🥗 Yuge Fusion Week
(028) And Berlin = climate tech hub
Good Morning
Auto executives see electric cars reaching half of US sales by 2030, in line with President Biden’s (non-binding) target. ~60% of the anonymously surveyed execs see Google, Apple and Amazon offering their own branded cars by that time. (CNBC reports)
Also, there were five (5!) $100M+ raises this week by our count, including one $1B+ raise. Wild.
Top Deals of the Week
Via’s microtransit service in action in Sacramento - the largest on-demand micro-transit system in the US when launched in 2020 (Future)
The company: Via Transportation provides “transit-tech” solutions to cities to support and expand public transportation systems.
The story: They raised $130 million at a $3.3B valuation led by Janus Henderson (up from a $2.2B valuation in March 2020).
Why we’re excited about it: Imagine Uber, but collaborating with city governments instead of competing with taxis. Via dramatically expands cities’ public transit offerings with on-demand van services, significantly reducing personal car traffic. It’s a darling of the quickly growing public-private partnerships industry that’s focused on transportation.
The company: Perfeggt, a months-old, Berlin-based startup is at work on a plant-based egg product made from fava beans.
The story: They raised $2.8 million from EVIG Group. (TC)
Why we’re excited about it: Replacing animal agriculture is a top-five Drawdown solution. Eggs are a key source of protein in many diets across the globe, and converting people's meals without them noticing the animal is gone will be far easier than simply giving up scrambles for tofu. Fava beans boast higher protein content than black beans or chickpeas, making them a sensible starting point for Perfeggt's new eggy substitute.
Other Deals This Week
An omelette made with Berlin-based Perfeggt’s recipe (VN)
Commonwealth Fusion Systems raised $1.8 billion(!) in Series B(!) funding to commercialize fusion energy led by Tiger Global Management (PRN)
General Fusion raised $130 million Series E to do the same thing as Commonwealth (B)
Astroscale, an 8.5-year-old, Tokyo, Japan-based company that specializes in on-orbit servicing technology -- designed to help reduce the amount of debris that exists in operating orbital altitudes, and also to extend the life of existing satellites as a means of making orbital businesses more sustainable -- has raised $109 million in Series F funding led by The Fund (TC)
Dublin-based renewable energy startup Mainstream Renewable Power raised a ~$101M round from existing investors (PRN)
Energy Dome, a two-year-old, Lombardy, Italy-based long-duration energy storage tech company, raised $11 million in Series A funding led by 360 Capital (TC)
StormSensor, a 5-year-old, Seattle-based startup providing tools to help towns and cities manage heavy rainfall and prevent flooding, has raised $10 million in new funding co-led by Orbia Ventures and Buoyant Ventures (GW)
Factorial Energy, a startup working on solid-state batteries for electric vehicles, raised a “double-digit million dollar” amount from Mercedes-Benz and Stellantis. (TC)
One Actionable Item
Shop locally
This holiday season, skip some delivery orders and support your local businesses!
There’s an interesting argument to be had here over whether Amazon is actually better for the environment in that it’s made delivery so much more efficient on a per-unit basis. However, imo, it’s still increased the overall volume of delivery, to deleterious effect. It’s probably still better to shop local:)
Green Theory
New Year’s Revolution
With less than a month left in 2021(!), many may be thinking of how they want to live in the coming year. When we craft our New Year’s resolutions, top contenders include vague exercise and diet improvements. What’s common among these yearly vows, from the specificity of quitting smoking to the open-ended goal of “living life to the fullest”, is that they center on individual action.
You probably can’t force Joe Manchin to vote the way you want, but you can make a commitment to start composting. How can we use the New Year as an opportunity to double down on our values and live accordingly?
Change brings challenge, and many goal-setting gurus recommend setting manageable, measurable goals. “Eating less meat”, therefore, lacks the bite of a plan such as “eat vegetarian on Wednesdays” or “cut beef from my diet”.
Our individual actions are transformatively powerful on their own: from the clarity brought by righting our dissonance on the suffering we cause, to the ripple effect of our choice on others, don’t underestimate yourself! Further, you never know when your quick decision causes the breaking point for a business’ next quarterly plan, as Zach Stein aptly explains. Skipping a single plane ticket could change an airline’s flight planning, and buying that Field Roast vegan sausage might barely keep them in stock for your whole community.
Changing ourselves and changing the world are both hard, but we have infinitely more control over one of those two. We have one life to live, one year--and one decision--at a time. From what’s on our plates, to how we make a living, we have a lot of decisions to make in 2022. We hope you find your own ways to live your values more fully.
The Closer
The sun sets over the Ivanpah Solar Electric Generating System in San Bernardino County, Calif., on Monday, Nov. 29, 2021. (AP Photo/Noah Berger)
No one teaches you about the bean hierarchy in school