🪨 Australia Led Lithium Production in 2023 + Nordic-Baltic Climate Tech 100

Hello 👋

Australia, Chile, and China continue to dominate global lithium production. However, Zimbabwe is emerging as a potential future leader with a remarkable 230% surge in production and the discovery of the world's largest lithium reserves. This week, we also spotlight the 2023 Nordic-Baltic Climate Tech 100, highlighting the region's most promising startups in the climate technology sector and how they are fairing in 2024.

This Week's Topics

📈 Lithium production by leading countries. Australia, Chile, and China led lithium production in 2023
🏆 Nordic-Baltic Climate Tech 100. $5B worth of funding in 2024 so far
📊 EV Charging Stock Index. 49% decline as EV sales decline impact investor appetite on EV charging
📝 Annual Climate Tech Outlook. 230+ pages of trends, insights, and data
💰 Climate Tech Deals of the Week. Funding, M&A, and Public Offerings

Don't forget to check out the 2024 Global Climate Tech Outlook and sign up for our daily newsletters, Chart of the Day, and Impact Capital Markets. For unlimited access to over one million charts, request a demo.

📈 120% YoY Growth in Global Battery Energy Storage Systems Capacity

The "Big Three" of lithium production – Australia (43.4%), Chile (28.5%), and China (16.7%) – maintained their dominance in 2023. However, Zimbabwe emerged as a potential game-changer, recording a staggering 230% year-on-year production increase, fueled by the discovery of the world's largest known lithium deposit in June 2024. Despite a slowdown in electric vehicle growth this year, the long-term demand for lithium remains robust. As battery technology and electrification expand across industries, lithium is expected to be a key player in the global transition to a cleaner future.

🏆 Nordic-Baltic Climate Tech 100

The Nordic-Baltic Climate Tech 100 is HolonIQ’s annual list of the most promising startups working in clean energy, zero-emission mobility, and sustainability.

Companies in the Nordic-Baltic 100 defied global trends, securing an impressive $5.5 billion in funding this year. This marks a 129% increase compared to the $3 billion raised by the Nordic 100 last year, highlighting the region's resilience amidst a challenging climate tech funding landscape. Northvolt AB, a Swedish leader in lithium-ion battery development and manufacturing for electric vehicles, exemplifies this success. The company has raked in $1.8 billion this year, fueling its plans to expand production capacity and explore new markets. This surge in investment underscores the Nordic-Baltic region's ability to navigate complex macro and geopolitical headwinds impacting global capital markets.

🔋 EV Charging Decline 49% YoY

HolonIQ’s EV charging index declined by 49% over the past year, while it has experienced a 30% rise in the past three months. This recovery, which started in late June, was fueled by significant stocks in the index outperforming expectations for EV sales. The growth in EV sales is closely linked to the EV charging industry. The initial decline in the index was caused by a slowdown in EV sales growth, political factors, and a shortage of EV charging stations to meet demand. The EU's imposition of 37.6% tariffs on Chinese EVs, along with US plans to significantly increase tariffs, has made investors cautious.

To meet the demand for EV charging stations, the Biden administration announced a $7.5 billion investment, although there have been delays in execution. Some consumers are reverting to traditional vehicles due to the lack of charging stations. Despite the rise of super and smart charging options, they are still more expensive than home charging. Additionally, the need for adaptors across different regions due to various companies using different charging points complicates the charging process. Despite these challenges, the EV charging market is driven by the increasing adoption of electric vehicles and the global push for greener transportation, with the index expected to grow overall.

📊 2024 Global Climate Tech Outlook

HolonIQ's annual analysis of the evolving climate economy offers over 230 pages of in-depth insights on market data, investments, strategic shifts, and trends in energy, environment, infrastructure, and mobility. Download the extract or purchase the full report.

💰 Climate Tech Deals of the Week

HolonIQ actively monitors and tracks deals across all world regions in the Climate Tech landscape. Subscribe to our Daily Capital Markets newsletter to peruse the top deals for each day.

Funding

🏘️ Hayden AI Technologies, a US-based company specializing in vision AI solutions for smart cities, raised a $90 million Series C to accelerate the company's research, development, and growth.

💧 ZwitterCo, a US-based company empowering water treatment through advanced membrane technologies, raised a $58.4 million Series B to invest in international expansion strategically and the rapid advancement of its technology platform.

🔋 Poen, a Korean battery waste remanufacturer, raised a $28M Series B to accelerate its technology advancement.

🌾 Arya.ag, an Indian agritech startup, raised a $29M Series D from Quona Capital and Asia Impact to enhance its supply chain solutions and accelerate its agritech innovations.

🏗️ Phaidra, a Washington-based AI-based infrastructure company, raised $12M from Index Ventures for R&D efforts.

🟢 Dynelectro, a Danish sustainable energy company, raised a $11.9M investment round led by early-stage investors to scale up next-generation solid-oxide electrolysis.

M&A

☀️ SolarBank Corporation (Nasdaq: SUUN) closed its acquisition of Solar Flow-Through Funds Ltd. valued at $45 million, including SFF's over 70 operating solar sites in Ontario.

🚗 BYD, a Chinese-based EV manufacturer, signed an agreement to acquire a 20% stake in Rever Automotive as it ramps up efforts to tap the Southeast Asian market while it faces higher tariffs in the US and the European Union.

🚲 Cycle, a German-based full-service mobility provider acquired Ebike4Delivery, an electric delivery bicycle manufacturer to strengthen Cycle’s position in the delivery industry in Europe.

🔋 HMC Capital, an Australian asset manager, signed a $50 million deal to acquire a majority stake in Sydney-headquartered battery project developer Stor-Energy as part of its push into the renewable energy sector.

☀️ Aggreko Energy Transition Solutions, a division of Aggreko, a Scottish supplier of mobile and modular power and temperature control equipment, acquired Infiniti Energy, a U.S.-based commercial and industrial solar company.

Public Offerings

☀️ Sahaj Solar Ltd, an Indian solar company went public this week, with shares priced at $0.57-$0.60 per share. The company was subscribed 42.23 times on opening day.

🔩 Canatu Oy, a Finnish carbon nanotubes producer, is set to become a publicly listed company on NASDAQ through a share exchange agreement with Lifeline SPAC I Plc.

🚁 Archer Aviation (NYSE: ACHR), a US-based electric vertical take-off and landing (eVTOL) company, raised $55M from Stellantis as a Follow-on Equity Offering. This investment followed Archer's successful transition flight of its Midnight eVTOL aircraft.

🚁 Cirrus Aircraft, a Chinese aircraft manufacturer listed on the Hong Kong stock market, raised $192 million. Its shares were priced at $3.52 a share.

☀️ Citicore Renewable Energy Corporation, a Philippines-based renewable energy company listed on the Philippine Stock Exchange (PSE). The IPO includes 1.78 billion common shares, with the proceeds expected to be utilized to fund the development of solar energy power plants.

Thank you for reading. Have a great week ahead!
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