Recent Deals – 19 July

Republished By Plato

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Agriculture & Food

Meati Foods, producer of protein from mycelium with the taste, texture and nutrition of animal meat, raised $50 million in a Series B funding round co-led by Acre Venture Partners and Bond. Other investors include Prelude Ventures, Congruent Ventures and Tao Capital. Meati aims to launch commercially in 2022 and is currently building an 80,000 ft^2 production plant capable of producing “millions of pounds” of product. The company will also use the funds to grow its team.

Energy & Power

Verkor, producer of low-carbon batteries to meet the demand for electric vehicles (EVs) and stationary storage, secured $118 million in Series A funding from EQT Ventures, Renault, Groupe IDEC, Schneider Electric, Capgemini, Arkema, Tokai COBEX and Demeter IM. Funds to be used to build “Verkor Innovation Centre” in Grenoble, France to develop battery and cell modules. Facility is expected to be in operation in 2022.The start-up aims to reach production capacity of 16 GWh by 2024 and 50 GWh+ by 2030.

Materials & Chemicals

Infinited Fiber Company, developer of a chemical recycling technology that can turn cellulose-based raw materials like textile waste into new more sustainable textile fibers, raised $35.5 million in Series B funding from H&M, Adidas, Invest FWD A/S, Security Trading Oy, Sateri and Nidoco AB. The company plans to build a plant in Finland with a production capacity of 30,000 metric tons/annum, to be operational in 2024.

Resources & Environment

Twelve (formerly known as Opus 12), developer of an electrochemical process that recycles carbon dioxide into chemicals and fuels, secured $57 million in a Series A funding round co-led by Capricorn Technology Impact Fund and Carbon Direct. Other investors in this round include Carbon Direct, DCVC Bio, Munich Re, Microsoft, Breakout Ventures and Evok Innovations. Funding will enable Twelve to scale technology to meet customer demand. The start-up is currently taking pre-orders for industrial scale solutions. It has also partnered with companies such as Mercedes-Benz and P&G to help them reduce their emissions.

Transportation & Logistics

Heart Aerospace, developer of an electric drivetrain for regional airplanes, raised $35 million in Series A funding from United Airlines Ventures, Mesa Air Group, Breakthrough Energy Ventures, and other undisclosed investors. The start-up aims to commercially launch 19-seator e-aircrafts in 2026, with a maximum range of 400 km. Mesa Airlines and United Airlines have put in an order to purchase 100 of these light aircrafts each.