Hydrostor Inc. (“Hydrostor”), a leading long-duration energy storage solution provider, today announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses within Goldman Sachs Asset Management (“Goldman Sachs”). 

The investment proceeds will be used to support development and construction of Hydrostor’s 1.1GW, 8.7GWh of Advanced Compressed Air Energy Storage (“A-CAES”) projects in Australia and California that are well underway, and to expand Hydrostor’s project development pipeline globally. 

Goldman Sachs will fund its investment in tranches tied to project milestones to match Hydrostor’s capital needs and accelerate project execution throughout development, construction, and operations alongside Hydrostor’s development partners. The financing will also support Hydrostor’s global development and marketing initiatives, including expansion of its project pipeline and capabilities in markets with significant near-term demand for flexibly sited long-duration energy storage.  

Curtis VanWalleghem, Chief Executive Officer & Co-Founder of Hydrostor, said: “We are delighted with this investment by Goldman Sachs. It is transformational for Hydrostor and validates the competitiveness of our proprietary A-CAES solution as well as the strength of our pipeline of potential projects.”

Charlie Gailliot, Partner and Head of Energy Transition Private Equity Investing within Goldman Sachs Asset Management, said: “As the world continues transitioning to sustainable and renewable energy sources, the need for utility-scale long-duration energy storage is clear, and Hydrostor’s A-CAES solution is well positioned to become a leading player in this emerging global market. We look forward to working with the Hydrostor team over the coming years and leveraging our firm’s global platform to support Hydrostor’s growth, which will play a central role in the ongoing energy transition.”   

Curtis VanWalleghem added: “I would like to thank our existing investors, including ArcTern Ventures, Lorem Partners, Canoe Financial, and Business Development Bank of Canada, all of whom will remain our partners. Hydrostor’s evolution has been made possible by their support and support from various agencies of the Government of Canada. I would also like to thank outgoing directors Elisabeth Hivon and Tom Rand for their service and welcome Charlie Gailliot, Sebastien Gagnon, and Gunduz Shirin from Goldman Sachs to our board.”

Fort Capital Partners and CIBC Capital Markets acted as financial advisors to Hydrostor, and Davies Ward Phillips & Vineberg LLP served as legal counsel.  

About Goldman Sachs Asset Management Private Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 1986, the Private Equity business within Goldman Sachs Asset Management has invested over $75 billion since inception. We combine our global network of relationships, our unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across our portfolios. Follow on LinkedIn.

About Hydrostor

Hydrostor is a long-duration energy storage solutions provider that provides reliable and affordable utility integration of long-duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage (“A-CAES”) technology can provide long-duration energy storage and enable the renewable energy transition. A-CAES uses proven components from mining and gas operations to create a scalable energy storage system that is low-impact, cost-effective, 50+ year lifetime, and can store energy from 5 hours up to multi-day storage where needed. Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each. Follow on LinkedIn.

The funding will be used to expand the company’s U.S. presence to offer more shoppers discounted grocery items that would otherwise end up in landfills

Flashfood, a mobile marketplace providing customers access to heavily discounted food nearing its best-by date, today announced $12.3M in Series A funding led by investor S2G Ventures.

ev.energy’s user-friendly mobile app and platform delivers cheaper and more environmentally friendly charging to drivers, while allowing u

Follow-on investment came from ArcTern Ventures and existing investors including General Catalyst, Food Retail Ventures, Rob Gierkink and Alex Moorhead. S2G Ventures managing director and founder of OpenTable, Chuck Templeton, will join the Flashfood board of directors.

The funding will support Flashfood’s continued expansion in the U.S. and enhance the company’s ability to feed more families affordably by working with retailers to sell food that would typically be discarded.

Food wasted by the retail sector in the U.S. represents $37 billion a year in lost value due to the massive volume of surplus food reaching its best-by date before grocery stores have a chance to sell it to shoppers. Flashfood is changing this statistic through a digitally-driven solution for grocery retailers to sell surplus food, reduce shrink and their carbon footprint, while also increasing grocers profits. To date, Flashfood has diverted more than 33 million pounds of food from landfills through partnerships with grocery stores throughout the U.S. and Canada.

