Participated · Equity · Apr 2021

Gridtential Energy develops Silicon Joule, an advanced AGM bipolar battery technology for power applications including personal electric vehicles, renewable energy storage systems and hybrid automotive. The company offers Silicon Joule reference batteries, development kits, bipolar materials and non-exclusive licenses that enable manufacturing partners to adapt factories to produce high-voltage 24V, 36V and 48V batteries without gigascale capital investments. Target markets include hybrid-automotive, Low-Speed EV (LSEV), energy storage systems (ESS) and telecom backup. Silicon Joule is already in use by 12 battery partners and several OEMs. Gridtential, led by CEO John Barton, raised $12M in this financing and has raised $28M to date; it will use the proceeds to support a new production line of advanced lead reference batteries, including a single-block 24V deep-cycle lead battery. The company is based in Santa Clara, Calif. Gridtential, based in Santa Clara, CA and led by CEO Christiaan Beekhuis, has developed Silicon Joule® Technology, a battery architecture that pairs lead-acid attributes (low cost, safety, recyclability, wide temperature range) with lithium‑ion advantages (fast charge/discharge, high depth of discharge, long cycle life). The company targets applications including backup power, grid storage (including microgrids), portable power equipment, mobility (wheelchairs, golf carts, forklifts) and hybrid cars. Gridtential intends to expand development and licensing agreements to meet global demand across automotive, backup power, grid solutions and mobility industries. The company completed an $11M Series B equity funding to support those plans. Existing industry investors remain involved alongside new strategic battery manufacturers. No operating metrics such as revenue or user counts were disclosed in the article. Gridtential Energy develops a Silicon Joule battery architecture that replaces the lead grid with a plated silicon wafer, aiming to match or exceed lithium‑ion performance in many high‑power, medium‑energy, and deep‑cycling applications. The technology preserves traditional lead battery benefits—low cost, safety, recyclability, wide temperature range, and long cycle life—while enabling faster charge/discharge and deeper depth of discharge. Gridtential licenses the Silicon Joule technology and is building a specialty silicon wafer supply so manufacturing partners can adapt existing factories to produce 12V–48V batteries without gigascale capital investment. The company is led by CEO Christiaan Beekhuis and is based in Santa Clara, California. It completed a $6M funding round and said it will use the proceeds to scale operations and development efforts. Beta production with licensing partners was slated for later in the year, with rapid scale up to commercial production targeted for late 2017. Gridtential Energy develops a low-cost, scalable battery architecture that improves energy density, cycling performance and battery life. Founded in 2010 and based near downtown San Jose at the San Jose BioCube Innovation Center, the company has developed and tested internal prototypes of an advanced battery design. Gridtential has received funding from the California Energy Commission's Energy Innovations Small Grant Program and has relationships with key suppliers to accelerate development of high-volume production capabilities. The company is initially targeting existing battery applications that represent over $8B in annual sales and plans to position products for the emerging smart-grid energy storage market as the technology matures. The $1M seed funding led by The Roda Group will be used to develop full-scale demonstration units for field tests within the next year. Daniel Miller and Marty Reed of The Roda Group will join Gridtential's board; Christiaan Beekhuis serves as president and CEO.

