🌎 Coal hard facts #241
Trump’s coal push ignores economic reality and attractive alternatives
The International Maritime Organization's first carbon tax ships out
Happy Tuesday, and a very happy Earth Day!
In this edition, we’re diving into the International Maritime Organization’s controversial new emissions-cutting plan that’s already making waves.
We’ve also got a special treat for you: a celebratory Earth Day report, in collaboration with International Intrigue, featuring our bold predictions for global climate tech for the rest of the year.
In deals, $258m for linear generators, $50m for energy tax credit markets, and $50m for energy-as-a-service project development.
And in other news, Oxy acquires Holocene, Microsoft is on a carbon buying spree, and the courts order that federal funds get released.
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The International Maritime Organization (IMO) is charting a new course with the approval of a global Net-Zero Framework aimed at decarbonizing the shipping sector. This historic move introduces the first global carbon tax, alongside an emissions trading mechanism and fines for non-compliance, but still contains some gaps in implementation and financing.
What happened
On April 11, after extensive discussions (and despite the US’ notable withdrawal from negotiations), IMO member states approved the sector’s first binding plan to reduce greenhouse gas emissions. The framework lays out the first real roadmap to hit the net-zero target the IMO set back in 2023, with rules coming into force between 2028 and 2035, including:
While revisions can still happen until the final rules are approved (in October), it’s a major step forward for the sector, marking its first global climate regulation and a real price on maritime carbon. Still, on its own, the framework may not be enough to steer the high-emitting shipping sector toward true net-zero.
Why it matters
The global economy runs on ships — but until recently, their climate impact has sailed under the radar. Maritime carries ~90% of the world’s trade and is responsible for nearly 3% of annual CO2 emissions. It’s the classic hard-to-decarbonize sector: long asset lifespans, fragmented oversight, and little infrastructure to support greener alternatives.
Now, the tide is turning. The IMO’s new framework marks the first global carbon pricing scheme for any major industry. That's a big deal. By slapping a price on emissions, the IMO has created a financial driver for shipping decarbonization. While it’s not a blanket carbon price like the EU ETS, it sets a global precedent that could ripple into other lagging sectors.
However, the framework still falls short of the IMO’s own 2030 targets. By 2030, emissions are expected to drop just 10%, far off the 30% reduction in the 2023 IMO net-zero strategy. The back-loaded timeline delays the real pressure for operators to invest in lower-emission tech now, meaning the industry's transition could drag on longer than necessary.
Another complication comes with the fuel-neutral approach. Biofuels, which are cheaper but come with questionable feedstocks, are likely to dominate over e-fuels, which offer bigger long-term climate wins but are currently more expensive. This risks delaying investment in scalable, future-proof fuel alternatives.
Meanwhile, maritime emissions don’t fall neatly within national borders, which makes a global framework essential. With EU policies already moving ahead — like the FuelEU Maritime rules for shipping, which kick in this year — alignment across regions is critical. The vote already revealed geopolitical tensions over climate regulations, with 63 nations, including China and several EU states, in favor, while Saudi Arabia and 16 oil-producing countries opposed. The US withdrew from negotiations, threatening retaliation if fees are imposed on US ships, despite only representing ~2% of global shipping capacity. Without alignment, a patchwork of regulations could confuse operators and slow progress.
And perhaps most importantly, it’s a margin game — shipping operates on razor-thin margins, so sustainable fuels can’t be adopted without meaningful financial or regulatory pushes. To make matters worse, bunker fuel is dirt-cheap, leaving even less room for a green premium than in sectors like aviation or ground transport.
What’s next
Sightline clients can dive deeper into these tech solutions in our Maritime and Ammonia Sector Compasses for more tailored insights and updates.
⚡ Mainspring Energy, a Menlo Park, CA-based linear generators developer, raised $258m in Growth funding from General Catalyst, Amazon Climate Pledge Fund, DCVC, Gates Frontier, Khosla Ventures, and other investors.
⚡ Crux, a New York City, NY-based marketplace for energy tax credits, raised $50m in Series B funding from Lowercarbon Capital, Acrew Capital, Andreessen Horowitz, Ardent Venture Partners, CIV, and other investors.
🔋 Nyobolt, a Cambridge, England-based ultra-fast charging batteries manufacturer, raised $30m in Series C funding from IQ Capital, LocalGlobe, Scania Invest, and Takasago Industry.
🌾 IUNU, a Seattle, WA-based greenhouse management platform, raised $20m in Series B funding from S2G Investments, Farm Credit Canada, and Lewis & Clark Ventures.
⚡ Arnergy, a Lagos, Nigeria-based distributed renewable energy developer, raised $15m in Series B funding from CardinalStone Capital Advisers (CCA), All On, Breakthrough Energy Ventures, British International Investment, Norfund and other investors.