“This round of funding for Flashfood will allow us to rapidly work toward a more sustainable food system while giving consumers big discounts on groceries, helping them save money and do good for our planet at the same time,” said Josh Domingues, Founder and CEO of Flashfood. “This funding comes at a time when Flashfood is needed more than ever. It will fuel our ability to reach more shoppers and partner with sustainability-minded grocery chains across America. Every stakeholder is winning in this equation!”

The Flashfood app connects shoppers with grocery items nearing their best-by date, offering a discount of up to 50% off those items. To-date, Flashfood has saved shoppers more than $100 million on groceries. Today, Flashfood can be found in over 1200 participating partner stores including GIANT, Stop & Shop, Giant Food of Maryland, Meijer, Tops, Martin’s Markets, Family Fare, Loblaw Companies Limited and more.

“At S2G Ventures, our mission is to back trailblazing entrepreneurs working to build a healthier and more sustainable food system and we’ve seen how Flashfood can help deliver on this vision,” said Chuck Templeton, managing director at S2G. “Through innovation, Flashfood has created a simple way for retailers and consumers to help put a dent in the food waste crisis in a way that creates value for everyone, the retailer, shoppers and the planet. We’re very excited to support the app as they scale their business in the U.S and beyond.”

By downloading the Flashfood app, customers can browse through available deals at any participating store. Shoppers purchase items directly in the app, reducing the need for in-store shopping, and then pick up their order any time during the day from the Flashfood zone in their participating store. All participating Flashfood store and distribution center locations can be found via the store locator.

About Flashfood
Flashfood is an app-based marketplace that strives to eliminate retail food waste by connecting consumers with discounted food nearing its best-by date. The mobile app operates in over 1,200 grocery locations throughout the U.S. and Canada. Shoppers can buy items from grocery retailers through the Flashfood app and pick them up in-store at great prices while collectively reducing food waste. To date, Flashfood has diverted over 33 million pounds of food, saved shoppers over $100 million and more affordably fed hundreds of thousands of families. Flashfood is currently working with The GIANT Company, Meijer, Tops Friendly Markets, Martin’s Markets, Family Fare, VG’s Grocery, Giant Eagle, Giant Food of Maryland and Stop & Shop. Flashfood is a free app available on iOS and Android. For more information, please visit flashfood.com.

About S2G Ventures
S2G Ventures is a multi-stage venture fund investing across the food, agriculture, oceans and seafood markets. The fund’s mission is to catalyze innovation to meet consumer demands for healthy and sustainable food systems. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, oceans, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. S2G Ventures is a part of Builders Private Capital, the direct investment arm of Builders Vision, an impact platform dedicated to building a humane and healthy planet. For more information about S2G, visit s2gventures.com, tune-in to our podcast or connect with us on LinkedIn.

PR Contact:
Nadia Jamshidi
(408) 859-6052

Source: Flashfood

ev.energy, a global provider of electric vehicle (EV) charging software, has extended its Series A financing round to $12.8M led by ArcTern Ventures. ev.energy’s product helps utilities, vehicle manufacturers, and charger manufacturers to deploy new, technology-driven EV charging programs to their customers, allowing them to save money while balancing EV electricity consumption with other power grid requirements. The investment will be used to help the software start-up scale its platform to additional partners, as well as to build new capabilities and products that intelligently manage EV charging. The round was also supported by Energy Impact Partners, Future Energy Ventures, and other existing ev.energy investors.

“We are witnessing a major inflection point in the rate of electric vehicle adoption globally. We invested in ev.energy because they’re uniquely positioned; they have the broad geographic reach, flexible business model, and customer-obsessed culture to truly scale smart charging,” said Mira Inbar, Partner at ArcTern Ventures.

ev.energy’s user-friendly mobile app and platform delivers cheaper and more environmentally friendly charging to drivers, while allowing utilities to manage charging more cost-effectively. Additionally, as large regulated utilities like National Grid and Southern California Edison launch new programs with ev.energy, they can reward customers from across the U.S. with cash back for helping the grid by charging during off-peak hours, and dynamically adapting to conditions in real-time on the grid.