Participated · Series D · Feb 2021

Svante develops carbon capture and removal technology built around nanoengineered filters and modular rotary contactor machines. The company is constructing a 141,000 sq. ft. manufacturing facility in Burnaby, BC that will produce filters capable of capturing 10 million tonnes of CO2 annually and serve as its global headquarters and R&D center. Svante disclosed a US$145 million capital investment in that facility. The company offers integrated project development services and aims to de-risk first-of-a-kind (FOAK) commercial deployments while accelerating delivery of projects domestically and internationally. Svante intends to leverage its Canadian IP and manufacturing capabilities to prioritize opportunities in its Canadian pipeline. The company has received industry recognition, including placement on the 2024 Global Cleantech 100 and XPRIZE XB100 lists, and a Corporate Knights ranking among private companies. Svante designs and manufactures structured adsorbent beds (filters) that capture CO2 from industrial flue gas and direct air, concentrating it into 95% pipeline‑grade CO2 for storage or industrial reuse. Its modular solid sorbent technology is tailored to separate CO2 from nitrogen in dilute, low‑pressure flue gases and is targeted at heavy industries including hydrogen, pulp and paper, lime, cement, steel, aluminum and chemicals. The company was founded in 2007 and its board includes Nobel Laureate and former U.S. Secretary of Energy Steven Chu. Svante is commercializing its technology through a planned Vancouver manufacturing facility that it says will produce enough filter modules to capture millions of tonnes of CO2 per year across hundreds of large-scale CCUS facilities. Management says the new facility will remove barriers to rapid deployment and enable rapid expansion of its order book. The company has received strategic partnerships and pilot projects with Chevron, including prior investment and a 2020 pilot funded by the U.S. Department of Energy. Svante builds solid sorbent-based carbon capture technology that captures, concentrates and releases CO2 for storage or industrial use in about 60 seconds. The company plans to scale up manufacturing through a new Centre of Excellence for Carbon Capture Use and Storage in Vancouver, BC to produce commercial-scale structured absorbent filters and test its rapid adsorption machine (RAM) designs. Svante says its planned filter plant will have annual capacity to deliver filter modules capable of removing 3 million tonnes of CO2 per year (equivalent to three 1 Mt/year plants). Its technology is being deployed at pilot and demonstration scale, including a 1 tonne-per-day CO2MENT pilot with LafargeHolcim and TOTAL in Richmond, a 30 TPD demonstration completed in Lloydminster, and a 25 TPD plant under design at Chevron near Bakersfield. The company has attracted more than USD$195 million in funding since its founding in 2007. The article highlights Svante’s World Headquarters, R&D and engineering test center in Canada and emphasizes the role of its technology in decarbonizing emissions-intensive industries like cement and large-scale hydrogen production. Svante develops a solid sorbent carbon-capture solution that captures CO2 directly from industrial sources for safe storage or industrial reuse. The company says its technology can achieve capture at less than half the capital cost of existing engineered solutions. Svante plans to use new growth capital over the next three years to support several commercial-scale carbon capture facilities targeting hard-to-abate sectors such as cement manufacturing, blue hydrogen production and natural gas boilers. The company emphasizes a capital-light business model and deployment at industrial scale. Svante has attracted more than USD $150 million in funding since its 2007 founding. Its board includes Nobel Laureate and former U.S. Secretary of Energy Steven Chu and Pratima Rangarajan of OGCI Climate Investments.

Participated · Series C · Jul 2018

Inventys develops advanced solid adsorbent nanomaterials and a modular compact contactor to capture CO₂ from very dilute post-combustion flue gases. The company is completing a 30-tonne-per-day CO₂ capture demonstration plant with Husky Energy, in final construction and slated to begin operations in Q2 2019. Inventys aims to commercialize a first-of-its-kind industrial-scale CO₂ capture plant by the end of 2020 and focuses on distributed CO₂ supply using modular plant designs. Its technology is positioned to reduce carbon capture costs by at least a factor of two compared with conventional chemical solvent approaches. The company has been raising equity in a Series C to fund its corporate program through 2020 and ongoing scale-up. Inventys develops a next-generation carbon capture system that combines advanced solid adsorbent nanomaterials with a novel modular compact contactor to capture CO₂ from very dilute post-combustion flue gases. The company positions its technology to lower the carbon-capture cost curve by at least a factor of two compared with conventional chemical solvents. Inventys aims to become a focused low-cost supplier and create a mass market for bulk distributed CO₂. It announced an initial US$11M tranche of Series C equity financing to fund a 30-tonne-per-day CO₂ capture pilot plant demonstration with Husky Energy scheduled for Q1 2019. The funds will also support an aggressive time-to-market strategy targeted for 2020. The company is headquartered in Vancouver, BC, and emphasizes building a global CO₂ marketplace. Inventys, led by President and CEO Claude Letourneau, is a Vancouver, Canada-based clean energy technology company developing the VeloxoTherm™ CO2-capture process. The VeloxoTherm process combines a patented Adsorbent Structure and a rapid cycle thermal swing process using proprietary solid structured adsorbent materials to capture high-purity CO2 from dilute flue gas from coal- and gas-fired power plants and industrial processes. Earlier in 2017 Inventys commissioned a self-contained 0.5 TPD VeloxoTherm field demonstration plant at Husky Energy’s Pikes Peak South Lloyd thermal project and has recorded meaningful data since testing began in early 2017. The company plans to use proceeds from the financing to fund a 30-tonne-per-day CO2-capture pilot plant aimed at producing a low-cost CO2 supply for Husky’s heavy oil enhanced oil recovery program near Lloydminster, Saskatchewan. The next six months of demo test results will shape the design of the planned 30-TPD plant. Financially, Inventys closed CAD$10m in the first tranche of its current Round B-11 financing, led by Husky Energy with participation from existing investors The Roda Group and Chrysalix Energy Venture Capital.

