Potential exciting news by the Wall Street Journal as US-based Form Energy recently initiated a $200m funding round, led by a strategic investment from Luxembourg-based steelmaking group ArcelorMittal, which is also one of the world’s leading iron-ore producers.
Form could use iron to store energy for days, which is helpful for utilities grappling with the intermittent supply of electricity from renewable power – check out the Global Energy Council’s latest report with a focus on the electricity grid.
The deal is also part of the so-called cleantech 2.0 movement. The first wave of cleantech startups before 2009 struggled for years with a number of high-profile flameouts, such as Solyndra.
Now, a wave of liquidity through special purpose acquisition companies (Spacs) is targeting many of the survivors and promising new companies with an eye on the disruption and opportunities to affect the business world as it tackles climate change and the move to net zero carbon emisssions.
On 27 July, growth incubator Mach49 will hold another of its Insight Sessions at the GCV Digital Forum on “meeting the green investing imperative” – pre-register here.
Paul Holland, managing director and VC-in-residence at Mach49, will discuss with Scott Gale, executive director at Halliburton Labs, and Grégoire Viasnoff, vice-president for incubation business at Schneider Electric, on how multinationals can tackle the world’s most pressing problems through venture building and investing in cleantech, energy transition, circular economy and mobility.
Halliburton Labs, the clean energy accelerator from one of the world’s largest providers to the energy industry, this month announced the second cohort of startups.
Schneider Electric, another Mach49 partner focused on sustainability and the circular economy, has been incubating new companies, such as eIQ Mobility, Clipsal Solar and Dash Energy, and investing in external startups through its $600m SE Ventures fund since 2018.
“Mach49 was founded on the belief that through venture building and venture investing, global businesses can solve the world’s most pressing problems, including climate change, water, poverty, health, and education,” said Linda Yates, founder and CEO of Mach49. “Embracing a Silicon Valley mindset is the first step. With a nimble, startup and VC mindset, large global corporations are leveraging their talent, assets, and innovation to create a growth engine fuelled by a pipeline and portfolio of new ventures.”
