January 25, 2025

In the Spotlight

The energy transition continues to prove unstoppable, driven by innovation, investment, and global demand for clean solutions. Despite the new U.S. administration’s focus on fossil fuels, renewable energy and sustainable technologies are achieving record-breaking milestones. This week, funding surged into sectors like EV battery recycling, sustainable aviation fuel production, and geothermal HVAC systems, reflecting how transformative solutions are scaling to meet critical energy and material challenges. These developments underscore that even amidst political shifts, the clean energy economy is advancing with resilience and urgency, reshaping the future of sustainability.

Energy Transition

• Stargate, the $100B AI joint venture by OpenAI, Oracle, and SoftBank, will utilize solar and battery installations from SB Energy to power new data centers, addressing rising energy demands as U.S. data center power consumption climbs to 12% by 2028.
• Amazon commits $1B to electrify its European logistics network with 200 Mercedes-Benz eActros trucks, transporting 350M packages annually and cutting Scope 3 emissions, advancing its Climate Pledge to achieve net-zero carbon by 2040.
• ecoplanet raises €16M Series A led by EQT Ventures with HV Capital support to expand its AI-powered energy management platform, enabling businesses to cut energy costs by 20% while aligning consumption with green, affordable electricity.
• Amperesand raises $12.5M seed funding to scale silicon carbide-based solid-state transformers, enabling efficient integration of solar, nuclear, and grid power for data centers, as global demand for 185 GW of data center capacity by 2028 drives innovation.
• Bedrock Energy raises $12M Series A led by Titanium Ventures to scale deep geothermal HVAC systems for offices and data centers, offering twice the cooling efficiency of air-based systems while cutting land use by up to 67% in space-constrained areas.
• Boeing invests in Norsk e-Fuel to scale Europe’s first industrial Power-to-Liquids plant producing e-SAF from green hydrogen and recycled CO2, aiming to cut aviation emissions by 90%, as SAF adoption accelerates under EU mandates and industry net-zero goals for 2050.
• BlackRock and Temasek’s Decarbonization Partners lead Orennia’s Series C round, boosting its AI-powered platform Ion_AI, which optimizes energy transition investments across renewables, storage, and clean fuels, as capital demand surges for net-zero economy solutions by 2050.

Circular Economy & Novel Materials

• Circunomics secures €8M in Series A funding led by GET Fund and Schaeffler to expand its AI-powered battery lifecycle marketplace globally, targeting the growing market for second-life EV batteries and sustainable energy storage solutions by 2030.

Carbon-Tech

• Microsoft expands its re.green partnership, adding 17,500 hectares of forest restoration in Brazil and securing 3.5M tons of carbon removal credits, advancing its 2030 carbon-negative goal as demand surges for scalable nature-based decarbonization solutions.
• LRQA acquires RESET Carbon, expanding its supply chain carbon management services to global markets after supporting 300 facilities across 11 countries, as Scope 3 reporting mandates and ESG compliance pressures rise across sectors like consumer goods and retail.
• Origen Power secures $13M Series A funding led by Barclays Climate Ventures, with Shell Ventures and others, to scale its limestone-based direct air capture (DAC) technology, targeting global carbon removal and advancing a 1,000 tpa project in North Dakota.

Other Climate News

• AllianzGI and EIB close €450M Emerging Markets Climate Action Fund, leveraging KfW’s €20M contribution to mobilize up to €7.5B for 150 renewable, efficiency, and resiliency projects, as public-private partnerships drive climate finance in developing nations.
• Colorado State University secures $326M from DOE and EPA to enhance oil and gas operations, cut methane emissions by up to 90%, and build a national emissions inventory, marking its largest-ever federal award to advance climate goals and workforce development.
• BNP Paribas Solar Impulse Venture Fund closes at €172M, exceeding its €150M target, to back 15 startups in Europe and North America focused on energy transition, sustainable agriculture, and biodiversity.

