Almost $8 billion raised in October by cleantech companies H2 Green Steel, GAC AION, LanzaTech, Ascend Elements and Form Energy

The 5 largest cleantech investments in October 2022

H2 Green Steel secures support for €3.5bn debt financing to build its hydrogen-powered plant

H2 Green Steel, Sweden-based startup, has raised assistance for the €3.5 billion in debt financing needed to develop a hydrogen-powered steel plant in northern Sweden which will make it one of the best-capitalised climate technology projects in Europe. Conditional senior debt agreements were signed with commercial banks such as BNP Paribas, ING, UniCredit, Societe Generale and KfW IPEX-Bank, as well as the Swedish Export Credit Corporation. 

The startup has introduced an alternative to coking coal, used in furnaces to manufacture steel, with renewable energy and hydrogen. The debt financing has placed H2 Green Steel in a capital position similar to Northvolt, the best-funded climate startup in Europe. http://bit.ly/3hgcNzC 

GAC’s Electric Car Unit Books $2.5 Billion Strategic Investment

GAC, Chinese pioneer manufacturer of new energy vehicles, has secured its all-electric segment GAC AION to meet the demands of mainland China for electric vehicles. GAC AION has raised $2.5 billion in a Series A investment round to become the most valuable startup in the Chinese electric vehicle industry. The investment round included 53 instrumental investors such as PICC Capital, China Southern Power Grid, China Structural Reform Fund, Shenzhen Capital Group, CITIC Securities’ investment unit Goldstone Investment, and Guangzhou Industrial Investment Fund Management. 

The investment is anticipated to accelerate the edge that GAC AION has over its competitors for future developments, as well as ensure its production and development of electric vehicle elements. http://bit.ly/3fJOMAN 

Brookfield Renewables invests initial $500m in carbon recycler LanzaTech

US-based LanzaTech, a carbon capture and transformation business, has raised an initial $500 million investment from Brookfield Global Transition Fund, a division of Brookfield Renewable, which is focused on aiding energy transition. With plans to build new commercial-scale production plants, LanzaTech will use the new funds to accelerate the employment of its technology that recycles captured carbon into raw material commodities. https://bit.ly/3htKuhv 

Ascend Elements to Boost EV Battery Production with $480M in Federal Funding

US-based producer of advanced and sustainable battery materials made from recycled lithium-ion batteries Ascend Elements has been approved for $480.5 million funding through two federal grants from the national Department of Energy. The investment falls part of a nationwide effort to develop US electric vehicle battery manufacturing and create employment opportunities. In turn, this will facilitate the mission of the company to return 100% of battery active materials for the production of new batteries and finished cathode active materials. https://bit.ly/3tgmDo6

Form Energy’s iron-air battery on pace for 2024 launch with $450M Series E

Form Energy, US-based renewable energy semiconductor manufacturer, closed $450 million in a Series E investment round led by TPG Rise Climate. New investors in the funding round included GIC and Canada Pension Plan Investment Board with existing investors ArcelorMittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue, Energy Impact Partners, The Engine, NGP ETP, Temasek, Prelude Ventures and VamosVentures. 

As one of the lead manufacturers of cost-effective iron-air batteries, Form Energy intends to commercialise production in late 2024 to hasten the shift toward renewable power. The investment will ensure the production and commercialisation of Form Energy. http://bit.ly/3taITzE

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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.