🌍 CTVC Wrapped, 2024 #227

Happy Monday!

Congrats on making it to (almost) the end of the year. As a treat, we’ve got a special holiday bonus for you: your year in CTVC, wrapped.

In this light holiday edition, we’re taking a little walk down 2024's memory lane, before taking a holiday break next week. Our holiday wish? Fewer lumps of coal. And in the spirit of reflection, we wanted to say how grateful we are for your readership and hard work on climate tech 💪 Can’t wait for 2025!

📝 Don’t forget: We’ve got a deep dive into these trends in our 2024 end-of-year report, coming out in early January 🔮 And you can tell us what’s on the playlist for next year in our Climate Tech Oracle survey.

Now, without further ado, 2024’s top hits, hot topics, and all that good stuff. And in deals, $255m for geothermal project development, $54m for enhanced rock weathering, and $50m for iron-air energy storage.

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2024, Wrapped 🎁

Just like Spotify's famous annual rewind, we're taking a moment to look back at our newsletter journey together this year. Ready? Let's drop the needle and see what played out in 2024.

Your top hits 🔥

By the numbers:

📰 70 issues published

👋 12,000+ new subscribers

✅ 2,400+ climate tech deals

📅 Our first IRL event, SightLive, at New York Climate Week

Genre evolution 📈

You got some familiar tunes and some new bangers in 2024!

Sightline rang in 2024 with our 2023 funding report in January, came out with a FOAK guide mid-year, and ended the year with our Climate Capital Stack and New Funds report in December.

Our CTVC newsletters reflected your range this year. In February, methane topped the charts. And in March, fusion really heated up. We dove into O&G majors' M&A in May, then O&G major earnings calls in November. Unsurprisingly, September had New York Climate Week on rotation.

👀 But there’s one genre that stands out.

🥁 Drumroll, please …

You loved our stories on how to meet rising energy demand the most in 2024.

Want to revisit?

🌏 $32bn and 30% drop as market hits pause in 2023 (January 2024)

🌍 Toasting tax credit guidelines #179 (January 2024)

🌎 Meta tags Sage for geothermal power #212 (September 2024)

🌏 UK's cap-and-floor plans for LDES #218 (October 2024)

🌍 Big moment for small nuclear #219 (October 2024)

Get a Report Refresh Here

In the holiday spirit and year-round, a massive thank you for being part of our story. Here's to another year of climate tech action and community 🥂

Deals of the Week (12/16-12/22)

Late-Stage / Growth

⚡ Fervo Energy, a Houston, TX-based geothermal project developer, raised $255m in Growth and Debt funding from Capricorn Investment Group, Breakthrough, CalSTRS, CPP Investments, Congruent Ventures, and other investors.

🏠 Haber, a Pune, India-based AI and IoT-based industrial automation solutions provider, raised $20m in Series B funding from Ascent Capital, Accel, BEENEXT, Elevation Capital and other investors.

Early-Stage

💨 Terradot, a São Paulo, Brazil-based carbon removal service, raised $54m in Series A funding from Microsoft’s Climate Innovation Fund, Google, Cisco, Floodgate, Kleiner Perkins, and other investors.

🏭 Mojave, a Palo Alto, CA-based liquid desiccant air conditioner developer, raised $10m in Series A funding from At One Ventures, Fifth Wall, Alumni Ventures, Earth Venture Capital, Myriad Venture Partners, and other investors.

🌾 Terramera, a Vancouver, Canada-based biological crop protection developer, raised $10m in funding from S2G Ventures, Bold Capital Partners, Maumee Ventures, and Sumitomo Corporation.

🔋 Enzinc, a Richmond, CA-based advanced zinc battery developer, raised $8m in Series A funding from TO VC and American Century Investments.

🏗 Excess Materials Exchange, an Amsterdam, Netherlands-based online marketplace for materials platform, raised $5m in Series A funding from Wa’ed Ventures.

⚡ JOLT Energy, a Munich, Germany-based EV charging network service provider, raised $4m in Series A funding.

🚆 Loadar, a Belfast, Northern Ireland-based online transport optimization service provider, raised $4m in Seed funding from Frontline Ventures and Techstart Ventures.

✈️ Zuri, a Prague, Czech Republic-based eVTOL aircraft manufacturer, raised $3m in Seed funding from Pale Fire Capital, 10X fund, and Boris Renski.