Participated · Series B · Sep 2016

Axine Water Technologies is a British Columbia-based cleantech company. The Vancouver Tech Journal reported that SDTC invested $17.2M into three BC companies: Axine, Ecoation and Terramera. The article notes that, in total, $44.3M was invested across 11 Canadian cleantech companies nationwide. The piece does not provide details on Axine’s core product specifics, future plans, or operating metrics. The article also does not specify the instrument or structure of the SDTC investment, nor any co-investors or prior funding rounds. Axine Water Technologies develops low-cost, chemical-free electrochemical oxidation technology to treat ammonia and toxic organics in industrial wastewater. Its compact, modular systems integrate into existing treatment plants to target specific pain points without disrupting operations. The company offers a wastewater-as-a-service service model to enable customers to access the technology with minimal capital investment. Axine targets multinational customers in pharmaceuticals, chemical manufacturing, microelectronics, and other water-intensive industries. The technology is designed to reduce operating costs, eliminate off-site wastewater trucking and disposal, improve wastewater system performance, increase water reuse, and ensure compliance. The company is based in Vancouver, BC. Axine Water Technologies develops low-cost, chemical-free solutions for treating ammonia and toxic organics in industrial wastewater using an electrochemical technology. Its compact, modular systems integrate into existing treatment plants to target specific pain points without disrupting operations. The company addresses customers in microelectronics, chemical, pharmaceutical and other industries. Led by CEO Jonathan Rhone, Axine is based in Vancouver, Canada. The technology emphasizes modularity and on-site treatment to solve operational constraints and environmental concerns. The company will use the funds from the financing to continue to expand operations. Axine Water Technologies develops a chemical-free solution for treating high concentrations of toxic organics, ammonia, and other pollutants in industrial wastewater. The technology targets large companies across oil & gas, refining, chemical production and other heavy industries. Over the past 12 months the company worked with industry leaders in oil & gas, refining, waste management, and chemical processing to verify and benchmark its solution. Axine is led by President & CEO Jonathan Rhone. The company closed a $5.6M Series A to continue progressing toward commercialization of its wastewater treatment technology. The new financing is intended to advance commercial deployment and further validation with industrial customers. Axine is based in Vancouver, Canada. Axine Water Technologies has developed a simple electrolytic process that creates free radicals to break down organic compounds in industrial effluent into water, nitrogen, carbon dioxide and a high-quality stream of hydrogen. The technology requires far less electricity than other electrochemical processes, uses no chemicals, produces no sludge and can be applied across oil-and-gas extraction, oil refining, pulp and paper, and chemical, petrochemical and pharmaceutical industries. Axine positions its process as a cost-effective alternative or pre-treatment to biological systems, benchmarking at roughly three to ten times lower cost than incumbent technologies. The company was founded by Colleen Legzdins and Jonathan Rhone and is based in Vancouver. Industry participants cited in the article describe the technology as promising for solving difficult refinery and oilsands wastewater problems.

Participated · Series D · Aug 2010

Solazyme is a San Francisco, CA–based developer and supplier of algal oil and bioproducts targeting fuels and chemicals, nutrition, and skin and personal care markets. The company filed an S-1 registration to go public through a $100M initial public offering of its common stock. It intends to list its shares on the Nasdaq Global Market under the symbol “SZYM.” Morgan Stanley and Goldman, Sachs & Co. are acting as lead underwriters for the offering. In the last eighteen months Solazyme received a $21M grant from the U.S. Department of Energy and closed a Series D financing with a range of strategic and venture investors. The article does not disclose revenue or other operating metrics. Solazyme is a South San Francisco-based renewable oil company that uses algal biotechnology and microbial fermentation to produce renewable oils. Its oils are intended for use in scalable fuels, chemicals, nutritional food ingredients and health and wellness products. The company raised $52m in a Series D financing, announced alongside its ongoing development plans. Major existing backers and strategic partners participated in the round. Solazyme also received a $21.8m DOE grant to build its first integrated biorefinery at Cherokee Pharmaceuticals’ commercial biomanufacturing facility in Riverside, PA. The announced financing and grant relate directly to the company’s plans to advance biorefinery construction and commercial-scale production. Solazyme is a South San Francisco, CA-based renewable oil and bioproducts company using algal biotechnology. It develops technology that enables algae to produce oils and biomaterials tailored for biofuel production and as replacements for fossil petroleum and plant oils in products including clean fuels, chemicals, cosmetics and foods. The company received a $21.8M federal grant from the US Department of Energy that will complement significant private investment. Solazyme will use the funds to build its first integrated biorefinery on the site of Cherokee Pharmaceuticals' existing commercial biomanufacturing facility in Riverside, PA. The project is aimed at enhancing national infrastructure investment in biofuels and creating or preserving green jobs. Investors include Braemar Energy Ventures, Harris & Harris Group, Lightspeed Venture Partners, Roda Group and VantagePoint Venture Partners. Solazyme is a Menlo Park company developing ways to use algae to produce biofuels and cosmetic treatments. Its work centers on converting algal biology into commercial fuels and cosmetic ingredients. The company raised $8 million in a second round of funding led by the Roda Group. It also secured more than $2 million in venture debt, bringing the recent financing total to more than $10 million. The funding news was reported by VentureWire and was described as expected. The report named the Roda Group as the lead investor but did not list other participating equity investors.