🌾 EF Polymer, an Udaipur, India-based biowaste upcycling service provider, raised $7m in Series B funding.
✈️ Infinium, a Sacramento, CA-based electrofuels developer, raised an undisclosed amount in Series C funding from Advantage Partners, Development Bank of Japan, Japan Organization for Metals and Energy Security (JOGMEC), Kajima Ventures, Mitsubishi Corporation, and other investors.
🚗 Conifer, a Sunnyvale, CA-based advanced electric motors developer, raised $20m in Seed funding from MFV Partners, MaC Venture Capital, and True Ventures.
⚡ Hexium, an Austin, TX-based isotope enrichment developer, raised $12m in Seed funding from MaC Venture Capital, Refactor Capital, Humba Ventures, Julian Capital, Overture VC, and other investors.
🏗 viAct, a Kwun Tong, Hong Kong-based AI construction management software, raised $7m in Series A funding from Korea Investment Partners, Singtel Innov8, The Hong Kong Polytechnic University (PolyU), and Venturewave Capital.
🌾 Eratani, a Jakarta Selatan, Indonesia-based integrated agricultural solutions provider, raised $6m in Series A funding from Clay Capital, AgFunder, Genting Ventures, Impact Investment Exchange (IIX), SBI Ventures, and other investors.
⚡ beSirius, an Amsterdam, Netherlands-based AI-powered sustainability intelligence platform, raised $3m in Seed funding from NAP, BlackWood Ventures, Fund F by Female Founders, Golden Egg Check Capital, Techstars, and other investors.
🥩 catchfree, a Zürich, Switzerland-based plant-based seafood alternatives maker, raised $2m in Seed funding from Fortyone and Stiftung Startfeld.
⚡ Flock Mobility, an Edinburgh, Scotland-based AI platform for EV fleets, raised $1m in Seed funding from Gareth Williams and other investors.
📦 Captiva Containers, a Miami, FL-based recyclable PET packaging manufacturer, raised an undisclosed amount in Seed funding from Trivest Partners.
⚡ GO TO-U, a Los Angeles, CA-based EV digital experience platform, raised an undisclosed amount in Seed funding from SID Venture Partners.
🔋 Caban Energy, a Plano, TX-based energy-as-a-service solutions provider, raised $50m in PE Expansion funding from Ember Infrastructure.
🔋 Vianode, an Oslo, Norway-based battery material manufacturer, raised $38m in Debt funding from Innovation Norway.
⚡ Vision RNG, a Canonsburg, PA-based landfill gas (LFG) infrastructure developer, raised $29m in Project Finance Tax Equity funding.
⚡ Noriker Power, a Cheltenham, England-based utility-scale energy storage developer, raised $20m in Project Finance Debt funding from Triple Point Ventures.
💨 Mombak, a São Paulo, Brazil-based reforestation-based carbon removal service, raised $17m in Debt funding from the Brazilian Development Bank (BNDES).
🐄 Ynsect, a Paris, France-based insect-based protein developer, raised $11m in Debt funding.
🛵 Inurba Mobility, a Barcelona, Spain-based urban micromobility developer, raised an undisclosed amount in PE Buyout funding from VisionEdgeOne.
💨 Holocene, a Knoxville, TN-based direct air capture technology developer, was acquired by Occidental Petroleum (Oxy) for an undisclosed amount.
⚡ Bluestone Energy, a London, England-based renewable energy developer, was acquired by Eku Energy for an undisclosed amount.
🧱 Midway Concrete, a Laverton, Australia-based concrete producer, was acquired by Heidelberg Materials for an undisclosed amount.
🏠 Sigma Heating and Cooling, a Toronto, Canada-based innovative HVAC solutions provider, was acquired by SPX Technologies at an implied valuation of $144m.
Can’t get enough deals? See full listings and deal analytics on Sightline Climate.
Exit alert: Occidental acquired direct air capture (DAC) startup Holocene, expanding its carbon removal portfolio after its $1.1bn acquisition of Carbon Engineering in 2023. The two have different approaches to liquid sorbent DAC tech, so this acquisition signals a bet and a hedge on the technology, both for sequestration and likely for enhanced oil recovery.
Microsoft is on a carbon buying spree, locking in major deals to cut emissions across sectors. It committed to a 12-year deal with CO280 to remove 3.7m tons of CO2, a 15-year deal with AtmosClear to remove 6.75m tons, and a partnership with IAG to co-fund 39,000 tonnes of sustainable aviation. The moves send a clear signal that Microsoft is backing early climate tech at commercial scale.
Meanwhile, offtake in geothermal gains momentum with Google and Shell signing new agreements. Google signed a 10 MW deal with Baseload Capital in Taiwan, its first corporate geothermal agreement in the region, while Fervo Energy and Shell set a 31 MW, 15-year PPA, involving Fervo scaling up its well output at its Utah site.
