share share share - please share the platform with anyone you think would find it useful 🙏

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1) Latest Fundraising Deals 🤝

Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

☀ Energy dominated both by volume and eye-watering cheque sizes. SB Energy secured $1bn from OpenAI and SoftBank to anchor the Stargate initiative, a plan to build data centre campuses with integrated power infrastructure. Meanwhile, Jinko Power refinanced its Abu Dhabi solar plant with $870.75m in Green Bonds, while Sunrun closed a $500m joint venture with HASI for residential solar and storage across America. Elsewhere, Type One Energy raised $87m in convertible notes as the first tranche toward a $250m Series B for stellarator fusion systems, surely fusion will work at some point? Aspen Power picked up $200m in non-dilutive debt from Deutsche Bank to scale distributed renewables, while France’s SunLib brought in €25m to expand its solar subscription model. Big money, big ambitions.

🚅 Transport had a moment. JetZero closed a $175m Series B led by B Capital and United Airlines Ventures to accelerate its blended-wing body demonstrator. India’s EtherealX raised an oversubscribed $21m Series A from TDK Ventures and Accel for its Razor Crest Mk-1 reusable rocket, in a mission to make space travel more sustainable. While reusable launch vehicles for space rockets is cool, I would argue perhaps we can keep the capital a bit more down to earth when it comes to combatting climate change.

💻 MRV & Advisory coming in hot. German regtech osapiens hit unicorn status with a $100m Series C from Decarbonization Partners and Goldman Sachs to scale its AI-powered enterprise compliance platform across new markets. Meanwhile, Photonic secured $130m from Planet First Partners, RBC, and Microsoft for distributed quantum computing. UK startup Maiven raised $8m from Pale Blue Dot to simplify climate policy navigation for corporates, though not sure how much climate policy will be left if certain political leaders get their way. Austin-based SkyFi closed an oversubscribed $12.7m Series A to democratise satellite imagery access, while Equitable Earth brought in $14.7m to establish high-integrity standards for nature-based carbon projects. Integrity in carbon markets? Bold.

⭐ Best of the Rest: Hydrosat raised $60m Series B for thermal infrared satellite data targeting agriculture and water management. Accelsius closed $65m Series B from Johnson Controls to scale liquid cooling for AI data centres. ReElement Technologies secured $200m in strategic equity to expand critical mineral refining capacity. Scotland’s The Carbon Removers picked up £1m from South of Scotland Enterprise to scale biogenic CO₂ capture across fermentation industries. India’s Haiqu raised $11m seed from Primary Venture Partners and Toyota Ventures for quantum middleware, while Bloemteknik secured £2.5m to commercialise its autonomous LED platform for vertical farms.

2) New Fund Announcements 💵

January’s fundraising circuit showed both European ambition and global mega-funds flexing. London’s Hiro Capital is targeting €500m for HIRO III, its European scale-up vehicle focusing on spatial AI, robotics, and longevity alongside climate solutions. Germany’s Ananda Impact Ventures achieved first close on Core Impact Fund V at €73m (against an initial €50m target), backed by the European Investment Fund and NRW.BANK, targeting frontier environmental technologies. Meanwhile, Guinness Global Investors launched a £15m VCT share offer for its 2025/26 portfolio, and Munich-based Vanagon Ventures wrapped its inaugural fund at €20m, focusing on planet-positive B2B DeepTech startups across Europe.

Across the Atlantic, Lux Capital closed its ninth and largest flagship fund at $1.5bn, targeting the intersection of AI and the physical world (cough like an awesome AI platform that tracks on the ground climate technology innovation? cough). US impact platform Builders Vision allocated $350m toward industrial decarbonisation and carbon removal technologies, whilst Acumen launched the $180m Hardest-to-Reach Amplify Fund to expand off-grid solar across Sub-Saharan Africa, backed by the Green Climate Fund and British International Investment.

Further afield, UAE-based Alterra closed a $750m Emerging Markets Private Credit Fund to finance mid-sized climate projects in developing economies, and Germany’s Rosberg Ventures wrapped Fund III at $100m, 1.4x oversubscribed, bridging European corporates with global innovation hubs. The money’s moving, just unevenly distributed as always.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

November-25 Highlights

1. Latest Deals - 780+ organisation profile updates in the ClimateTech Navigator this month, find out about the top deals.

