Led · Debt Financing · Oct 2021

Bird Global operates affordable, on-demand e-scooters and e-bikes in more than 350 cities across the United States, Canada, Europe, the Middle East, and Australia. Founded in 2017 by Travis VanderZanden and headquartered in Miami, FL, the company emphasizes a community-first approach and partners closely with cities. Bird secured additional funding this year, bringing total new capital to almost $33 million. The funding strengthens Bird's liquidity position after the company reported a second consecutive quarter of positive adjusted EBITDA. Management expects $15–20 million in adjusted EBITDA and $5–10 million in free cash flow this year, and the new capital is intended to help the company achieve those targets. Bird operates a fleet of electric scooters and bikes and says that fleet generates strong cash flow. The company plans to manufacture “tens or hundreds of thousands” of vehicles over the next year equipped with a new location-based sidewalk riding detection technology, a program that requires large upfront capital. To support expansion, Bird secured an upsized vehicle financing facility that it says improves liquidity and capital efficiency, particularly for vehicle purchases made in winter. The financing arrangement lets Apollo fund the vast majority of vehicle purchases while Bird pays a small upfront amount and repays the balance as vehicles generate revenue over about nine months. Bird’s CFO attributed the upsized facility to the fleet’s cash-generating capabilities, and Bird has stated an objective to fund the majority of vehicle CapEx with financing going forward. The company is also poised to become publicly listed via a SPAC business combination with Switchback II Corporation. Bird provides shared e-scooter micromobility solutions and has expanded its footprint by acquiring Circ, a Berlin-based shared e-scooter operator. Circ operates across 43 cities in 12 countries and has a presence in the Middle East; it was founded by Lukasz Gadowski. The combined company will add more than 300 employees to Bird's European operations. Bird intends to use the new funds to increase vehicle development and research initiatives and to support European expansion plans. Financially, Bird announced a $75M extension to its Series D, bringing that round to $350M in total. The company says the combined operations will provide streamlined services for cities aiming to reduce carbon emissions and congestion. Bird operates shared electric scooters and a growing range of micro-mobility vehicles, including scooters, bicycles, mopeds and a two-seater hybrid called the Bird Cruiser. The company also sells scooters directly to consumers in addition to its shared fleet. Bird reports its newer Bird Zero scooters account for more than 75% of its fleet and achieved positive unit economics, though that figure was based on a four-week summer period. Prior to this round Bird had raised more than $400 million and reached a $2 billion valuation last June. The company recently acquired Scoot in a deal worth less than $25 million to expand into traditional bicycles and mopeds. Bird says it will use the new funding to continue research and development across its variety of vehicles. Bird operates dockless electric scooters that users can unlock by scanning a code for short urban trips, targeting last-mile transportation. The company has rapidly scaled presence in cities such as Los Angeles but faces municipal pushback in places like San Francisco where scooters were kicked off sidewalks. Bird secured substantial investor enthusiasm, completing a $300M funding round that coincided with a jump in reported valuation from about $300M in March to $1B in May and $2B by the end of June. Less than a year old at the time, Bird described its first product as an MVP with encouraging unit economics as it refines operations. Suppliers such as Xiaomi provide scooters, and investors noted tariffs would likely not break the unit economics. Bird has also recruited senior talent from venture capital, including Paige Craig as VP of business, as it prepares for further expansion.

Led · Debt Financing · Feb 2018

ZPower develops rechargeable silver-zinc batteries for microbattery applications, with products aimed at the hearing aid battery market and consumer wearables. The company delivers consistent, stable energy solutions that it describes as safe, environmentally sustainable and scalable across multiple applications. ZPower is led by President & CEO Ross E. Dueber, Ph.D. Its facilities in Camarillo are ISO certified and its devices are registered with the FDA. The company recently secured financing to support growth and expand its operations and business reach. ZPower develops and manufactures silver‑zinc rechargeable batteries for microbattery applications, with a primary focus on hearing aids. Its silver‑zinc cells deliver up to three times the energy of nickel metal‑hydride and provide over 18 hours of continuous use in both 312 and 13 sizes. The company also provides design support services in power management, charger electronics and control algorithms to help hearing aid manufacturers adapt products to ZPower batteries. ZPower batteries were launched by Starkey Hearing Technologies for use in the VFusion Rechargeable Battery System. The company says its higher energy‑density technology could serve other portable electronics and wearable markets beyond audiology. ZPower is headquartered and manufactures in Camarillo, California and is financed entirely by private investors with no government‑assisted funding.

