CB-Insights-2021年气候技术展望：减少排放和降低资源强度的下一代解决方案-70正式版

2021ClimateTechOutlook:Next-GenSolutionsToCutEmissions&ReduceResourceIntensityContents46101767SummaryofFindingsCurrentBackdropInvestmentTrendsClimateTechHighlightsAppendix2WHATTHISREPORTCOVERS:2021CLIMATETECHOUTLOOKChallenge1:AbatingemissionsREDUCEENERGYUSAGE&INTENSITYINCREASERENEWABLEENERGYUSEREDUCEDIRECTEMISSIONSCompaniescreatingphysicalanddigitalsolutionsthataimtoreduceenergyuseCompaniesdevelopingtechtohelpclientsintegrategreaterrenewableenergyintheiroperationsCompaniescreatingphysicalanddigitaltechtopreventorreduceemissionsChallenge2:ReducingresourceuseLOWERWATERINTENSITYCompaniesdevelopingmaterialsanddigitalsolutionsthatallowthereuseofwastewaterDECREASEWASTEDESIGNSUSTAINABLEPRODUCTLIFECYCLESCompaniesdevelopingmaterialsandsolutionsthatarerecyclable,reusable,orbiodegradableCompaniesinnovatingmanufacturingmethodsinordertoreducetheamountofwasteproduced3SummaryofFindingsOverallclimatetechtrendsinindustrialsMuchofclimatetechfocusesonreducingemissionsandresourceintensity.Mostclimatetechmega-rounds,SPACs,andunicornbirthsin2021arerelatedtoenergy—specifically,renewableenergy,energystorage,andtheelectrificationoftransportationandoperations.Annualenergystoragefundinganddealshavealreadyreachedanewpeakof$15.3Bin2021YTD.Sofarin2021,mega-roundsrelatedtoenergystoragecompanieshaveincreased,asEVsbecomeprice-competitivetoICEvehicles.Investorsareeagertofundexpandingresearchinto,manufacturingof,andrecyclingofEVbatteries.Investorsareincreasinglyplacingbetsoncarboncapture,utilization,andstorage(CCUS).AnnualfundingtostartupsintheCCUSspacein2021YTDisatarecordhighof$708M—morethandoublefundingraisedin2020.Dealsalsojumpedyear-over-year,from40dealsin2020to69dealsin2021.Circulareconomymomentumisbuilding,ascompanieslooktoreducetheirresourceuse.Althoughmaterialinnovationtakesalongtime,companieswithnotablebreakthroughs,likebatteryrecyclingcompanyRedwoodMaterials,arerapidlyraisingmega-rounds.Othercompanies,likeSolidiaTechnologiesandFortera,areraisingformidablesumsfortheirtechthatreduceswaterusage.4LOOKINGAHEADKeyclimatetechtrendsinindustrialsEnergytransitionandcarbonfootprintreductionaretoppriorities,asregulatorypressuremountsInnovatingcircularmaterials&solutionsThesmart,greengridEmissionstrackingandmanagementDigitization&operationaloptimizationCommercializationofenergystorageCompaniesareEnergystoragecompaniesarereceivingrecordamountsoffundingastheyscaleupproductionandsales.Gridtech,renewableenergy,andenergymanagementstartupsareattractingAscorporationsStartupsarehelpingcompaniesbetterdoublingdownonmaterialsandtechtohelpthemrecycle,whichhelpsthemreducetheirresourceintensity.increasinglycommittocarbonneutralgoals,theyareinvestinginstartupsthatcanhelpthemcapture,store,andmanagetheiremissions.collectandtracktheiroperationaldataacrossbusinesses,whichcanleadtolowerenergyusageanddecreasedemissions.investment,ascompaniesworktoupgradetheirgridhardwareandsoftwaretotransitiontorenewableenergy.5CurrentBackdropCURRENTBACKDROPSustainabilityisanurgentbusinessconcernGovernmentofficials,investors,andconsumersareincreasinglyrequiringthatcompaniesreportonandmitigatetheirenvironmentalfootprintEarningstranscriptmentionsof“sustainability”OR“ESG”OR“environmental,social,andgovernance”Q22016–Q22021CompaniesBraceThemselvesforNewESGRegulationsUnderBidenJanuary18,2021|RegulatorsIntensifyESGScrutinyasGreenwashingExplodesSeptember1,2021|7CURRENTBACKDROPCorporatesareinvestinginanddeployingcleantechtodecarbonizeandmeetcarbonneutralgoalsGreenSteelBecomesaHotCommodityforBigAutoMakersGatesRaises$1BillionasCorporateCEOsJoinRacetoScaleCleanTechSeptember13,2021|September20,2021|BPgamblesbigonfasttransitionfromoiltorenewablesPG&EisthefirstutilityclientforMainspring’snovel‘lineargenerator’September20,2021|August21,2021|8CURRENTBACKDROPPrioritizingsustainabilityacrossthevaluechainCompaniesareinvestigatingandimplementingwaystoreduceemissionsandresourceintensityacrossoperationsResearchanddevelopmentRawmaterialprocurementEnergyandutilitiesOperationsandmaintenanceSupplychainanddistributionWasteandemissionsmanagement92021ClimateTechInvestmentTrendsTOPCLIMATETECHMEGA-ROUNDSIN2021YTDClimateurgencyspurscleantechinvestmentDealdate//Amountraised($M)funding($M)TotaldisclosedCompanySelectinvestorsDescription04/08/2021//$280M$454M$186MNewEnterpriseAssociates,GoogleVentures.TaeTechnologiesdevelopssolutionsfornuclearfusionenergyandhasrecentlyexpandedintopowermanagement,energystorage,EVcharging,andmore.08/2/2021//$150MAltiraGroup,ApolloGlobalManagement,GEVentures,CaterpillarVenturesFlexGenprovidesenergystorageandpowermanagementsystemsfortheindustrialandutilityindustries.06/17/2021//$120M$311M$105M$230MSKInc.,WarburgPincus,NextEraEnergyResources,MitsubishiHeavyIndustries.MonolithMaterialsproducescleanhydrogenviatheprocessofmethanepyrolysis.ThecompanyintendstousethefundstoexpanditsfirstcommercialfacilityinNebraska.05/25/2021//$105MEITInnoEnergy,Mercedes-Benz,RobertMaerskUggla,KingspanGroup,EXOR,StenaH2GreenSteelisfocusedonbuildingagreensteelplantinSweden,poweredbyanon-sitehydrogenplant.Theplantisscheduledtocomeonlinein2024.08/25/2021//$100MSoftBankGroup,SaudiAramcoEnergy.EnergyVaulthasdevelopednovelbrickenergystoragetech.11TOPENERGYSTORAGEMEGA-ROUNDSIN2021YTDBatterymaterialsunicorns’mega-roundscontinueDealdate//Amountraised($M)funding($M)TotaldisclosedCompanySelectinvestorsDescription06/09/2021//$2.8B$9.1B$2.5BAP1,AP2,AP3,AP4,OMERSCapitalMarkets,GoldmanSachs,VolkswagenGroup.Northvoltproduceslithium-ionbatteries.Thecompanyhasrasiedfundsfortheconstructionoftwogiga-factoriesinEurope.07/30/2021//$1.6BBankofChinaGroupInvestment,ShenzhenCapitalGroup,Xiaomi,ChinaRenaissance,IDGCapital,SANYGroupSVOLTmanufactureslithium-ionbatteriesandbatterysystemsforEVsandenergystoragesystems.SVOLTintendstouseitsfundingforcontinuedR&DandtheconstructionofitsfactoriesinChinaandEurope.07/28/2021//$700M$792M$931M$111MGoldmanSachs,Amazon,BreakthroughEnergyVentures,FordMotorCompanyRedwoodMaterialsrecyclesbatteries,batteryscrap,andconsumerelectronics,extractingmetalslikecobaltandnickelthatcanbeusedinnewelectronics.ThecompanywilluseitsfundingtoexpanditsoperationsinNorthAmericaandEurope.01/26/2021//$590MCoatueManagement,T.RowePrice,BessemerVenturePartners,next47,Daimler,CPPInvestments,SutterHillInvestmentsSilaNanotechnologiesdevelopsnewbatterymaterials.Thecompany’srecentroundwillfundexpansionofitsproductionfacilities.06/10/2021//$100MSequoiaCapitalCihna,HillhouseCapitalManagement,ChinaCapitalCorporationEcoFlowisdevelopingportablebatteriesforavarietyofuses.ThecompanyintendstouseitsfundstobolsterR&Danddevelopnewproducts.12THERISEOFSPACsIN2021YTDEnergy&EVSPACsareontheriseCompanyValuationfDescriptionSPACdate04/29/21$1.4BStemcombinesbigdata,predictiveanalytics,andenergystoragetoreduceelectricityanddeliverservicestothegrid.07/15/21$1.1BEnovixdevelopsa3Dsiliconanodeforlithium-ionbatteries.HYZONMotorssupplieshydrogenfuelcell-poweredcommercialvehicles.07/16/2107/26/21$2B$11.8B$1BLucidMotorsproduceselectriccars.08/10/21Li-Cycleprovideslithiumbatteryrecyclingsolutions.13SPOTLIGHT:ENERGYSTORAGEEnergystorageinvestmentisreachingrecordhighsDiscloseddeals&equityfunding,2017–2021YTD(9/23/21)Fundingamount($M)Dealcount200$18,000$15,000$12,000$9,000$6,000$3,000$0197159158160$15,3491201209980$5,2022019$4,975202040$3,4832017$1,780201802021YTD14SPOTLIGHT:HYDROGENHydrogeninvestmentgainingmomentumDiscloseddeals&equityfunding,2017–2021YTD(9/23/21)Fundingamount($M)Dealcount61566050403020100$800$600$400$200$0$84146$539$4271815$2052020$562017201820192021YTD15SPOTLIGHT:CARBONCAPTURE,UTILIZATION,ANDSTORAGE(CCUS)Carboncapture,utilization,andstoragefundinghasmorethandoubledsince2020Discloseddeals&equityfunding,2017–2021YTD(9/23/21)Fundingamount($M)Dealcount8070605040302010069$800$600$400$200$0$708403025$32713$2142019$1082018$97201720202021YTD162021ClimateTechHighlights2021CLIMATETECHOUTLOOKChallenge1:AbatingemissionsREDUCEENERGYUSAGE&INTENSITYINCREASERENEWABLEENERGYUSEREDUCEDIRECTEMISSIONSChallenge2:ReducingresourceuseLOWERWATERINTENSITYDESIGNSUSTAINABLEPRODUCTLIFECYCLESDECREASEWASTE18CHALLENGE#1:ABATINGEMISSIONSChallenge1:AbatingemissionsREDUCEENERGYUSAGE&INTENSITYINCREASERENEWABLEENERGYUSEREDUCEDIRECTEMISSIONS19CHALLENGE#1:ABATINGEMISSIONSCurtailingemissionsisagrowingpriorityCumulativeGlobalCO2Emissions,1750–2019Whythismatters

Greenhousegasemissionsaretheprimarydriverofclimatechange.AstheEarth’stemperaturehasrisen,extremeweatherevents,risingseas,andhighertemperaturesareharmingcommunitiesglobally,resultingin$210Bindamagein2020.•