2. Innovation of the Month - Learn how Thermify is harnessing data centres to offer a solution for low carbon heating.

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1) Latest Deals

November saw serious money flow into climate infrastructure, with transport and energy grabbing the biggest cheques. Below we break down notable deals for the month by climate vertical. All these climate company and investor deals have been tracked in the ClimateTech Navigator platform, so go there to find out more!

🏭 Industrial Production stole the show. Vulcan Elements secured a staggering $1.4bn public-private partnership to build America’s rare earth magnet supply chain, finally addressing the not-so-small problem of depending on China for materials essential to EVs and wind turbines. Electra Battery Materials followed with $82m in project financing for North America’s first cobalt sulphate refinery, using 100% hydroelectric power and claiming 51% lower emissions than Chinese competitors. Carbon raised $60m for its 3D printing platform that cuts material waste through on-demand manufacturing, working across medical and automotive sectors. Delvitech closed an oversubscribed $40m Series B for AI-native inspection systems that reduce false positives in electronics manufacturing, thereby cutting scrap. The sector’s pivot towards domestic supply chains and resource efficiency seems to no longer be just talk.

☀ Meanwhile in Energy… Valar Atomics secured $130m Series A for standardised nuclear reactors targeting heavy industry and data centres, while Infravision raised $91m Series B for aerial robotics that string power lines ten times faster than helicopters. Enlight Renewable Energy arranged $1.44bn in debt for a 600MW solar project with 1,900MWh storage in Arizona. Smaller but notable: Exowatt extended its Series A with $50m for modular solar-thermal systems delivering 24-hour dispatchable power, ElectronX raised $30m Series A for its regulated energy derivatives market launching in December, and Quino Energy closed $10m for water-based organic flow batteries avoiding critical minerals entirely. The common thread? Making renewables actually work around the clock.

🚅 Transport followed close behind. BETA Technologies went public on the NYSE with an IPO raising just over $1bn for its all-electric ALIA aircraft, following a $318m Series C late last year. Harbinger Motors raised $160m Series C for electric chassis serving Class 4-6 commercial vehicles, backed by FedEx which wants its entire fleet electric by 2040. Teradar secured $150m Series B for terahertz sensors delivering twenty times the resolution of existing automotive radar, essential for higher-level autonomy. Upway collected $60m Series C to scale certified pre-owned e-bike refurbishment across nine countries, preventing thousands of bikes from landfills. Vay attracted $60m from Grab for remote-driven EV rentals in Las Vegas, with potential for another $350m. EO Charging raised £25m for commercial fleet charging infrastructure claiming 99% uptime. Hullbot secured AUD $16m for autonomous underwater hull cleaning that cuts maritime fuel consumption by 15-40%, tackling biofouling’s outsized emissions impact. Electrification meets practicality.

⭐ Best of the Rest included some standouts that defied easy categorisation. nextProtein closed €18m Series B for Black Soldier Fly protein that converts agricultural waste into animal feed, producing equivalent protein from 100 square metres versus 100 hectares for soya. CoLab Software raised $72m Series C for engineering collaboration platforms that reduce design cycles by 30-50%, indirectly supporting hardware development across climate sectors. Avnos secured $17m for Hybrid Direct Air Capture producing five to ten tonnes of water per tonne of CO2 captured, addressing both carbon removal and water scarcity. Qorium closed €22m Series A for cultivated leather using 99% less water than conventional production.

💵 Financing saw more modest activity this month on the fund side. The Philippines-based Asian Development Bank launched its Climate Action Catalyst Fund targeting over $100m for Asia-Pacific adaptation projects, addressing a region acutely vulnerable to climate impacts. Lithuania’s Invalda INVL closed INVL Private Equity Fund II at €410m for sustainable timberland, renewables, and Baltic growth companies. Standard Chartered issued $1bn in convertible securities to strengthen its capital base, having already mobilised $121bn toward its $300bn sustainable finance target by 2030.

