Climate Finance Roundup - Sustainable rockets, Green silica aerogels, Green hydrogen & more
UK funds sustainable rockets using bio-propane as fuel; Final investment decision for Norway green hydrogen project; Canada funds transit, EV manufacturing; 'Green' silica aerogels
In this newsletter:
UK invests in sustainable satellite launch technology
Canada strengthens electric vehicle manufacturing sector
Luxcara Invests in Norway’s Green Hydrogen Project
Keey Aerogel raises funding to scale green silica aerogel production
GreenYellow raises €70M for solar power in France
UK Water companies commit £22.1bn for environmental improvements
Canada’s government invests in improved flood protection in Tahsis
Canada: Ensuring long-term predictable public transit funding for communities with $2.2 billion
Montana Renewables DOE Loan Facility Update
UK invests in sustainable satellite launch technology
(January 29)
UK-based Orbex has received a £20 million investment from the government to develop and launch its sustainable rocket, Prime, from SaxaVord spaceport in Scotland. The rocket is designed to use renewable bio-propane fuel, significantly reducing carbon emissions compared to other rockets. The launch, projected for late 2025, will create over 140 high-skilled jobs in the region and aims to boost the UK economy, tapping into a European satellite market expected to reach $50 billion.
Canada strengthens electric vehicle manufacturing sector
(January 28)
Canada announced an investment of up to $169.4 million in Linamar Corporation through the Strategic Innovation Fund. The funding will support Linamar’s Innovation Driving Green Technology Project, aimed at accelerating green technologies in the automotive sector such as EV parts manufacturing. The project is expected to create approximately 2,000 full-time jobs and will involve the development of new semiconductor packaging methods for EV batteries.
Luxcara Invests in Norway’s Green Hydrogen Project
(January 27)
Germany and Norway-based Luxcara and GreenH have made a final investment decision for the Bodø Hydrogen Project in Norway. The project, funded partly by NOK 129 million (ca. EUR 11 million) from Enova, will have an initial 20 MW electrolyzer capacity, producing up to 3,100 tons of green hydrogen annually. Phase 2 could add 10 MW, totaling 30 MW and 4,800 tons. The hydrogen will supply a ferry connection, starting in 2026.
Keey Aerogel raises funding to scale green silica aerogel production
(January 28)
France-based Keey Aerogel has raised €18 million in Series A funding to scale up production of green silica aerogel using recycled materials. The funding, led by Fonds SPI 2 and WIND, will support expansion and the establishment of local production facilities. Keey Aerogel aims to become a leading producer of green aerogel in Europe.
GreenYellow raises €70M for solar power in France
(January 28)
France-based GreenYellow announced a €70 million fundraising to develop 133 solar power plants in France, totaling 74.5 MWp capacity. The project, supported by Caisse d’Épargne Île-de-France, will produce over 85 GWh of clean energy annually, with 30% for self-consumption and 70% for the grid.
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UK Water companies commit £22.1bn for environmental improvements
(January 29)
The UK-based Environment Agency, in collaboration with Natural England, has secured the largest ever commitment from water companies to invest £22.1bn in environmental efforts over the next five years. This commitment includes targeted actions to improve water infrastructure, enhance habitats and biodiversity, and ensure drinking water quality. Actions outlined include trials for nitrate removal and restoration of chalk streams, reflecting a significant leap in environmental accountability since privatization.
Canada’s government invests in improved flood protection in Tahsis
(January 28)
The Government of Canada has announced a combined investment of over $2.8 million to improve flood protection infrastructure in the Village of Tahsis, British Columbia. The project includes the construction of two flood walls and an earth berm to safeguard against extreme weather events. Funding contributions are from the federal government ($1,156,861), the provincial government ($963,954), and the Village of Tahsis ($771,337).
Ensuring long-term predictable public transit funding for communities with $2.2 billion
(January 28)
The Canadian federal government announced more than $222 million in annual transit funding through the Canada Public Transit Fund for 42 municipalities and transit authorities in Ontario, totaling over $2.2 billion over ten years. This funding aims to upgrade and modernize public transit infrastructure, increase housing supply and affordability, and reduce greenhouse gas emissions from 2026 until 2036.
Montana Renewables DOE Loan Facility Update
(January 28)
US-based Calumet, Inc. announced a tactical delay for the first tranche of a $782 million guaranteed loan facility from the U.S. Department of Energy (DOE) intended for construction and expansion of a renewable fuels facility in Great Falls, Montana. The loan facility closed on January 10, 2025, and the delay is expected to last days or weeks. The facility, operated by Montana Renewables, LLC, aims to support job creation and economic development in Montana, projecting to support 4,400 jobs by 2028 and create 450 construction jobs along with up to 40 permanent operations jobs.
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