BOARDROOM
Sodium battery startup raises $55mn
Peak Energy has raised $55mn in Series A funding for a new US factory. Peak uses sodium ions – from natural rock salts and brines – to make batteries that are cheaper and last longer than lithium counterparts. This new site will be the first giga-scale sodium ion battery factory on US soil. As lithium prices fluctuate, interest in cheaper alternatives has grown, particularly as energy-intensive AI puts strain on energy grids. Sodium ion batteries are used for fixed grid storage – so they can power data centres, or EV charging stations, but don’t currently work in EV’s themselves.
£7.7mn boost to sustainable agriculture in Zimbabwe
In an agreement with NMB Bank Zimbabwe, British Investment International (BII) has signed off a £7.7mn loan to support agricultural exports and sustainable farming in the country, which has been ravaged by extreme weather in recent years. Some 70% of the funding is due to go to exporters, allowing for the update of crucial infrastructure. Farming employs 70% of the Zimbabwean population, and recent droughts have drawn the government to welcome assistance safeguarding this vital industry.
ATEC closes $3.75mn fund for electric stoves in Global South
Electric stove maker ATEC has closed $3.75mn in series A funding led by Schneider Electric Energy Access Asia, and Spark+ Africa, enabling it to expand across Asia and Africa. As electrification grows across the Global South, ATEC aims to bring its technology to over 800 million people, supporting a transition away from dangerous and carbon-heavy fire cooking. Using sensor technology, usage of the stoves is turned into carbon credits, providing a source of income for users. Within the next ten years, ATEC plans to reduce carbon emissions by 10mn tonnes per year, as well as improving health by making homes smoke-free.
The Rise Fund invests $200mn in Foodsmart
TPG’s Rise Fund has announced a $200mn investment in Foodsmart, a platform that provides nutritional advice to those facing chronic disease or food insecurity in the US. Working with dieticians, grocers and other experts, Foodsmart suggest healthier habits for over 2.2mn clients. The Rise Fund, founded by TPG in partnership with Bono and Jeff Skoll, provides impact investments to growth-stage startups helping low-income communities.
