#119 | U.S. Senate passes climate bill + top climate tech investors
Understory newsletter on climate and sustainability tech
Save the date! Understory will be back this fall with our virtual showcase events. More details to come in the following weeks. Mark your calendars!
September 20
November 2
December 6
In the meantime, connect with us and the rest of the community in the Understory Slack. All are welcome - feel free to invite your friends and colleagues. Share your news, events, job postings, asks, and more.
📚 Worth Reading
The U.S. Senate passed the Inflation Reduction Act paving the way for it to be approved by the House and signed into law. The act includes approximately $370 billion of investment in climate measures including incentives for renewable energy and carbon capture technologies. Experts estimate that the bill will help reduce U.S. carbon emissions by 40% by the end of the decade.
Sectors that stand to benefit most from the bill include:
Electricity - significant tax incentives for renewable energy, batteries, and electric grid infrastructure
Carbon capture and other emerging tech - multiple subsidies to bring down the cost of implementing innovative technologies at scale
Built Tech - $9 billion is dedicated to home and commercial electrification, energy efficiency, and retrofits.
Agtech - $20 billion directed to smart agricultural practices and reforestation.
Lawmakers expect the bill to create 1.5 million new jobs over the next decade in areas like construction, manufacturing, and service.
Additional Reading:
CNN: Details on the Inflation Reduction Act
Protocol: Big Climate Tech Winners
American Progress: 5 Major Benefits
The Atlantic: The Best Evidence Yet That the Climate Bill Will Work
🚀 Funding and Congrats!
Terabase Energy raised $44 million in funding led by Breakthrough Energy Ventures. The company supports the construction of solar energy farms.
Project Solar, an e-commerce brand for solar installations, raised $23 million in Series A funding.
Hydrogen producer - Aurora Hydrogen - raised a $10 million Series A round.
Beacon Power Services, which provides data and grid management solutions in Africa, closed a $2.7 million seed round.
London-based 51-0 raised £400,000 to develop its carbon administration platform.
💡 Startup Spotlight
Wallet Max - an app that rewards consumers for shopping at local, environmentally-friendly businesses.
🌱 Startup Resources
Apply by August 12th: Pitch at the Venture Atlanta conference. They added Climate Tech and ESG categories this year.
Apply by September 28th: TechStars Impact powered by Cox Enterprises accelerator program.
Tips for climate tech startups to weather a downturn in the economy.
Who are the top VC investors in climate tech?
👀 Quick Hits
EV charging infrastructure is expanding in the U.S.
Marks & Spencer will no longer use ‘best before’ dates on fruits and vegetables to reduce food waste.
Lufthansa is rolling out a new ‘Green’ airfare which will include carbon offsets and contribution for SAF (sustainable aviation fuel).
Responding to fuel shortages and higher temperatures, Spain placed indoor temperature restrictions on public and commercial buildings.
🎧 Podcast
Marcelo Lando: developing renewables in Latin America
Franz Hochstrasser: funding the green transition
Michael Walton: creating sustainable communities
The Understory Podcast is also available on SoundCloud, Apple Podcasts, Amazon Music, and Google Podcasts.
⚙️ Jobs
Find and share your open positions on the Understory Slack channel.
🆕 Head of Commercialization at Formo
🆕 Founding Marine Engineer at Seabound
🆕 Principal Scientist at Rho Impact
🆕 Chief of Staff to the Chief Scientist and Director of Science Implementation at The Nature Conservancy
🆕 Sustainability Strategy Director at Schneider Electric
🆕 CTO / Technical Co-Founder at Green Cloud Nine
🆕 Email + SMS Marketing Specialist at Brightly
🆕 Operations Associate at Wallet Max
🆕 Partnerships Intern at Wallet Max
🆕 Sales Intern at Wallet Max
Head of Strategy at Returnity
Director of People at Remora
VP of Product at Higher Steaks
Manager/Senior Manager, Circular Economy Supply Chain at Accenture
Marketing Coordinator at Retaaza
Operations Coordinator at Retaaza
Recycling & Waste Diversion Analyst at Cox Enterprises
Head of Sustainability and Corporate Innovation Strategy at Delta
Senior Manager, Livestock Sector, EDF+Business at the Environmental Defense Fund
Sustainability Director, Net Zero Reduction Strategy at Meta
Senior Mechanical Engineer at Charm Industrial
🗓 Events
September 20: Understory’s Startups Driving Sustainability - September Showcase
November 2: Understory’s Startups Driving Sustainability - November Showcase
December 6: Understory’s Startups Driving Sustainability - December Showcase
Do you have any events to share? Post them in our Understory Slack community.
📧 Stay in Touch!
You don’t have to wait for our weekly newsletter for all the latest content. Join us on Slack or follow along on LinkedIn, Instagram, and Twitter to see real-time updates.