Market Monitor

Introducing Our First Edition of This Week in Climate Tech

We’re excited to launch our weekly climate tech newsletter, where we will bring you fresh insights each weekend into the latest shifts and innovations. This week, Trump’s re-election initially sent ripples through renewable energy stocks, but the sector’s resilience is clear. While the MAC Global Solar Energy index and NextEra saw dips, the Inflation Reduction Act’s $369 billion in funding remains largely intact, backed by bipartisan support. With renewable energy costs falling and market dynamics driving growth, climate tech’s momentum is stronger than ever.

From high-stakes investments to new advancements in electric aviation and agritech, join us every week with Firstime Ventures as we track the future of climate tech.

In the Spotlight

While renewable energy stocks initially tumbled on Trump’s re-election this week – MAC Global Solar Energy index dropping 10% and NextEra falling 6.2% – the sector’s underlying strength is undeterred. The Inflation Reduction Act’s $369 Billion remains largely intact with bipartisan support, as 90% of investments flow to red districts. Market dynamics, not elections, continue to drive momentum: solar and wind costs have plunged 88% and 68%, making them more affordable than ever. Evidence builds daily—TotalEnergies maintaining U.S. investment plans, Saint-Gobain securing major renewable deals, Archer landing $500M aviation contracts, and Northern-Arc launching a $65M climate fund in India. Global investors with $33T in assets demand climate action, and states like California are approving $10B in climate bonds. The green transition is accelerating on solid commercial footing, moving beyond political dependency.

Energy Transition

Archer secures potential $500M Japanese deal through JAL-Sumitomo venture for 100 electric aircraft, targeting 2025 commercial launch.

Norwegian FREYR enters US solar manufacturing by acquiring Trina’s $340M Texas facility amid growing domestic production push.

Beta Technologies raised $318M Series C funding from Fidelity, TPG, and Qatar’s QIA, advancing electric aircraft production and certification.

Mainspring Energy secures $96M to manufacture fuel-flexible Linear Generators, establishing a large-scale Pittsburgh manufacturing facility.

French ZE Energy secures €54M led by Amundi Energy Transition for European solar-storage expansion strategy.

Polish solar attracts €81M investment as Econergy and Phoenix secure a long-term deal with a global industrial buyer.

Norwegian Glint Solar receives $8M Series A backing to scale global solar development software across European markets.

Meta expands Texas solar footprint through 260MW Engie partnership, strengthening US data center renewable supplies.

Retail giant H&M partners with Lightsource bp on a 125MW Texas solar farm, expanding US corporate renewable procurement.

French industrial Saint-Gobain locks 110GWh renewable supply through 20-year Boralex partnership across three facilities.

Circular Economy & Novel Materials

DOE backs Moment Energy’s $20M Texas battery recycling facility, targeting EV-to-grid storage conversion market.

Ag-Tech

Days after US elections, DFC backs Indian agritech platform Arya.ag with $19.8 million, strengthening Indo-Pacific digital agriculture investments.

Marine robotics startup Ulysses raises $2M from Lowercarbon Capital, commercializing automated seagrass restoration with government partnerships.

Carbon-Tech

Canada backs Pratt & Whitney’s $34.9M advanced thermal engine research, aiming to reduce aviation emissions through improved fuel efficiency.

Other Climate News

UAE signals regional energy transition leadership with $54B commitment while maintaining position as key global energy supplier.

Global investors managing $33 trillion unite ahead of COP29, demanding stronger climate policies to accelerate private sector climate investments.

California strengthens West Coast climate leadership with $10B bond approval, advancing offshore wind and grid infrastructure development.

Days after the US elections, DFC channels $50M into Indian climate fund, maintaining American green financing commitments in Asia.

Market Monitor

Our Market Monitor tracks the performance of key stocks and sector ETFs, providing weekly and year-to-date changes for market analysis and trend identification.

Insights by Dr. Avner Gross for Firstime Ventures, Edited by Itamar Weizman

Introduction

Firstime VC is deeply invested in addressing the multifaceted challenge of climate change. A crucial aspect of this challenge is Carbon Dioxide Removal (CDR). This article explores why CDR is critical in the fight against climate change and how it complements traditional emission reduction strategies.

Understanding the Urgency of Carbon Dioxide Removal

Climate change, a formidable threat to our global ecosystem, necessitates a comprehensive strategy that extends beyond reducing emissions. The latest findings, including those from the IPCC’s 6th Assessment Report, emphasize the importance of not only limiting but also reversing the atmospheric accumulation of CO2. This reversal is where CDR technologies become indispensable.