Led · Equity · Dec 2015

Sungevity is described in the release as a leader in the global solar market that services a growing U.S. footprint as well as the Netherlands, Germany and the United Kingdom. The company completed a large equity and project financing package that the release says will allow it to extend its technology platform and widen its reach into new markets and customers. The financing is positioned to support development of solar projects across the company’s U.S. service areas. Hercules Technology Growth Capital participated in the transaction and continues to maintain a senior secured structured loan to Sungevity. Hercules’ CEO also noted that the funding, coupled with recent U.S. legislation extending the Investment Tax Credit, bolsters confidence in the company and the solar industry. Sungevity sells solar design and integration services directly to consumers and positions itself as a hub for equipment partners, installers and financing partners. The company operates in nine U.S. states and the District of Columbia and is the exclusive partner to retailer Lowe’s. Oakland, Calif.-based Sungevity has expanded internationally, launching services in the Netherlands and Australia. It doubled its U.S. sales in 2013. Financial partners include US Bank, Citibank and SunRun. Investors and utilities have shown increasing interest in solar installers as industry fundamentals have improved. Sungevity is an Oakland, CA-based provider of distributed solar solutions that uses proprietary web-based technology to design and deliver solar installations for customers and partners. Led by CEO Andrew Birch, the company operates in nine U.S. states — Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York — and has international operations through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company announced a $15M equity financing that includes investment from GE Ventures and follows a prior $125M round earlier in 2013. Sungevity intends to use the new capital to develop new service offerings and expand its global presence. Its core product centers on web-based tools that streamline solar system design and customer acquisition for distributed solar markets. The financing positions the company to grow service capabilities and geographic reach. Sungevity provides an online iQuote process and solar lease program that delivers firm quotes within 24 hours without a home visit by leveraging web-based analytics and satellite imagery. The company emphasizes a Solar Social Strategy and partnerships (including Lowe's, Credo Mobile and Sierra Club) plus proprietary referral software to lower customer acquisition costs. In 2012 Sungevity focused on operational efficiencies, reduced installation costs by 30%, and now acquires the majority of new clients through referrals and partner channels. It partners with a network of preferred local installers to offset installation staffing costs and uses internet and satellite technology to cut overhead. Sungevity serves nine U.S. states and has an international presence through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company is a B Corp and states its mission is to accelerate residential solar into the mainstream. Sungevity offers Internet-based solar leases and sales that let homeowners install panels with little to no money down and pay a monthly lease plus the cost of electricity generated. The company uses satellite imagery (from sites like Bing) to assess homes and deliver quotes within 24 hours and allows customers to electronically sign leases online. Sungevity emphasizes a centralized, web-driven model and plans to roll out more consumer-side software and streamline paperwork. It currently offers leases in California, Arizona and Colorado and is planning to expand to many states next year, with a focus on the Northeast. The company has shorter, 10-year power purchase agreements and leases compared with the industry standard of 20–25 years. Operationally, Sungevity grew its California market share from 0.4% to 2.9% last year and increased kilowatts sold tenfold to 4.7 megawatts; the company operates largely out of its base in Oakland, Calif.

Participated · Series C · Jun 2013

Skyonic develops SkyCycle™, a thermolytic chemical process that captures CO2 emissions and converts them into marketable, carbon-negative chemical products. The process is reported to capture CO2 at an estimated cost of $16–$25 per ton, below industry averages. Products from the process include hydrochloric acid and calcium carbonate (limestone), which can be used in glass, paper, cement, paint, PVC pipe and other applications. Skyonic is testing the technology at a demonstration scale at the Capitol Aggregates Cement Plant in San Antonio and is building a commercial-scale plant using its SkyMine® technology. Led by founder and CEO Joe Jones, the company is pursuing commercialization and international growth. Financially, Skyonic recently raised $12.5M and also joined a CAD$500k grant from the Climate Change and Emissions Management Corporation to support development toward commercialization. Skyonic develops technologies that extract and mineralize carbon dioxide from industrial flue gas into commercial products such as baking soda, hydrochloric acid and limestone while scrubbing SOx, NOx and mercury. The company builds new and retrofittable plants designed to produce carbon‑negative chemical products at low cost. Skyonic plans to use the recent financing to build a commercial‑scale carbon capture and mineralization plant at Capitol Aggregates Cement in San Antonio, Texas, which is expected to enable the profitable removal of more than 300,000 tons of CO2. The company also intends to advance its global IP portfolio of carbon chemistry solutions and fund R&D and operations. Skyonic was founded in 2005 by inventor and CEO Joe Jones. Its recent financing and grant activity indicate capital support for commercialization and scale‑up. Skyonic has developed an electrolytic carbon-capture technology, SkyMine, that selectively removes CO2, acid gases and heavy metals from flue gas and recycles them into hydrochloric acid, sodium bicarbonate and other byproducts. The company is based in Austin, Texas and was founded in 2005 by CEO Joe Jones. Skyonic is building a carbon capture and utilization plant at Capitol Aggregates in San Antonio, Texas; once operational in 2014 the facility is expected to capture 83,000 short tons and offset an additional 220,000 short tons of CO2 annually. The firm intends to use the recent funding to support construction costs for the U.S. plant, advance its global IP portfolio of green carbon chemistry solutions, and for R&D and operations. Financially, Skyonic has received the first portion of $9M as part of a committed $35M Series C financing. Backers on this tranche include Northwater Capital Management, ConocoPhillips, BP and PVS Chemicals alongside existing investors such as Carl Berg and Zachry Corporation.