BOARDROOM

World’s largest blue economy fund closes at €201mn

Ocean 14 Capital has announced a final €201.3mn close for its Fund I, following support from investors including Nestlé and The Green Earth Impact Fund. The fund has already invested nearly €80mn in various holdings, including nature-based carbon-creditors GoodCarbon and NovelPlast, an Irish company upcycling plastic waste materials. The fund’s founding team has more than six decades of experience in the finance and impact sectors.

Mushroom-powered biotech raises $2.2mn for circular construction materials

Mycocycle uses mycelium – a durable and lightweight fungal root – to turn industrial waste into building materials. Mycocycle’s process neutralises pollutant chemicals like hydrocarbons, creating raw materials for acoustic tiles, flooring, concrete and insulation. Seed funding of $2.2mn will allow the team to expand and establish a pilot facility to test its patent-pending MYCOntainer product. In the US alone, construction produces over 660mn tonnes of waste a year, a figure projected to increase as the industry doubles in size between 2020 and 2030.

Accion launches $152mn fund for digital transformation in the Global South

Accion, a leading US-based financial-inclusion startup, has announced the launch of a $152.5mn fund to support micro, small and medium enterprises (MSMEs) to make the digital transition in southern Asia, South America and Africa. The aim of the fund is to provide hands-on support to small businesses excluded from the financial system because of a lack of access to digital technologies. Since 1961, Accion has worked in 75 countries, reaching over 350mn people. The Accion Digital Transformation Fund will start its work in India, providing funding through Indian financial institutions Annapurna Finance and IKF Finance, before expanding globally.

Loch Ness to become £3bn hydropower hub

Loch Ness has been a symbol of Scotland for centuries. It is now due to become a key energy lifeline for over 1 million homes following the announcement of a £3bn hydroelectric project by Glen Earrach Energy. The project, which will create more than 600 construction jobs over the next six years, will generate up to 30 gigawatt-hours of electricity, powering over one million homes a year. It will reduce the Scottish energy grid’s carbon footprint by an estimated 10%, and save more than £2bn in running costs. This is the second project of its kind to have received recent approval, following Drax Group’s £500mn plan to install a hydropower plant in Argyll.