Figure 1. Schematic illustration of NET deployment timing and scale

CDR: A Critical Component of Climate Strategy

While reducing emissions is crucial, it’s only part of the solution. CDR technologies have the unique potential to actively remove existing carbon dioxide from the atmosphere, a necessary step to meet the global warming targets set by international climate agreements. By extracting CO2 from the air, CDR can help mitigate the effects of past emissions and is a vital tool in achieving long-term climate goals.

The Diverse Landscape of CDR Technologies

The field of CDR encompasses a variety of approaches, each with unique mechanisms and potential impacts:

1. Direct Air Capture: DAC technologies involve capturing CO2 directly from the atmosphere, offering a scalable solution to actively reduce atmospheric carbon levels.

2. Enhanced Weathering: This method accelerates natural geological processes to capture and store carbon dioxide, potentially transforming large areas into carbon sinks.

3. Ocean-Based Solutions: Techniques like ocean alkalinity enhancement and carbon capture in marine environments highlight the ocean’s significant role in carbon sequestration.

4. Biological Approaches: Leveraging the natural carbon-absorbing capabilities of forests, soils, and other ecosystems, these methods focus on enhancing and preserving natural carbon sinks.

Figure 2. Various carbon removal technologies and how they capture and store CO2. The artwork was taken from Rita Erven (GEOMAR)

Challenges and Opportunities in CDR Development

The development of CDR technologies faces numerous challenges, including scalability, cost, and environmental impact. However, these challenges also present opportunities for innovation and technological advancement. Effective CDR solutions require multidisciplinary approaches and collaboration across sectors and borders.

Our dedication to supporting CDR

We believe that investing in CDR is not just an environmental imperative but also an opportunity to pave the way for sustainable technological advancements. As we continue to support cutting-edge solutions in this field, our focus remains steadfast on contributing to a healthier, more resilient planet.

Dr Avner Gross, The Department of Geography and the School of Sustainability and Climate Change, Ben Gurion University of the Negev, Israel

By: Keren Kopilov, Partner & Head of Digital Health.

Firstime Ventures has been invesing in digital health and mental health since 2014. Looking for funding for your innovative mental health solution? Apply Here

Talkspace’s Role and Industry Insights

As we step into this year with high hopes and new initiatives at Talkspace, our portfolio company, we wanted to take a moment to reflect on the broader landscape of mental health in the U.S., particularly in light of our recent endeavors and evolving industry trends.

Since 2020, with the breakout of COVID-19, there has been an undeniable acceleration of the need for mental health care. Historically sidelined, mental health has now become a focal point of global health priorities. The pandemic triggered a 25% increase in anxiety and depression worldwide, particularly affecting young people, women, and those with pre-existing conditions.

Talkspace’s Initiatives

In embracing this challenge, Talkspace launched the ‘Go Head First Into 2024’ campaign, moving beyond traditional resolutions to prioritize mental well-being. Additionally, our participation in the Nasdaq Stock Market Closing Bell ceremony on January 3, 2024, symbolized our commitment to this cause.

Industry Challenges and Solutions

The U.S. mental health sector, however, faces several challenges, including a surge in mental health issues, accessibility, affordability, insurance complexities, and a shortage of qualified professionals. For instance, 21% of adults experience mental illness, yet 55% receive no treatment, often due to high costs or lack of insurance.

To address these issues, integrated care and expanding the workforce are crucial. The Biden administration’s proposed $700M investment in 2022 to expand the mental health workforce is a step in the right direction. Moreover, increasing reimbursement rates can encourage more professionals to join insurance networks.

2024 US Budget

In President Biden’s FY 2024 budget, a significant focus is placed on mental health, with several key investments earmarked to address the crisis. The budget includes a $2 billion allocation for the Mental Health System Transformation Fund to expand services and workforce development. Additionally, $387 million is proposed for training behavioral health providers, a $190 million increase from the previous year. The SAMHSA Minority Fellowship Program is set to receive $37 million, reflecting a $17 million increase. Furthermore, $836 million is allocated for the 988 and Behavioral Health Services program, marking a $334 million rise from FY 2023. These figures represent a substantial commitment from the Biden administration towards enhancing mental health care and services in the United States

The Role of Technology

Telehealth has been a game-changer, accounting for 36% of mental health visits in 2021. This technology needs further expansion to meet the growing demand. At Talkspace, we understand the importance of technology in democratizing access to mental healthcare.

