🌎 Deploy24 debrief #225

Happy Monday!

We’ve got a recap for you of the second annual Deploy24, the DOE’s conference focused on scaling critical climate tech, where we spent last week. While this event took on a different tone than last year’s after the election, leaders delivered a clear message: Keep calm, and carry on with the Biden administration’s legacy of climate action.

In deals, $150m for limestone-based carbon development, $126m for e-methanol and SAF, and $91m for robotic recycling.

In other news, ITC tax credit is here; the DOE’s investment spree; and big weeks in nuclear, methanol, and CCS.

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A farewell tour at Deploy24

The second annual Deploy24 conference, hosted by the Department of Energy (DOE) in Washington, D.C. last week, was far more than just another gathering of clean energy leaders — it felt like a pep rally, a baton-passing, and a farewell tour. Focused on scaling critical climate tech, the event exuded optimism and urgency, tempered by a pragmatic recognition of uncertainty about the next four years under a Trump 2.0 administration.

Current DOE leaders highlighted the hard work the agency has completed over the last four years to catalyze the ecosystem — enabling a “private-led, government-accelerated” energy transition that is already underway. Now, it’s pedal to the metal on scale-up, and their message to the private sector: Keep calm, and carry on with that legacy.

Jennifer Granholm, US Secretary of Energy, via Deploy24.

Deploy24 at a glance

Record attendance: Over 1,800 attended — a 3x increase from last year, John Podesta said onstage. Notably, registrations spiked from 800 to 1,800 post-election, showing that everyone was seeking clarity on the incoming administration's climate stance.
In the room: Attendees included DOE and White House policymakers, climate tech founders and VCs, growth and infra investors, corporates, project developers, as well as service providers like lawyers and bankers — representing the whole ecosystem focused on scale-up.
Hot topics: It felt like New York Climate Week meets Ceraweek's Innovation Agora. Talks highlighted emerging climate tech, rather than just mature solar, wind, and batteries, and focused on clean firm power and industrial decarb. Key points included the resilience of sectors like nuclear, geothermal, and carbon management amid partisan shifts, and momentum of climate action given benefits to red states. Meanwhile, DOE leaders urged a focus on execution and profitability over lofty growth goals, passing the baton to the private sector for sustained progress. Overall, it was a measuredly positive atmosphere, despite some whispers about job searches.

Jigar Shah, director of the DOE's Loan Programs Office, via Deploy24.

Key topics

🎞️ The highlight reel. Secretary Jennifer Granholm’s keynote anchored the event, showcasing the legacy that this administration’s DOE has built over the past four years:

Liftoff reports and Adoption Readiness Levels (ARLs): These frameworks have guided industry players in key sectors — geothermal, advanced nuclear, and LDES — offering pathways to commercialization with new tools like ARLs.
New divisions: New departments, like the Manufacturing and Energy Supply Chains (MESC) office, have supported domestic clean energy manufacturing.
Record investments: In the past four years, the DOE made over $500 billion in public-private clean energy investments across 900 projects, with 80% of funding flowing to red districts.

⚡ Clean firm power. Renewables have moved from buzzword to baseline, and attendees discussed opportunities and challenges in key solution areas.

Digging into geothermal: Fervo’s co-founder and CEO, Tim Latimer, recorded an Odd Lots podcast live onstage and discussed how the DOE’s Geothermal Liftoff Report has shifted perceptions in the space. Despite this progress, challenges remain, such as lengthy geothermal permitting processes, supply chain issues for transformers and electrical components, and funding (although this has eased amid increased interest from capital providers).

Bloomberg's Odd Lots podcast with hosts Joe Weisenthal and Tracy Alloway and Fervo CEO Tim Latimer, via Deploy24.

Nuclear renaissance: New developer models and standardized designs are reshaping the nuclear landscape, with SMRs, investment tax credits, and federal cost coverage spurring private-sector interest. While initial projects face high system and supply chain costs, focusing on replication rather than one-off innovations could finally unlock nuclear’s full potential. However, the sector must still prove the economics, as investors remain skeptical of claims that "this time is different."
LDES: Attendees emphasized the need to complement solar and wind power with long-duration energy storage (LDES), beyond 4-hour duration batteries, to ensure grid stability and meet demand surges, especially during periods when renewable generation dips.

🏭 FOAK. Players across the FOAK value chain, from developers to financiers to emerging insurance, spoke about how to maintain momentum for finicky FOAKs.

While insurance mitigates performance risk, demand uncertainty remains a barrier. Collaboration among insurers, investors, and stakeholders is vital for tailored risk solutions. As Spring Lane Capital’s Rob Day notes, getting closer to investors could help decide on risk management solutions to fill the “missing middle” gap.
Success at FOAK often doesn’t translate to smooth scaling, with cost overruns persisting into second and third deployments. But investors can view FOAKs as a strategic asset, not a standalone project.