“Partnering with ev.energy and the Charge Smart mobile app helps EV customers reduce their charging costs by earning rebates for charging off-peak. The app also tracks EV charging and total energy costs,” said John Isberg, Vice President of Customer Sales and Solutions at National Grid. “Shifting EV charging to off-peak times when electricity demand is at its lowest supports EV drivers and ensures the resiliency of the electric grid for all customers.”

With the resiliency of California’s power grid under threat, ev.energy has seen a groundswell of interest from a growing base of local community choice aggregators (CCAs), who have carved out a niche in communities that prefer locally-controlled renewable energy options. After a successful pilot with CCA, Silicon Valley Clean Energy, ev.energy recently partnered with MCE and have plans to enter into similar partnerships with neighboring CCAs later this year.

“MCE’s EV programs are focused on making clean transportation accessible to everyone while decreasing grid strain,” said Brett Wiley, MCE’s Customer Programs Manager responsible for the MCEv portfolio of programs. “Working with ev.energy, we launched the MCE Sync app to provide our customers with a lower-cost, hardware-free, and hassle-free way to charge with low-carbon electricity and save money on their energy bills.”

Partnerships with infrastructure players like Siemens continue to play an important role in scaling ev.energy’s platform across the United States and internationally. In states like Texas, ev.energy has paired its software with Siemens VersiCharge home chargers to deliver critical demand-response services to prevent future blackouts such as the one caused by the winter storm in February 2021.

“Vehicle electrification represents one of the biggest challenges, as well as opportunities of this decade in both the U.S. and across the globe,” said Chris King, Chief Policy Officer at Siemens eMobility. “The combination of Siemens world-class hardware and ev.energy’s cutting-edge software will support the ongoing needs of both fleet and residential customers as we work together to advance a more sustainable, electrified future.”

“I’m delighted at the traction ev.energy has had with utilities and EV drivers, and the value that our software has delivered to power grids in California, Texas, and elsewhere,” said Nick Woolley, CEO, and co-founder of ev.energy. “It’s great to have ArcTern onboard working alongside EIP and FEV, to continue to fuel our growth as we advance on our mission to deliver greener, cheaper, smarter EV charging across the world.”

About ArcTern Ventures
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth.

About ev.energy
ev.energy is a Certified B Corporation® with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and L2 chargers and intelligently manages EV charging in line with utility and network signals while keeping customers engaged and rewarded through an award-winning mobile app. With a global base of utility customers including National Grid, Southern Company, E.ON Energy, UK Power Networks and AusNet, ev.energy manages hundreds of megawatts of EV load on its platform each day. Learn more at ev.energy.

Media contacts: ev.energy@missionc2.com

Source: ev.energy

Tom Rand, managing partner at ArcTern VenTom Rand, managing partner at ArcTern Ventures, joins BNN Bloomberg to discuss the challenges that lie Today is the deadline set by Michigan governor Gretchen Whittmer for Enbridge to shut down operations at Line 5. Tom Rand, managing partner of Tom Rand, managing partner at ArcTern Ventures, joins BNN Bloomberg to discuss the realities of transition the global economy to greener energy. He notes there will massive dislocation of employment amid this necessary transition and it will be challenging to reach the climate change targets that politicians have made.

Tom Rand, managing partner at ArcTern VenTom Rand, managing partner at ArcTern Ventures, joins BNN Bloomberg to discuss the challenges that lie Today is the deadline set by Michigan governor Gretchen Whittmer for Enbridge to shut down operations at Line 5. Tom Rand, managing partner of ArcTern Ventures, joins BNN Bloomberg to explain why shutting down Line 5 could be detrimental to the environment, and to suggest better ways to support the transition to a low-carbon future.

Tom Rand, managing partner at ArcTern VenTom Rand, managing partner at ArcTern Ventures, joins BNN Bloomberg to discuss the challenges that lie ahead of investors and the public when it comes to carbon assets. He also warns of the dangers to people’s pension funds and wealth that could be lost to the carbon bubble.