Aslawmakerspassclimatepoliciesaroundtheworld,companiesarefacingincreasingsustainabilityrequirements.Forinstance,inJune2021,EUcountriesapprovedalawtoreducenetEUemissionsby55%by2030from1990levels,upfromthepreviousgoaltocutemissionsby40%by2030.6040200Year20Source:GlobalCarbonBudget,CNBC,Reuters.CHALLENGE#1:ABATINGEMISSIONSIndustrialcompaniesarelookingtodecarbonizetomeetcarbonneutralitygoalsGreenhousegasemissionsbysector,2016Agriculture,Forestry,&LandUse19%EnergyWaste3%5%BurningfossilfuelstoproducepowerandtransportgoodsisthelargestsourceofIndustryemissionsglobally.73%21Sources:OurWorldinData,TechCrunch,WSJ,ABC.2021CLIMATETECHOUTLOOKChallenge1:AbatingemissionsREDUCEENERGYUSAGE&INTENSITY22SOLUTION:REDUCEENERGYINTENSITY&USAGECompaniesdeploytechtoshoreupenergyefficiencyEarningstranscriptmentionsof“energyefficiency”Q2’16–Q2’21“[T]heworldhasdecidedtoseriouslytackleclimatechange.Andthisisdrivingunprecedentedandacceleratinggrowthindemandforrenewablesandenergyefficiencyapplicationsandservices.”—AndrésGluski,CEOofAESCorporation,Q2’2123HIGHLIGHT#1:ENERGYMANAGEMENTSOFTWAREReal-timemonitoringandpredictivemodelingoptimizesenergyusageLatestRound:Amount:SeriesB(07/16/2021)$21MLatestRound:Amount:SeriesC(09/22/2020)$113MLatestRound:Amount:SeriesA(03/10/2020)$5.1MAbout:Metronhasdevelopedanenergymanagementplatformforindustrialfactories.About:BeyondLimits’platformusescognitiveAItomonitorandoptimizeindustrialoperations.About:Energiency’sAI-poweredsoftwarehelpscompaniesbettermonitor,analyze,andforecastmanufacturingoperations.24HIGHLIGHT#2:SMARTFACTORYTECHEnsuringplantuptimereducesenergywasteADAPTIVEPRODUCTIONASSETEFFICIENCYMAXIMIZATIONPREDICTIVEMAINTENANCEQUALITYCONTROLSeriesD(10/14/2020)$55MSeriesD(8/11/2020)$60MSeriesA-II(3/31/2021)$12.5MAugurymakesanAIplatformtopredictmachinefailuresandprescribestriageprocedures.Seebomakesprocess-basedAIsolutionstohelpmanufacturerspredictandpreventlosesinyieldandquality.ZEDEDAorchestratesvisibility,control,andsecurityforedgecomputingdeployments.25HIGHLIGHT#2:SMARTFACTORYTECHIoTallowsforpreemptiveoptimizationSeriesC-III(08/23/2021)$12.6MSeriesC-III(9/5/2019)N/ASeeqhasdevelopedindustrialIoTanalyticssoftwarethatleveragesmachinelearningtohelpmanufacturersoptimizeoperationsandimproveproductionoutcomes,whichcanleadtobetterenergyefficiencyandreducedemissions.SightMachineusesartificialintelligence,machinelearning,andadvancedanalyticstoaddresschallengesinqualityandproductivitythroughouttheenterprise,poweredbyadigitaltwinoftheplantfloor.26HIGHLIGHT#3:WAREHOUSEELECTRIFICATIONHigh-densityfacilitiesincreaseenergyefficiencyMICRO-FULFILLMENT3DROBOTICFLOORSSHORTENINGPROCESSESSeriesB(10/23/2019)$110MSeriesC(9/29/2020)$90MAngel(8/4/2016)N/AFabricmakesmicro-fulfillmentcentersinurbanareasthatcombineroboticsandAI,enabling1-hourdeliverytocustomers.Exotecmakesanorderpreparationsystembasedonafleetofcollaborativemobilerobots.AlertInnovationmakesmobilerobotsthatoperatewithinamultilevelstoragestructure.27Source:VentureBeatHIGHLIGHT#4:INDUSTRIALHEATWASTEUTILIZATIONIndustrialheatcanhelpreduceenergyusageIMPROVEDHEATRECOVERYWASTEHEATSTORAGELatestRound:About:Loan(09/01/21)Amount:$4.73LatestRound:About:Incubator/Accelerator(07/19/2021)Amount:N/AQpinchhasinnovatedtheindustrialheatpumptoscaleupcapturedheatviaachemicalprocessthatmimicstheATP-ADPcycle.Eco-TechCeram’stechallowsmanufacturerstocapturewasteheatandstoreitinitsEco-Stockproduct,ashipping-containersizedheataccumulatorcontainingaspecializedceramicmaterial.282021CLIMATETECHOUTLOOKChallenge1:AbatingemissionsINCREASERENEWABLEENERGYUSE29SOLUTION:INCREASERENEWABLEENERGYUSEThetransitiontorenewableenergyisgainingmomentum,supportedbyenergystorage&digitaltoolsInBoostforRenewables,Grid-ScaleBatteryStorageIsontheRise“Wecontinuetoseeincreasedstakeholderfocusonenvironmental,socialandgovernanceorESGfactors,helpingtodriveaccelerateddemandfordiversifiedcleanenergysolutionsamongnewnon-traditionalcustomers,particularlyinthecommercialandindustrialsectorasanattractivesourceofincrementalgrowth…inthecomingyears.”December15,2020|TheGridNeedstoSmartenUptoReachCleanEnergyGoalsMay12,2021|—RebeccaKujawa,CFOofNextEraEnergy,Q1’2130HIGHLIGHT#1:RENEWABLEENERGYINTEGRATIONSOFTWAREDigitaltoolsboostrenewableenergyintegrationinthegridLatestRound:Amount:SeriesC(06/10/2021)$29MLatestRound:Amount:SeriesA(08/12/2021)$15MLatestRound:Amount:UnattributedVC(07/03/2021)$21MAbout:OrigamiEnergyoffersanAI-poweredplatformthathelpsclientsoptimizerenewableenergygeneration,trading,andconsumption.About:ReactiveTechnologieshascreatedsoftwarethatallowsgridoperatorstoviewpowernetworkconditions,withafocusongridAbout:Leap’splatformautomatesgridservices—likedemandresponse,datacollection,andsettlement—withafocusonrenewables,electricvehicles,andotherdistributedenergydecarbonization.31resources.HIGHLIGHT#2:GRIDSCALESTORAGEFlexiblegridstorageallowsgreaterrenewableadoptionCOMPRESSEDAIRLIQUIDMETALBATTERYPORTABLEBATTERYLatestround:SeriesD(8/4/21)$10MLatestround:SeriesE(8/9/21)$144MLatestround:SeriesB(6/10/21)$100MAmount:About:Amount:About:Amount:About:HydrostorusesAmbriisdevelopinganinexpensiveliquidmetalbatteryforsmoothingseasonalfluctuationsinrenewableproduction.EcoFlowTechisaunderwatercompressedairandcanbepairedwithsolarandwindforlow-cost,reliablebatterystartupcompanythatfocusesonthedevelopmentofportablebatteryproducts.renewableproduction.32HIGHLIGHT#2:GRIDSCALESTORAGEOn-sitegridscalebatteryoptionsarecomingtomarketSeriesD(07/22/2021)LatestRound:About:Amount:$200MLatestRound:About:PrivateEquity(08/10/21)Amount:$82MFormEnergyisdevelopingapowerplant-sizedbatterythatincorporatessolarandwindfarmsdirectlyonsite.Pairingthesetechnologieswithitsgridstoragebatteryallowsforthepowergridtohaveaclean,constantpowersupply.BrightcoreEnergyprovidesenergystorageoptionsforcommercialandindustrialclientsthatcanbeusedforenergymanagement.Whenpairedwithonsitesolarfacilities,BrightcoreEnergyallowscommercialandindustrialclientstotransitiontheirenergyplatformsandmeetsustainabilitygoals.33HIGHLIGHT#3:NEWBATTERYMATERIALSBatterymaterialsallowforgreaterelectrificationSILICONANODESOLID-STATEELECTROLYTESOLID-STATEELECTROLYTESeriesF(1/26/21)$590MLatestround:Amount:SeriesD(4/19/21)$139MLatestround:Amount:SeriesB(5/3/21)$130MAmount:About:SilaNanotechnologiesdevelopssilicon-basedanodesforlithium-ionbatteries.About:SESdevelopssolid-stateelectrolytesforelectricvehiclebatteriesandbatteriesfortheoildrillingindustry.About:SolidPowerdevelopssolid-staterechargeablebatteryproductsforelectricvehicles.34HIGHLIGHT#4:LITHIUM-IONBATTERIESLithium-ioncompaniesexpandlocalfactoriesUnattributed(6/9/21)$2750MLatestround:Amount:SeriesB(7/30/21)$1580MLatestround:Amount:SeriesA(7/6/21)$118MAmount:About:Northvoltisbuildingalarge-scalelithium-ionbatteryfactoryinSwedentoincreaserenewableandEVusage.About:SVOLTisbuildingalithium-ionbatteryfactoryinGermanyforEVbatteries.About:VerkormanufacturesbatterycellsthatareusedtoincreaserenewableenergyadoptioninFrance.35HIGHLIGHT#5:ON-SITEHYDROGENOn-sitehydrogenproductionisup-and-comingLatestRound:Amount:SeriesC(06/10/2021)$29MLatestRound:Amount:PrivateEquity(10/20/2020)N/ALatestRound:Amount:Grant-III(07/03/2021)$8.4MAbout:Gen-Hyproducesmodularscalablegreenhydrogenproductionunits(electrolysisunits)thatutilizeanionelectrolyzermembranestoproducegreenhydrogen.About:Ways2H’stechtransformswasteintohydrogenviamodularunits.About:Enapterhasdevelopedmodularhydrogenproductionunits(electrolyzers)thatuseanionelectrolyzermembranesthatproducegreenhydrogen.36HIGHLIGHT#6:HYDROGENFUELINGINFRASTRUCTUREStartupsbuildouthydrogenfuelingstationnetworksgloballyLatestRound:Amount:SeriesA-II(06/04/2020)$23MLatestRound:Amount:CorporateMajority(09/08/2021)$172MLatestRound:Amount:Grant(08/17/2020)$13MAbout:FirstElementFuelisdevelopingandoperatingahydrogenfuelingstationsnetwork,mainlyinCalifornia.About:HTEChasbuiltoutahydrogenfuelingnetworkprimarilyinBritishColumbia,Alberta,Quebec,andCalifornia.About:HiringaEnergyisfocusedondevelopinghydrogensupplyandfuelingstationsinNewZealand.37HIGHLIGHT#7:FUELCELL-POWEREDTRANSPORTATION&POWERInnovativefuelcellcomponentcompaniesraisefundsLatestRound:Amount:SeriesB(07/14/2021)$9.4MLatestRound:Amount:Incubator/Accelerator-II(09/16/2021)LatestRound:Amount:UnattributedVC(07/21/2021)N/AN/AAbout:PajaritoPowderisdevelopingelectrocatalystsforfuelscellsandelectrolyzers,includingpreciousmetal-freecatalysts.About:Versogenproducesanionexchangemembranesforfuelcellsandelectrolyzers.About:SinoHyKeyhasinnovatedawaytominimizetheamountofplatinumneededtomakefuelcellmembranes.382021CLIMATETECHOUTLOOKChallenge1:AbatingemissionsREDUCEDIRECTEMISSIONS39SOLUTION:REDUCEDIRECTEMISSIONSCarbonfootprintreductionisatoppriorityEarningstranscriptmentionsof“reducingemissions”OR“reducingcarbonemissions”OR“reducingcarbonfootprint”Q2’16–Q2’21Morethan200companiesjoinedapledgetohitnet-zerocarbonby2040September20,2021|ShellOrderedbyDutchCourttoCutCarbonEmissionsMay26,2021|40HIGHLIGHT#1:DIRECTLYCAPTURINGEMISSIONSCapturingemissionsatthesourceLatestRound:Amount:SeriesD-II(03/18/2021)$25MLatestRound:Amount:SeriesB–III(08/03/2021)$8MLatestRound:Amount:SeriesB(02/23/2021)$11MAbout:Svantehasdevelopedpoint-sourcecarboncaptureunitsmadetoconnecttoexistingfacilitiesandinfrastructure.About:CarbonCleanisdevelopingsemi-modular,modular,andotherCCUSunitsandservices.About:UniversityofLeedsspinoffC-Captureisproducingmodularcarboncaptureunitsthatutilizesolvent-basedtechnology.41HIGHLIGHT#1:DIRECTLYCAPTURINGEMISSIONSDirectaircapturecompaniesstarttosellcarboncreditsCorporateMinority(01/28/2021)LatestRound:About:Amount:UndisclosedLatestRound:About:Grant–II(06/26/2019)Amount:$19MClimeworksrecentlystartedupitsOrcafacility,theworld’slargestdirectaircaptureplant,capturing4,000tonsofCO2annually.Thecompanyhasannouncedseveralnewclientsin2021sofar,includingSwissRe,TheEconomistGroup,andMicrosoft.ClimeworkswasalsoselectedaspartofMicrosoft’scarbonremovalportfolio,receivingfundingfromthesoftwaregiant’sClimateInnovationFund.CarbonEngineeringisworkingonplanningandbuildingalarge-scaledirectaircaptureplant(0.5—1Mtonsannually)intheUK,incollaborationwithStoregga.Thecompanyalsostartedsellingcarbonoffsetcreditsin2021,withShopifyasitsfirstcustomer.Theoffsetswillcomefromaplantbeingbuildby1PointFive,whichisutilizingCarbonEngineering’stech.42HIGHLIGHT#2:CARBONUTILIZATIONCarbonutilizationisgrowingCONSTRUCTION&BUILDINGSYNTHETICFUELSPLASTICS&CHEMICALSMATERIALSLatestRound:Amount:SeriesD(12/27/2019)$114MLatestRound:Amount:SeriesD–II(11/20/2019)$142MLatestRound:SeriesE–II(10/18/2019)$132MAmount:About:EconicTechnologieshasCarbonCurehasdevelopedawaytoinjectcapturedCO2intowetconcretetoformcalciumcarbonate.ThisstrengthensconcretewhilesequesteringCO2.About:About:LanzaTech’stechnologytransformsemissionsintosyntheticfuels,plastics,andothergoods.developedpatentedcatalyststhatintegratewasteCO2intotheprocessofmakingpolyols.43HIGHLIGHT#3:EMISSIONSTRACKING&MANAGEMENTStartupsarehelpingcompaniestrackemissionsLatestRound:Amount:Incubator/AcceleratorN/ALatestRound:Amount:SeriesA(12/15/2020)$4MLatestRound:Amount:SeedVC-II(08/05/2021)$10MAbout:Arizona-basedPersefonihasdevelopedsoftwarethathelpscompaniescollect,track,andmanagemetheircarbonfootprint.About:ClearTracehascreatedasoftwareplatformthatallowscompaniestocollectandtrackaenergyusage.About:SinaiTechnologies’softwareplatformhelpscompaniestrackandreduceemissionsinordertomeetcarbonreductiongoals.44HIGHLIGHT#4:CARBONOFFSETSStartupsarefacilitatingnature-basedcarbonoffsetsLatestRound:Amount:SeedVC–II(05/26/2021)$20MLatestRound:Amount:SeriesA(04/30/2021)$15MLatestRound:Amount:SeedVC-II(05/13/2021)$6MAbout:NCXisacarbonoffsetmarketplacethatconnectscarbonoffsetclientswithforestplantersandAbout:Pachamahasdevelopedaplatformwherecompaniescanpurchasecarbonoffsetsfrompartieswithcertifiedreforestationprojects.About:Sylverahascreatedamarketplacewherebuyerscanassessandpurchasecarbonoffsetsfromratedcarbonoffsetprojects.landowners.45HIGHLIGHT#5:WAREHOUSEELECTRIFICATIONWarehousetechimprovesefficiency&reducesemissionsSPECIALTYELECTRICVEHICLESLOCALFLEETOPTIMIZATIONSeriesB(10/28/2020)$65MSeriesE(2/17/2021)$150MOutriderautomateslogisticshubswithaweb-baseduserinterfacetodispatchvehicles,siteinfrastructuretoallowautonomousvehiclestooperatesafelyaroundthewarehouse,andanelectricautomatedyardtruck.LocusRoboticsdesignsandbuildsautonomousmobilerobotsthatworkcollaborativelyalongsideworkersinlogisticsandfulfillment.Theseautonomousoperationscanhelpreduceemissionsfromyardvehiclesandidletrucks.46Source:Electrek,SHDLogisticsHIGHLIGHT#6:COMMERCIALVEHICLEELECTRIFICATIONLogisticsapplicationsgaintractionLatestround:About:SeriesB(5/6/2021)Amount:$110MLatestround:About:SeriesC–II(3/25/2021)Amount:N/AEinrideoffersanemission-free,road-basedtransportationsystem.ItsT-podisanelectric,self-drivingvehiclethatcanberemotelycontrolledbydrivers.Thecompanyalsodevelopsremotedrivingsystems,chargingstationsandinfrastructures.Nuroisaroboticscompanytransforminglocalcommercethroughdriverlessdelivery.Thecompanydevelopsandoperatesafleetofself-drivingvehiclesthatdeliverlocalgoodsofallkinds,fromdinnertodrycleaning.Nuro'sservicehelpsmerchantsdelivergoodstocustomersquickly,affordably,andsafely.47HIGHLIGHT#6:COMMERCIALVEHICLEELECTRIFICATIONEVOEMspursueSPACsSPACdate:About:3/19/2021SPACdate:About:5/7/2021SPACdate:About:5/6/2021Arrivalismakingelectricvehiclesmainstream,manufacturingvans,trucks,electricLionElectricCompanyisanall-electrictruckandbusmanufacturer.LightningeMotorsproduceselectricfleetmedium-andheavy-dutyvehicles,includingcomponentsandsustainableenergysolutions.deliverytrucks,shuttlebuses,passengervans,chassis-cabmodels,andcitytransitbuses.482021CLIMATETECHOUTLOOKChallenge2:ReducingresourceuseLOWERWATERINTENSITYDESIGNSUSTAINABLEPRODUCTLIFECYCLESDECREASEWASTE49CHALLENGE#2:REDUCINGRESOURCEUSEMitigatingtheenvironmentalconsequencesofheavyresourceuseisparamountWhythismatters:•

Mostemissionsdirectlyorindirectlycomefrommaterialsmanagement,suchasburningfossilfuelsforenergy,manufacturing,construction,andfarming.•••Processingmaterialsinindustrialsisparticularlyemissions-heavy,especiallyintheiron&steel,construction,plastics,andoil&gasindustries.Astheglobaleconomygrows,materialsusearoundtheworldisexpectedtogrowfrom79gigatonsin2011to167gigatonsin2060.Tocombatthisproblem,companiesarelookingintosolutionstoreduceorrecyclelimitedresourceslikewaterandpreciousmetals.50Sources:OECD.2021CLIMATETECHOUTLOOKChallenge2:ReducingresourceuseLOWERWATERINTENSITY51SOLUTION:LOWERWATERINTENSITYBattlingthewatershortagebottleneckTaiwan’sdroughtisexposingjusthowmuchwaterchipmakerslikeTSMCuse(andreuse)June12,2021|Low-CarbonCementCanHelpCombatClimateChangeNovember10,2020|Californiashutsdownmajorh