In US policy news, a federal judge has ordered federal agencies to release billions of dollars from Biden’s 2021 Infrastructure Investment and Jobs Act (IIJA) and the 2022 Inflation Reduction Act (IRA), which had been frozen by the Trump administration’s executive orders. The ruling called the freeze arbitrary and harmful to vulnerable communities, and marks a significant win in protecting federal climate funding. However, the US SEC has voted to withdraw its defense of the climate disclosure rules requiring companies to report climate-related risks and emissions, officially dropping the rules after litigation and a change in Trump administration priorities.
Across the pond, clean energy momentum continues with UK energy regulator Ofgem confirming reforms to generation and load interconnection, like fast-tracking projects with land rights that align with the Clean Power 2030 Action Plan, helping shorten 15-year queue times. Plus, the UK is ramping up its nuclear ambitions with moves like TerraPower entering the UK’s design approval process for its Natrium reactor, while Holtec, Rolls Royce, and GE-Hitachi submitted a final bid in the country’s SMR competition. UK Prime Minister Keir Starmer is also expected to greenlight the Sizewell C project, reinforcing political support for nuclear expansion.
Europe is accelerating its hydrogen push, as the EU approved a €400m program to support green hydrogen production in Spain, targeting 345 MW of electrolyzers and 221,000 tons of output. Meanwhile, Oman and Europe launched the world’s first liquid hydrogen corridor, linking Duqm to Amsterdam and Duisburg to boost energy security and global trade, as governments attempt to push back roadblocks in the sector.
The electric school bus transition hits a speed bump under Trump.
Trump's rollback of the Endangered Species Act sparks concern among conservationists.
A massive ammonia-powered ore carrier could steer shipping towards cleaner seas.
Cementing climate progress: Permission granted for the largest UK low-carbon cement plant.
Alien life? Biosignatures on exoplanet K2-18b point to maybe.
Climate change is now threatening blood supplies.
Meanwhile, billionaires’ joyrides to space leave a carbon footprint larger than most lifetimes.
Bugging out: Ÿnsect raises $11M toward insect protein.
Pacific Fusion’s new paper says FOAK yeah to inertial fusion, plus a podcast episode.
Oil prices hit the meh zone, drillers pause mid-barrel.
Google + PJM + Tapestry = one grid to rule them all (with AI).
And in Argentina, vasectomies are a controversial technique for capybara population control.
China launched the world’s first offshore platform producing green hydrogen, ammonia, and methanol to power vessels —making a splash in renewable energy.
💡 Decarb Connect Europe Next Gen Awards: Tech startups from pre-seed to series A working on solutions in Carbon Capture Utilization and Storage (CCUS), Decarbonizing Industrial Heat & Electrification, or Alternative Fuels including Hydrogen, can apply by April 25th to get featured in the 2025 'Ones to Watch' report, shared with over 10,000 financiers, investors, and corporate ventures. Apply here.
📅 DC Climate Week (DCCW) 2025: Check out Washington DC’s first Climate Week, from April 28th – May 2nd, for a week of workshops, panels, exhibitions, and networking events, focused on climate innovation, policy, and action. Sign up here.
📅 National Job Fair at DCCW: Join CE4A at the National Job Fair on April 30th, a free event for job seekers across all experience levels and sectors, with employer booths, panels, resume workshops, and more. Jobseekers can register here, and employers can sign up for booths here or sponsor here.
💡 Sustainable Solutions Challenge: Apply to The New York Climate Exchange’s Sustainable Solutions Challenge by May 1st for a chance to showcase your groundbreaking, implementation-ready innovations at the new Climate Hub on Governors Island, opening in Fall 2029. Apply here.
📅 Webinar: Securing Carbon Removal Funding in Trump’s America: Join Carbon Unbound on May 7th at 11AM ET for a discussion on navigating the complexities of securing carbon removal funding in today's shifting political and legal landscape. Register now.
📅 Decarb Connect TechInvest Europe: Join us on 18-19 June in London, UK for Decarb TechInvest Europe, where innovators meet investment, to hear from investors across the capital stack about how they evaluate technologies and where they’ve seen returns and exits. CTVC readers can enjoy a Super Early Bird rate until Friday, April 25 using the code CTVCEARLYBIRD when booking. Register here.
Senior Account Executive, Senior ML Engineer, Senior SWE, Growth Marketing Manager @Sightline Climate
Data Engineer, Full Stack Engineer @Cleanview
Head of Engineering @ReSource Chemical Corp.
Software Engineer @Arch
Deputy Director of Government Affairs @Carbon Removal Alliance
VP Engineering @Ezra Climate
Investment Associate @Climate Tech Partners
Senior Associate – Investments and Partnership @Maersk
Energy Advisor @EnergySage
📩 Feel free to send us deals, announcements, or anything else at [email protected]. Have a great week ahead!
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