Tom Rand, managing partner at ArcTern Ventures, talks about green spending plans by the federal government in the latest fiscal update. He also talks about how climate change is contributing to inflation and will have significant impact.

Carbon America, the first vertically integrated carbon capture and sequestration (CCS) super developer, today announced it has secured $30 million in Series A funding to deploy commercial projects and scale up its technology. Participating investors include the Canada Pension Plan Investment Board (CPP Investments), ArcTern Ventures, Energy Impact Partners, the Grantham Environmental Trust’s Neglected Climate Opportunities Fund, and Golden Properties. The shareholders will also have an option to invest an additional $15 million by April 2022 to support the company’s continued accelerated growth.

“We’re extremely pleased to be joining with an amazing set of financial partners who are committed to climate solutions and who have a sophisticated understanding of the emerging supply chain and economies of scale in carbon capture,” said Alex Lau, Chairman and Co-Founder of Carbon America. “Having such strong financial and strategic partners is a key enabler to advance our mission of working with some of the biggest emitters in North America to mitigate their climate impact, capture as much CO2 as possible as quickly as possible, and drive down the cost of carbon capture for the world.”

Carbon America’s team of highly skilled and experienced talent spans the entire CCS value chain, from development to financing, engineering and execution, and provides the foundation for moving CCS projects from concept to operation faster and more cost effectively than existing approaches. The company is currently developing multiple projects that accelerate emissions reductions and commercial deployment of CCS.

“As a long-term investor, we believe carbon capture will have an important role to play in the world’s transition to address climate change,” said Bruce Hogg, Managing Director, Head of the Sustainable Energies Group at CPP Investments. “Carbon America’s focus on the entire carbon capture and sequestration supply chain makes this investment a good fit for our Innovation, Technologies and Services strategy, in support of our Sustainable Energies program and overall investment mandate.”

“Carbon capture is an increasingly pivotal part of the toolkit for fighting the climate crisis – particularly for really tough sectors like cement and steel – and we’re excited to support such a highly capable team in their pursuit of supercharging growth in this field,” said Tom Rand, Co-Founder and Managing Partner at ArcTern Ventures. “We believe Carbon America has a new and unmatched level of strategic and savvy thinking on CCS, tremendous technical depth, and we look forward to seeing the impact they bring as they deploy projects and help drive this important industry forward.”

Carbon America anticipates further announcements regarding project deployment and technology scale-up over the course of 2022.

“Carbon capture technology has been around for a long time,” said Hans Kobler, Founder and Managing Partner at Energy Impact Partners. “What’s been missing is the ability to finance, build and operate carbon capture projects, at scale, in an efficient, cost effective way. We think Carbon America has cracked the code on how to deploy CCS projects at scale with their vertically integrated model backed by technical expertise and look forward to seeing the emissions reductions from these projects.”

About Carbon America

Carbon America is a vertically integrated super developer of carbon capture and sequestration projects founded with a climate impact-focused mission to accelerate the technological, financial and operational maturity of CCS. More information can be found at carbonamerica.com.

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2021, the Fund totaled C$541.5 billion. For more information, please visit www.cppinvestments.com.

About Energy Impact Partners

Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.

About ArcTern Ventures:

ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth.

About Grantham Trust’s Neglected Climate Opportunities

Neglected Climate Opportunities LLC is a climate-focused venture capital vehicle that invests to redesign energy systems, improve soil health, spare the ocean from acidification, and recapture carbon from the atmosphere. NCO is a wholly owned subsidiary of the Jeremy and Hannelore Grantham Environmental Trust which, along with its affiliate, the Grantham Foundation for the Protection of the Environment, believe that innovation and technology are the best hope for an enduring future. The Grantham Trust and Foundation have, for over 15 years, focused almost exclusively on climate change mitigation and currently support over eighty grantees and forty portfolio companies around the world.

Isaac Steinmetz
Antenna for Carbon America

Source: https://www.businesswire.com/news/home/20211215005375/en/Carbon-America-Closes-30-Million-Series-A-to-Launch-Carbon-Capture-Industry

A quick Q&A with ArcTern Managing Partner, Murray McCaig and European Investment Director, Kristin Aamodt on our first and latest European investment.