Market Trends

The rapid growth in primary care platforms and the adoption of hybrid models combining telehealth with traditional services are reshaping the landscape. There’s also a shift toward B2B virtual care solutions.

Investment Insights

Despite a challenging year for digital health funding in 2023, investment in behavioral health remained strong. Companies like Author Health and Spring Health are leading the way with significant funding rounds, indicating a robust interest in mental health startups.

Public Mental Health Companies

Talkspace, going public in 2021 with a $1.4B SPAC merger, is focusing on B2B efforts and projects profitability by the end of the year. Other companies like Teladoc and LifeStance are also key players in this sector.

The mental health crisis in America is a call to action for us all. The evolving telehealth market, estimated at $200B, offers solutions to many challenges. As part of this industry, Talkspace is committed to contributing positively to this landscape, leveraging technology and innovative care models to enhance mental health access and treatment.

As we continue through 2024, we’re going to keep an eye on this encouraging development where mental health care, technology, and investment interests converge, paving the way for a healthier, more mindful society.f

BeeHero raises $42 million Series B for precision pollination platform

BeeHero, which has developed a precision pollination platform, announced on December 2022 that it has completed a $42 million Series B funding round. Lead investor Convent Capital was joined by General Mills, Cibus Capital, Rabobank, Firstime, MS&AD, J-Ventures, Plug&Play, iAngels, Gaingels, UpWest, and more. To date, BeeHero has raised $64 million. This new round of funding will enable BeeHero to further invest in R&D and help generate more data and insight into the sustainable agriculture ecosystem it is building to address the issue of global food security.

BeeHero CEO, Omer Davidi:

“The investment from General Mills is a massive achievement for us. Agriculture is very important to them and they identified the pollination problem long ago and that there are ways to address it. They are a strategic investor that will open doors for us going forward. The recession has meant that clients are trying to be more efficient and our solution helps them do that.”

What does BeeHero do?

BeeHero brings a technological revolution to the traditional field of agriculture and pollination management. The company represents a strong and capable team with a wide background in the pollination technology field, has achieved significant growth in the last 24 months and won the trust of major clients.  With a first-mover advantage and cutting-edge technology that is relevant for a wide range of crops, BeeHero is well placed to lead the growing pollination market globally.

A brief history of BeeHero

Itai Kanot grew up among his father’s farm, who is also the largest private beekeeper in the country. From a young age, he knew that his future was among the bees. As a young adult, he met high-tech expert Omar Davidi, and the two of them collaborated to find a solution to the world’s declining bee population. 

Starting in 2017, with 10 hives in the backyard in Israel, their firm BeeHero now keeps track of 120,000 hives throughout the US, and has over 55 employees headquartered in the US and R&D centers and research labs in Israel and Italy.

Why did we invest in BeeHero?

BeeHero brings a technological revolution to the traditional field of agriculture and pollination management. The company represents a strong and capable team with a wide background in the pollination technology field, has achieved significant growth in the last 24 months and won the trust of major clients.  With a first-mover advantage and cutting-edge technology that is relevant for a wide range of crops, BeeHero is well placed to lead the growing pollination market globally.

A brief history of Hygieia 

Taking insulin is a very mundane task for patients with diabetes, one of the most common chronic diseases in the world. Most people need 1 to 4 injections per day for blood sugar regulation. The insulin dosage is adjusted by doctors after considering the daily changes in the patient’s body. In addition, treating the disease is expensive. According to the American Diabetes Association, “people with diagnosed diabetes account for more than 1 in 5 health care dollars in the U.S.”

With the stakes so high, in 2008, Eran Bashan and Israel Hodish, two researchers at the University of Michigan, founded Hygieia and developed d-Nav to make insulin therapy safer and more effective without increasing the burden on the healthcare system.