🌬 Triton Anchor, a Chelmsford, MA-based offshore wind turbine anchor developer, raised $2m in Seed funding from MWNW Consulting Group, Active Impact Investments, Katapult Ocean, Massachusetts Clean Energy Center, OS Impact Investment, and other investors.

📦 Fitsol, a New Delhi, India-based supply chain sustainability solutions provider, raised $1m in Seed funding from Transition Venture Capital.

🌾 Freya Cultivation Systems, a Kaunas, Lithuania-based automated greenhouse systems, raised an undisclosed amount in Seed funding from Baltic Sandbox Ventures, Coinvest Capital, Marko Lehtovaara, Paulius Vilemas, Sofigama, and other investors.

Other

🔋 Form Energy, a Somerville, MA-based iron-air multi-day energy storage service provider, raised $50m in Equipment Financing from Trinity Capital.

⚡ Verde Clean Fuels, a Houston, TX-based low-carbon renewable gasoline developer, raised $50m in Post-IPO Equity funding from Cottonmouth Ventures.

💨 Deep Sky, a Montréal, Canada-based CO2 removal system, raised $40m in Grant funding from Breakthrough Energy Catalyst.

⚡ FuelCell Energy, a Danbury, CT-based integrated hydrogen fuel cell developer, raised $34m in Convertible Note funding.

🌾 AppHarvest, a Morehead, KY-based high-tech greenhouse developer, raised $11m in Corporate Strategic funding from Blake Griffin Enterprises, Equilibrium Capital, Revolution Growth, and ValueAct Capital.

🌬 Triton Anchor, a Chelmsford, MA-based offshore wind turbine anchor developer, raised $4m in Grant funding from National Offshore Wind Research and Development Consortium (NOWRDC).

Exits

🏠 IQT Consulting, a Rovigo, Italy-based net-zero infrastructure consultancy, was acquired by Accenture for an undisclosed amount.

New Funds

Antin Infrastructure Partners, a Paris, France-based investment firm, held a final close of its $11bn fifth flagship fund that invests in infrastructure projects and assets across Europe and North America.

Can’t get enough deals? See full listings and deal analytics on Sightline Climate

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In the News

The FT's year in review in energy is out, with highlights including accelerating power demand, remarkable stability in global oil markets despite global conflicts, a revival in nuclear energy interest (particularly from tech giants), and major consolidation in the US oil and gas industry through M&A.

Fusion frontrunner startup Commonwealth Fusion Systems announced it was building the world's first commercial fusion plant in Virginia, a 400MW facility strategically located near Data Center Alley, set to come online in the early 2030s and still facing technological uncertainties.

Saudi Arabia has begun two projects to test lithium production methods, including one extracting it from oil field brine, as part of a plan to develop materials for electric car batteries and diversify its economy beyond oil.

Bipartisan efforts to pass a US energy infrastructure permitting reform bill failed last week, setting up another fight over permitting after the bill’s champion, Joe Manchin, leaves office and Donald Trump takes office in January.

In the giving Spiritus: Climate tech company Spiritus is launching a new DAC pilot plant in New Mexico, with support from the tribal Nambé Pueblo.

See any familiar faces?! The Fin-ERTH awards are out now, and check out who made the list.

To dig deep into the growing industry, CDR.fyi launched a CDR market survey for 2025.

Climate Compass released a report encompassing the early stage climate start-up landscape.

Opportunities & Events

💡 EnergyLab Scaleup Program: Calling all energy sector startups! Apply now for our 2025 startup intake and a chance to explore pilots and commercial partnerships with innovation energy utilities in Australia.

💡 Fundamentals of Building Climate-Conscious Products Course: Register for the new Climate Conscious Leaders course by December 31st to learn practical strategies and gain confidence using the Product-Market-Earth Fit framework with real-life case studies. (Register w/code CTVC for $100 off)

💡 Sage Impact Entrepreneurship Program: Apply for the Sage Impact Entrepreneurship program by January 1st for an opportunity to participate in an equity-free accelerator program for early-stage, underrepresented startups.

💡 Climatebase Fellowship: Apply to participate in the 7th cohort of the Climatebase Fellowship by January 6th and accelerate your climate career.

📅 Queer Decarb Summit: Register to attend the Queer Decarb Summit on February 18–19th to connect with other LGBTQ+ climate leaders, foster meaningful relationships, and enhance professional growth.

💡 Climate Hackathon for Battery Fire Safety: Apply to the Hackathon for Battery Fire Safety by February 22nd at Newlab to help address the challenge of fires caused by e-bike batteries, a problem that requires bold thinkers and creative solutions.