2) Innovation of the Month

Thermify has been working hard to answer a question not many were asking: data centres pump out enormous amounts of waste heat, homes need heating, so why not combine the two? To do this they have developed the HeatHub, a garden shed-sized unit containing roughly 500 Raspberry Pi computers that process cloud computing tasks for business clients and heat homes simultaneously.

The first UK household to trial this lives near Braintree in Essex, and the owners saw their monthly energy bills plummet from £375 to between £40 and £60 after swapping their gas boiler for Thermify’s system. The setup is part of UK Power Networks’ SHIELD project, which aims to find viable net-zero pathways for low-income households. The HeatHub sits in their garden shed alongside solar panels, a battery, and connects directly to their hot water system. Heat from the mini-computers is captured using oil and transferred to radiators, achieving 80% efficiency with a target of 90%.

The climate impact is twofold. First, it eliminates gas boiler emissions entirely. Second, it reduces data centre cooling requirements dramatically. Traditional centres waste 30% of electricity on cooling, but Thermify’s distributed model claims 75% lower emissions than centralised facilities. Each installation processes data that would otherwise run in an energy-guzzling server farm somewhere, using that electricity twice: once for computation, once for heating.

The market opportunity is substantial. Britain installs 1.7 million gas boilers annually, and roughly 11 million homes have hot water tanks suitable for retrofit. Data centres currently consume 2.5% of UK electricity, projected to quadruple by 2030 as AI workloads explode. Thermify’s CEO Travis Theune, a Silicon Valley entrepreneur now based in South Wales at Sony’s Pencoed site, emphasises the system provides “clean, green heat at a low-to-no price point” because computing clients pay for the electricity. It’s not designed for heavy AI training, but handles app hosting and data analysis perfectly well.

Challenges remain, naturally. Staffing and installation at scale will require retraining gas fitters for electronics work. Cybersecurity for distributed home-based data centres needs addressing. Also, I don’t know about you but I don’t have a shed in my London flat to store this. The technology competes with heat pumps, though Thermify argues its economic model is more compelling since the electricity isn’t charged to homeowners. There’s also the question of what happens when computing demand doesn’t align with heating demand, but that is for someone smarter than me to answer.

In a sector drowning in hype, Thermify’s approach has a refreshing directness: take two problems, waste heat and expensive heating, and solve both. Sometimes the best climate innovations are the ones that simply work.

This newsletter uses AI-assisted research and drafting, but is largely prepared by a human editor. Information is provided in good faith for general information only. Do your own checks before acting on anything you read. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice (depending on my mood). Spot an error? Tell us via ClimateTech Navigator

October-25 Highlights

In its first month since launching, 4,000 new climatetech companies and 200 climate investors have been added to the platform, making it around 17,000 organisation profiles overall! Thank you to everyone who has already signed up and provided feedback. If you want to have your say on the platform, or give some constructive criticism, please fill out the survey currently being run.

My shameless favour ask of the month is that you share the platform, follow the LinkedIn page, and push this newsletter as far and wide as possible to get people using the platform. Please and thank you 🙏

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1) Notable ClimateTech Deals

The market’s warming (ha). Below we break down notable deals for the month by climate vertical. As always, if you want to find out more about the climate companies and investors mentioned below access the free databases on the ClimateTech Navigator platform.

☀ As it often does, investment in Energy grabs the headline this month. Base Power closed a $1bn Series C (lead: Addition) to build America’s largest distributed battery fleet, leasing whole-home systems at below-market rates and operating a Virtual Power Plant for grid services. Nscale raised $433m pre-Series C for energy-efficient GPU infrastructure powered entirely by renewable energy in Norway’s Arctic Circle, delivering 40% efficiency gains for AI workloads. NANO Nuclear Energy secured $400m in a private placement for portable microreactor tech targeting remote and industrial decarbonisation. Airloom Energy pulled in $14m (lead: Lowercarbon Capital) for its ‘clothesline’ wind turbines aiming for sub-$10/MWh LCOE by 2030, and Janta Power (Seed, $5.5m; lead: MaC Venture Capital) is deploying 3D solar towers producing three times more power per acre. Yeah, I didn’t know what a 3D solar tower is either, so go look it up!