The d-Nav program, with FDA-cleared technology, has been thoroughly tested, reviewed, and patented internationally over the last decade. The company expanded its clinical treatment from Northern Ireland in 2013 to the US at the beginning of 2019. 

To date, the company has 20 employees, has generated a total of $13M in revenues, and raised ~$17M in funding from various family offices, the Blue Cross Blue Shield of Michigan (BCBSM), Conductive Technologies, and Oakwood Medical Investors. 

Addressing the elephant in the room: Insulin mismanagement and inefficiency 

Globally, type 2 diabetes affects more than 450 million people. More than 30 million people in the US have type 2 diabetes. More than 7 million Americans with type 2 diabetes use insulin, and more than $14 billion is spent on insulin annually in the US. Yet nearly two-thirds of the patients don’t get successful results and experience disease-related symptoms. 

This poses a major problem in a massive subsector of pharma – insulin mismanagement. In monetary terms, over $175 billion in healthcare expenses arise due to health complications that are caused by insulin mismanagement amongst Americans with type 2 diabetes. 

A single patient needs 50-100 dosage adjustments a year for effective insulin treatment. Primary care physicians are responsible for these adjustments, but they often lack the time or expertise to accommodate this process of insulin treatment. Most patients only visit their doctor maybe 2 or 3 times a year. It is no wonder that the problem here is not drug efficacy but rather drug administration. This is where Hygieia intends to fill this gap.   

Enter Hygieia: A patented and FDA-approved insulin management program

The US-based start-up Hygieia is looking to improve the lives of millions of people with type 2 diabetes in the US, the UK, and the EU so far. Its revolutionary D-Nav® insulin management program is an FDA-approved program that transforms insulin management through a mobile app that guides patients to optimize insulin doses at home based on their changing glucose levels. With the use of patented technology, artificial intelligence, and virtual clinical support to automate insulin titration based on each patient’s unique needs. 

To use the d-Nav program, patients insert their glucose test strips into the handheld device. The patient’s information is uploaded to the cloud to be analyzed. Artificial intelligence and a proprietary algorithm are applied to make an insulin dose recommendation, based on the current reading and patient historical data, for each injection throughout the day and week.

The great thing is that the program is covered by most insurance carriers, as well as Medicare and Medicaid, allowing physicians to refer cases with confidence. That means Hygieia profits from the savings healthcare providers achieve as a result of this program, rather than directly charging the end-users (the patients). This is a proven win-win-win; patients feel better, insurance and healthcare providers save money, and Hygieia fills the gap. 

Why did we invest in Hygieia?

The global digital diabetes management market is predicted to grow at an annual rate of almost 20 percent, reaching a size of $27 billion in 2026. As mentioned before, 450 million people suffer from type 2 diabetes. Again, over 7 million Americans, or in other words, one-fifth of type 2 diabetes patients, could benefit from Hygieia’s solution in the United States. Therefore, Hygieia can potentially serve a fourth of the 450 million people globally – i.e., 100+ mil – in a market that will double every four years. 

Furthermore, Hygieia’s business model is not just a theory – it has strong proof of concept and scalability. So far, over 4 million doses have been prescribed by Hygieia’s program. That’s no small feat, especially considering the regulatory difficulties of this space. The D-Nav® program has FDA approval and is CE marked, with over 100 global patents securing the technology that makes this solution possible. We believe Hygieia has the traction and the first mover advantage to keep leading this breakthrough.

Maverick developed an AI platform, mCoder, that addresses the challenges of medical coding efficiency, accuracy, and capacity

Founded in 2018 by Yossi Shahak and Michael Brozino, Maverick has developed an AI platform, mCoder, that addresses the medical coding efficiency, accuracy, and capacity challenges impacting the healthcare revenue cycle by providing a single SaaS platform for healthcare providers across all care settings. Maverick’s platform addresses multiple clinical specialties to enable standardized coding.

Maverick’s platform has been validated and used by several leading U.S. healthcare providers in the $16.4 billion U.S. medical coding market (2020 figures).

