BOARDROOM
Alterno raises $1.5mn for sand-based battery solution to Vietnam’s fossil fuel woes
Vietnamese startup Alterno has successfully closed a $1.5mn seed equity round to support the development of sand-based thermal batteries. The technology uses renewable energy to heat air trapped within sand particles to 600°C, which creates thermal energy stored in the sand. This news comes as the EU’s carbon tax on imports begins to weigh on Vietnam, which is still reliant on coal for 80% of energy production. The funding round has been supported by Touchstone Investors and the Radical Fund, with the equipment currently under trial with tea producer Dotea and Sucden Group, which supply coffee to Nestlé.
British Business Bank allocates £660mn to Northern Powerhouse startups
Following the success of its 2017 fund, the British Business Bank has announced a £660mn ‘Northern Powerhouse Fund II’ to support small businesses across the North of England. Providing loans from £25,000 to £2mn, debt finance up to £2mn, and equity investment up to £5mn, the fund aims to support small businesses across the region. Louis Taylor, chief executive of the British Business Bank, explained that the success of the first fund allowed for growth, “bringing the business community together to create more opportunities for entrepreneurs everywhere,” as reported in Finextra.
US Environmental Protection Agency launches “unprecedented” $20bn grant fund…
The US Environmental Protection Agency (EPA) has launched a $20bn raft of funding, aimed at clean energy and finance projects for low-income communities, particularly in rural areas and on Native American reservations. Some $7bn has been allocated to the Climate United Fund, which invests in clean energy solutions for small businesses, farms and schools. The EPA claims that the funding will reduce up to 40mn metric tonnes of greenhouse gas emissions every year, according to Edie. Vice President Kamala Harris expressed her hope that the capital would help people to “make climate and clean energy projects a reality in their neighbourhoods.”
Fidelity International makes first close of €200mn real estate green transition fund
The Fidelity Real Estate Logistics Impact Climate Solutions Fund (LOGICs) will help make Europe’s ‘brown’ buildings ‘green’ by becoming carbon neutral. As reported in Impact Investor, Fidelity aims to purchase existing properties, retrofitting them into “high quality assets that are capable of being operated at net-zero carbon.” According to Fidelity, more than 40% of total carbon emissions in the continent come from the built environment. As well as crucial infrastructure work, the fund will provide solar panels, allowing occupants to generate their own renewable energy.
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