🏭 Industrial Production is also getting the attention it deserves. Dexory closed $165m in Series C equity and debt (lead: Eurazeo Growth) for autonomous warehouse robotics achieving 99.9% inventory accuracy. Caracol (Series B, $40m; co-leads: Omnes Capital, Move Capital) scales large-format additive manufacturing in Italy, cutting material waste by 90%. TiHive raised €8m from a consortium including Karista, Wind, and the EIC Fund for terahertz-AI non-destructive industrial inspection, potentially saving 300 tonnes of materials annually per production line. The hardware is getting smarter and the waste is getting smaller.

🌾 Progress in Food & Agriculture climate innovation continues its steady march. Ascribe Bioscience closed a $15m Series B (lead: Corteva Agriscience) with its biofungicide reducing synthetic applications by over 50%. SwarmFarm Robotics in Australia raised $19.3m (lead: Edaphon) for autonomous farm robots reducing herbicide use by 95%. Chara Technologies (Series A, $6.2m; lead: Arkam Ventures (no, not the asylum)) develops rare-earth-free electric motors in India with 50% energy savings, and Kikleo (Seed, €3.5m; lead: Newfund) tackles food waste with AI-driven analysis, achieving 20% reductions in the first year.

♻ Circular Economy is finding new financing models. Bees & Bears (Seed, €5m; leads: Extantia Capital, Contrarian Ventures) democratises green hardware financing for installers in Germany, aiming to facilitate €1 trillion in sustainable financing. Resourcly (Seed, €2.7m; lead: Project A) uses AI to harmonise industrial inventories, unlocking millions in liquidity and promoting circular supply chains. EcoEx (Seed, $4m; lead: Dovetail Global Fund) digitises waste management and EPR compliance in India, facilitating over 1M tonnes of credits.

⭐ Best of the Rest - sees.ai (£3.65m; co-leads: Sustainable Future Ventures, Hearst Ventures) offers beyond-visual-line-of-sight drone inspections for live power infrastructure in the UK, replacing helicopters with lower-emission ops. Upciti (Series A, $20m; lead: Notion Capital) provides real-time urban data via edge AI sensors for smart parking and traffic, deployed in 150+ cities across France and apparently generating €23 of value per €1 invested. Corvus Energy in Norway closed a $60m Series E (lead: Morgan Stanley 1GT) powering maritime decarbonisation across 1,300+ projects, averting 11M tonnes of CO₂. Tagaddod (Series A, $26.3m; lead: The Arab Energy Fund) aggregates used cooking oil for SAF supply chain traceability via AI in Egypt. Newtral, Battwheelz, and Enurgen round out climate software, e-mobility, and solar optimisation plays.

2) Opportunities for Startups

Worth dropping everything for? Probably not. Worth fifteen minutes and a tidy deck? I don’t know, you decide.

In the UK - Innovate UK continues backing climate founders with recent £325k awards; monitor the Live Funding Database for non-dilutive grants. Considered Capital is running webinars on unlocking social investment for UK-registered impact businesses.

Meanwhile in Europe the European Institute of Innovation and Technology approved €978m (roughly $1.34bn) for 2026–2028 across climate, energy, and food systems. Applications open via Knowledge and Innovation Communities; eligibility covers EU-based innovators with benefits including grants and ecosystem access. Check individual KIC websites for rolling deadlines. Also, this List of 400 Active French Investors (insider resource) could be gold for certain European deeptech seekers.

For those of you in North America, the Methane Emissions Reduction Program is administering $1.36bn in grants for monitoring tech. Rails to Trails Conservancy awarded $398k across 40 projects in October 2025; watch for the 2026 round. The virtual SOSV Climate Tech Summit runs Mon 3 Nov–Fri 7 Nov (times vary UK) offering free matchmaking for US and EU founders. Canada’s Vive Crop Protection shows the ecosystem remains active for agtech.

🌍 Then for the Rest of World, Climate Insiders recently released an Australia/Singapore Family Offices Database (3,250 contacts), extremely useful for those in the region. While the Philippines-based Asian Development Bank launched the Climate Action Catalyst Fund with a target exceeding $100m for Asia-Pacific adaptation projects. Belgium’s Astanor (€360m final close) backs regenerative agrifood systems. Lithuania’s Invalda INVL closed INVL Private Equity Fund II at €410m, targeting sustainable timberland, renewables, and Baltic growth companies.