Key takeaways

The low-key energy transition. There was far more of a focus on existing technologies and industries, rather than technologies for hard-to-abate sectors requiring large subsidies. Cue nuclear, data centers, hydrogen, and CCS in all its forms, despite looming challenges like supply chain delays, permitting bottlenecks, and labor shortages.
A focus on profitability, rather than growth. If NYCW was all about financing the transition, Deploy was taking the next step — putting that money to good use in something that would generate returns. As LPO head Jigar Shah said, “What we achieved in solar in 15 years, we’re now trying to achieve across industries in the next seven.”
A call for hope, and a call to action. Jennifer Granholm ended the event with a powerful and hopeful message: Keep calm and transition on. Clean energy investment is pushing ahead with unstoppable momentum, and technologies with broad support — like hydro, nuclear, carbon management, geothermal, clean hydrogen, and critical minerals — are energizing lawmakers from both sides of the aisle. An impressive 80% of the $500 billion in clean energy investments is flowing to red districts and states, with every $1 of federal spending leveraging $6 in private capital. Now, the private sector’s commitment to the transition can ensure it continues, regardless of who occupies the White House.

Deals of the Week (12/2 - 12/8)

Late-Stage / Growth

💨 Heirloom Carbon, a San Francisco, CA-based limestone-based carbon developer, raised $150m in Series B funding from Future Positive, Lowercarbon Capital, Japan Airlines, Mitsubishi Corporation, Mitsui & Co., and other investors.

✈️ Elyse Energy, a Lyon, France-based e-methanol and SAF developer, raised $126m in funding from Bpifrance, Hy24, Mirova, and PGGM.

♻️ AMP, a Louisville, CO-based robotic recycling logistics platform, raised $91m in Series D funding from Congruent Ventures, Blue Earth Capital, California State Teachers’ Retirement System, Liberty Mutual Investments, Range Ventures, and other investors.

⚡ ConnectDER, a Philadelphia, PA-based demand response retrofitting platform for residential customers, raised $35m in Series D funding from Decarbonization Partners, Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, and other investors.

🥩 Planet A Foods, a Munich, Germany-based cocoa-free chocolate platform, raised $30m in Series B funding from Burda Principal Investments, Zintinus, AgriFoodTech Venture Alliance, Bayern Kapital, Cherry Ventures, Omnes Capital, and other investors.

⚡ Oxford Flow, an Oxford, UK-based valve technology developer, raised $25m in Series C funding from Energy Impact Partners and bp Ventures.

🛵 Ultraviolette Automotive, a Bangalore Urban, India-based electric motorcycles developer, raised $15m in Growth funding from Zoho, Lingotto, Mudhal Partners, and Ojas Consultancy.

💧 World Water Works, an Oklahoma City, OK-based advanced wastewater treatment service provider, raised an undisclosed amount in Growth funding from CHIEF Capital and Backcast Partners.

Early-Stage

🌱 carbmee, a Berlin, Germany-based carbon management software company, raised $21m in Series A funding from CommerzVentures and Fly Ventures.

🥩 Celleste Bio, a Tel Aviv, Israel-based cocoa-tech production platform, raised $5m in Seed funding from Supply Change Capital, Barrel Ventures, Consensus Business Group, Regba Agriculture, SnackFutures Ventures, and other investors.

🍎 Cerve, a Göteborg, Sweden-based food waste and efficiency platform, raised $5m in Seed funding from SuperSeed Ventures, Ponderosa Ventures, and The First Thirty.

🚚 Nevoya, a San Francisco, CA-based zero-emissions technology and trucking platform, raised $3m in Seed funding from Third Capital, RedBlue Capital, Necessary Ventures, Ciri Ventures, and Never Lift.

🔋 CellMine, a Livingston, UK-based lithium-ion batteries recycling platform, raised an undisclosed amount in Pre-Seed funding from Zinc VC.

Other

⚡ Hazer Group, a Perth, Australia-based methane pyrolysis technology developer, raised $6m in Grant funding from the Lower Carbon Grants Program - Gorgon Fund.

🧪 Hygenco, a Gurgaon, India-based green hydrogen and green ammonia developer, raised $6m in Debt funding from Trifecta Capital Advisors.

🌱 Circularise, a The Hague, Netherlands-based blockchain-based plastics recycling tracking platform, raised an undisclosed amount in Corporate Strategic funding from Teijin.

⚡ Genia Bioenergy, a Valencia, Spain-based biogas projects company, raised an undisclosed amount in Corporate Strategic funding from Repsol.

Exits

⚡ VSB Group, a Dresden, Germany-based renewable energy project platform, is set to be acquired by TotalEnergies for $1.7bn.

🔋 Terra One, a Berlin, Germany-based battery energy storage platform, was acquired by Castleton Commodities International for an undisclosed amount.

New Funds

Toesca Asset Management, a Las Condes, Chile-based investment firm, and Astarte Capital Partners, a London, UK-based investment firm, launched a $350m fund to invest in regenerative agriculture projects in Latin America

Xylem Ventures, a Washington, DC-based investment firm, raised $50m for its fund that invests in companies tackling water scarcity.

Hort Innovation, a North Sydney, New South Wales-based investment firm, raised $38m for its fund that invests in early-stage food and ag startups.

EQT, a Stockholm, Sweden-based investment firm, launched a new fund that will make infrastructure investments in high-growth climate sectors.

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In the News

The DOE has been on an investment spree ahead of the incoming administration with some big funding announcements this week:

The DOE allocated up to $2.2bn to develop more clean hydrogen hubs in the Gulf Coast and Midwest region, aiming to produce low-carbon hydrogen to decarbonize heavy industries and transportation sectors.
Electric vehicle manufacturer Rivian received a conditional commitment for a $6.6bn loan from the DOE's Advanced Technology Vehicle Manufacturing program to construct a new EV plant in Georgia, expected to create 7,500 jobs by 2030.
Eos Energy Enterprises closed a $303.5 million loan guaranteed by the DOE to support Project AMAZE, which would expand the company's manufacturing capacity for zinc-based long-duration energy storage systems.

Meanwhile, the US Department of the Treasury finalized rules for the Section 48 Investment Tax Credit, offering guidelines to advance renewable energy projects, including solar, wind (particularly offshore wind), geothermal, biogas, energy storage, and hydrogen technologies. The rule enables investors to claim a tax credit of approximately 30% of the cost of a renewable energy project they support, and will play a pivotal role in advancing clean energy investment.

In nuclear news, Meta announced plans to add 1-4 gigawatts of new nuclear capacity in the U.S. by the early 2030s to meet AI-driven energy needs, joining in on other Big Tech players’ strategies. Meanwhile, Canada selected a site in Ontario for its first deep geological repository for used nuclear fuel, after local communities opted in to host it. These developments demonstrate growing trust in nuclear solutions for both energy generation and waste handling, crucial for the move towards nuclear energy.

In CCS news, two major CCS announcements indicate that the sector is maturing. Heidelberg Materials' Brevik CCS project in Norway reached mechanical completion, marking the world's first full-scale CCS facility for cement production, set to capture and store 400,000 tons of CO2 annually. SLB, Aramco, and Linde also entered a new agreement to build one of the world’s largest CCS hubs in Saudi Arabia, aiming to capture and store up to 9 millions of tons of CO2 annually.

Momentum in the methanol sector is also building with several significant announcements this week. Pacific Basin, a Hong Kong-based shipping firm, ordered four Ultramax dual-fuel methanol-powered ships, while a European shipowner commissioned four methanol-ready container vessels from South Korea's HJ Shipbuilding, highlighting the industry's shift toward methanol propulsion. Meanwhile, Maersk launched the maiden voyage of its newest dual-fuel methanol vessel, and Scandlines partnered with Caterpillar to test and retrofit an e-methanol engine on one of its ferries, signaling growing interest in methanol's potential.

The IMO’s Maritime Safety Committee (MSC) has approved draft interim guidelines for ships using ammonia as fuel, addressing critical safety issues such as vessel design, fuel containment, and the management of ammonia’s toxic risks. These guidelines mark a significant step toward integrating ammonia as a viable maritime fuel, and come as the IMO has adopted amendments to the International Gas Carrier (IGC) and International Gas Fuel (IGF) codes, which also enable the safer use of low-flashpoint and toxic fuels like ammonia.

ArcelorMittal, the world’s second-largest steelmaker, delayed plans to invest in green steelmaking technologies in Europe, citing inadequate policy support. This decision reflects broader concerns among European steelmakers about the market as they compete with cheap imports from China, which hinders their ability to decarbonize profitably.

Bolivia has signed a $1bn deal with China’s CBC, a subsidiary of battery giant CATL, to build two lithium carbonate plants in the Uyuni salt flats. These facilities, capable of producing 35,000 tons annually, aim to boost Bolivia’s role in the global lithium market, a critical mineral essential for electric vehicles, where China dominates.

Climate is back in the courtroom, with Maine becoming the ninth state to sue major oil companies for deceiving the public about the role of fossil fuels in causing climate change, while a North Carolina city also filed a lawsuit against utility Duke Energy on similar charges. On the other side of the bench, Texas and ten other Republican-led states are suing investment companies, including BlackRock, State Street, and Vanguard, alleging they used their holdings in coal producers to drive up prices to push an environmental agenda.

Barbados has completed the world's first 'debt-for-climate resilience' swap, a new mechanism of financing climate solutions without increasing public debt. Approximately $165m that would have otherwise serviced national debt will instead be invested in water, food, and environmental infrastructure to help the Caribbean island adapt to climate hazards.

Pop-up

The world’s first green ammonia plant goes with the renewable energy flow, cutting out the need for battery or hydrogen storage.

An article from Politico asks: If climate conferences aren’t working, what can spark progress?

It’s getting hot in here: Data center waste heat will be repurposed for Silicon Valley apartment heating and hot water.

An interactive graphic breaks down the tangled web of maritime decarbonization stakeholders.

For the chemistry nerds: new high-capacity anodes show promise for future renewable energy storing proton batteries.

Who tooted? Denmark plans to tax farm animals’ farts and burps.

The US is inflating its efforts with a balloon-based warning system to detect geoengineering.

A write-up delves into how China powered through to build a nuclear plant in only 61 months.

Scientists are giving the brainy alala bird a second flight, after they went extinct in the wild years ago.

A small leftwing party in Norway is making waves by putting Arctic deep-sea mining plans on ice.

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