Read the full article on C Tech

TL;DR:

BeeHero brings a technological revolution to the traditional field of agriculture and pollination management. The company represents a strong and capable team with a wide background in the pollination technology field, has achieved significant growth in the last 24 months and won the trust of major clients.  With a first-mover advantage and cutting-edge technology that is relevant for a wide range of crops, BeeHero is well placed to lead the growing pollination market globally.

A brief history of BeeHero

Itai Kanot grew up among his father’s farm, who is also the largest private beekeeper in the country. From a young age, he knew that his future was among the bees. As a young adult, he met high-tech expert Omar Davidi, and the two of them collaborated to find a solution to the world’s declining bee population.

Starting in 2017, with 10 hives in the backyard in Israel, their firm BeeHero now keeps track of 100,000 hives throughout the US, and has 20 employees headquartered in the US and R&D centers and research labs in Israel and Italy.

How to feed nine billion people? Bees.

A new crisis looms on the horizon. By the year 2050, nine billion people will inhabit planet earth. Feeding them sustainably and nutritiously will be one of the most wicked challenges facing humanity.

Achieving global nutritional security over the next 30 years will require agricultural production to increase by 60 per cent. This increase in production will be driven by insect-pollinated crops that have increased by over 300 per cent in the last 50 years.

About three-quarters of the world’s food crops rely on insect pollination (mainly bees). Particularly, bee pollination plays a crucial role in food production – increasing yield and quality, nutritional value, shelf life, and commercial value. Yet nearly 40 per cent of bee colonies collapse every single year.

The pollination deficit

The term “pollination crisis” highlights the global decline in pollinator abundance and diversity in large parts of the world that will critically impact the human food supply chains.

This impending emergency was also noted in the European Parliament’s resolution that stated: ‘…only bees, in sufficient numbers, can guarantee pollination…it is essential to respond without delay to the crisis in bee health in an appropriate manner with effective weapons’.

The health and effectiveness of the beehives depend on the number, spread, and strength of colonies and the timing of their introduction. However, currently, there are no data management tools or systems for farmers to base their pollination management decisions.

Enter BeeHero: A data-driven yield-enhancing technology

Founded in 2017, BeeHero is a California-based start-up aiming to optimize the way we pollinate our crops. Harnessing the power of the internet of things and machine learning, BeeHero’s platform monitors beehive activity. The breakthrough development integrates beehive data with other relevant environmental, horticultural, and agronomic data, advanced analytical modeling, and visualization techniques that, for the first time, enable the direct measurement and optimization of bee pollination input for food production.

Simply put, there are three phases to the technology that is BeeHero.

1. IoT sensors are placed in beehives in order to collect data about the bee environment and activity at scale. The collected data is then integrated with other external environmental and agronomic datasets including factors ranging from weather to soil quality.
2. Advanced analytical methods, such as machine learning and artificial intelligence, are then used to transform the data into actionable insights for pollination management.
3. These insights are visible to farmers on a user-friendly platform, providing key metrics to support management decisions with regard to pollination. It doesn’t stop there, however. In fact, BeeHero also facilitates these pollination services by partnering up with beekeepers nationwide.

Data & Main Deliverables

BeeHero delivers precision pollination services that optimize crop yield and minimize overhead.

1. Strong pollination resources: that automatically monitor and report the colony health and actionable data year-round, to the farmers.
2. Optimal Pollination Inputs: BeeHero’s algorithms provide accurate bee frame counts to quantify the number of bees delivered per acre of crop. And provides necessary hive status that reduces farmers’ exposure to risks from unknown hive numbers and strengths.
3. Maximized Pollination Efficacy: Data-driven best practices for different crops, varieties, locations, and field sizes that optimize crop yield and quality ensure maximum crop yields.

The current success has given BeeHero the motivation to explore new applications of its technology. This includes solutions that range from the financial support of beehive leasing and the customization of insurance models all the way to creating the largest bee and pollination database that predicts different agricultural uncertainties.

Why did we invest in BeeHero?

BeeHero brings a technological revolution to the traditional field of agriculture and pollination management. The company represents a strong and capable team with a wide background in the pollination technology field, has achieved significant growth in the last 24 months and won the trust of major clients.  With a first-mover advantage and cutting-edge technology that is relevant for a wide range of crops, BeeHero is well placed to lead the growing pollination market globally.