This newsletter uses AI-assisted research and drafting, reviewed by a human editor. Information is provided in good faith for general information only. Do your own checks before acting. Nothing here is investment, legal, accounting or tax advice. External links are for information and are not endorsements. Views are the author’s and may change without notice. Spot an error? Tell us via ClimateTech Navigator

If you've ever tried to get your head around the climatetech landscape, you'll know it how daunting it can be to find relevant companies, or understand how they all connect. As a corporate sustainability consultant, I watched companies genuinely wanting to take climate action, but struggling to cut through the noise and regulation-based box ticking. There seemed to be a real disconnect between organisations with budgets for climate solutions and the innovative companies that could provide them.

So I have done what any reasonable person would do and spent way too much of my spare time learning about Agentic AI and developing an automated, centralised database of climatetech companies!

Introducing the ClimateTech Navigator

The ClimateTech Navigator is what happens when you combine Agentic AI with a very specific mission: find every climate tech organisation worth knowing about, then organise the information into something easy to navigate and (hopefully) genuinely useful.

So far it has processed 16,000+ organisations – including everything from early stage startups still perfecting their pitch deck to the already successful climatetech companies that often still fly under the radar.

How on earth does this work?

I have designed autonomous AI agents to incessantly research the latest news about organisations working on climate and nature solutions, including information on funding rounds, new technologies and investors. These agents monitor public data sources, validate information, and maintain up-to-date profiles without (much) manual intervention, which is fortunate, because as much as I love to research the latest company using banana skins in a new way to save the world, I am happy to let AI take some of the slack.

But what makes this different?

First and foremost this is a climate and nature focussed platform. It is designed around a granular climate solution taxonomy which can streamline research. Ever tried searching for "nature-based solutions" and ended up with everything from tree-planting schemes to bioengineered algae farms? The filterable climate taxonomy helps you find exactly what you're looking for, whether you're hunting for carbon capture startups or circular economy innovators.

Here is an example of a subsection of the Built Environment vertical within the taxonomy:

But my favourite unique aspect of the platform is that you can access it for free! No gated "premium insights," just comprehensive data that is consistently being updated and can get direct input from any user.

Who's This For?

To be honest I am not 100% sure. I built this because I thought it would be cool and am still testing who will find this the most useful. So I would really appreciate any feedback in the survey I am running for the pilot version! Though I have a couple ideas of who might be excited by the platform:

Investors tracking deal flow and trying to separate genuine innovation from well-marketed incrementalism, without spending weekends parsing through accelerator demo day announcements.

Founders and researchers looking for strategic partners or competitive intelligence. Particularly useful for discovering that three other teams are tackling the exact same problem with remarkably similar approaches (it happens more than you'd think).

Climate professionals who need better market intelligence. Corporate sustainability teams, policy researchers, consultants, and anyone who's ever found themselves nodding along at industry events while secretly wondering who half the speakers actually are.

Why subscribe to the substack?

If you want to be notified as new climate investors, funds, companies and deals are added to the platform, along with some insights into the ecosystem that are hopefully both insightful and occasionally amusing, please subscribe!

Subscribe now

I promise I will not bombard you with emails, it will likely be a bi-weekly update, as I process new climate companies through the AI framework and add research into specific technology verticals!

The Community Element

Open data projects work best when people contribute. If you know of organisations we've missed, spot information that needs updating, or have suggestions for improving our taxonomy, please do get in touch. The AI agents are sophisticated, but they benefit from human insight and local knowledge.

If you're building something in climate tech yourself, I'm always interested to hear about new developments and innovations, particularly those addressing genuine market needs. If you want advanced access to the database behind the platform, get in touch.

What's Next?

The pilot platform is live at climatetechnavigator.com - dive in and see what you discover. And if you find yourself falling down the same rabbit hole I did, well, at least now you'll have some decent company.

Subscribe to this newsletter for regular updates, analysis, and insights into the evolving climate tech landscape. Share it with anyone who might find it useful – the more people who have access, the better.

Let's navigate this space together. The climate challenge is complex, but having comprehensive, accessible data is a solid place to start.

Thanks for reading. More analysis, insights, and discoveries coming soon.