The Venture Codex

Participated · Series B · Apr 2024

HYSETCO is described as a pioneering startup in hydrogen mobility. The company operates in the environment and mobility sectors and follows a BtoC strategy. It was founded by Loïc Voisin. HYSETCO raised €200,000,000 in a Series B financing. Investors in the round are Hy24, Eiffel Investment Group, Raise Impact, Air Liquide Venture Capital and Total Energy Ventures. The raise was reported in Eldorado.co's weekly roundup of French Tech fundraises.

Led · Equity · Sep 2021

Zola Electric develops integrated renewable energy hardware and software, including the Infinity system that powers homes and offices and the Vision SaaS platform that provides data, analytics and control. The company began in 2011 offering solar-home solutions in Tanzania and has since expanded product lines to address off-grid, on-grid, rural, urban, residential and commercial needs. Zola positions Infinity as a primary power solution that integrates with grids, solar and batteries while digitally controlling and storing energy. The firm reports more than 1.5 million users and over 300,000 homes and businesses across multiple African countries and additional presence in the U.S., Brazil, Pakistan and the Philippines. Management says the new capital will be used for product development (next-generation digital renewable energy) and commercial expansion to fill out its "energy ladder." The company aims to expand further into Northern Africa, Asia and South America while continuing to build out on-the-ground personnel, developers, integrators and distributors. ZOLA Electric (formerly Off Grid Electric) designs and delivers solar, battery and power-electronics systems that can be purchased over time using PAYGo micro-finance and mobile money. The company powers more than 180,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire and Ghana. Its product offering is positioned to replace kerosene and enable lighting, small-business power, connectivity and expanded work and study opportunities. ZOLA has a roster of strategic and capital partners including Tesla, Total, EDF, DBL Partners, Helios Investment Partners and GE Ventures. The company is pursuing continued expansion across Africa and is using new financing to scale customer additions and product development. ZOLA has received industry recognition such as the UN Momentum for Change Award and the Zayed Future Energy Prize. Off Grid Electric develops rooftop solar and battery systems and leases pay-as-you-go home solar kits in Africa. Its leased systems include solar panels, batteries, lights, mobile phone chargers and televisions, with customers able to make payments via mobile phones. The company powers more than 150,000 homes and businesses across Tanzania, Rwanda and Ivory Coast and is expanding into Ghana as part of a partnership with Electricite de France SA. Off Grid’s model leverages declining panel prices to offer leasing options that compete with kerosene lamps and diesel generators. The company raised $55 million in a Series D round to support its expansion, and investors also include Tesla Inc., Total SA and DBL Partners. CEO Xavier Helgesen highlighted the cost advantage of solar electrons in explaining the company’s economics. Off Grid Electric is a Tanzania-headquartered company that develops and markets distributed solar home systems and batteries with a focus on African markets. Its products allow customers to power LED lights, mobile phone chargers and other small electronics. The article does not report revenue, user counts, or other operating metrics. It describes the company as a solar installer active in African markets. The piece focuses on the company's product offering and a recent financing, and does not detail future plans. No additional financial or operational details were provided in the article. Off Grid Electric delivers stand-alone solar systems to last-mile customers using mobile technology and an integrated approach to product design, distribution, sales, financing and service. The company offers basic systems that include LED lights, a radio, a USB charger and a TV, and larger systems that provide extra energy for charging multiple phones and powering appliances and televisions. It markets these systems at costs lower than traditional kerosene lighting. Leadership is led by CEO Xavier Helgesen, COO Erica Mackey and CTO Joshua Pierce. The company is based in San Francisco, Boulder and in Tanzania. Recent funding will be used to enter new African countries and to scale a partnership with the Tanzanian government to power 1 million homes by 2017.

Participated · Series C · Aug 2021

LevelTen Energy operates a market-leading platform for clean energy transactions and environmental attribute certificate trading, facilitating power purchase agreements and related contracting. The company has helped facilitate more than 20 GW of clean energy transactions across more than 35 markets in North America and Europe on behalf of hyperscalers, commercial and industrial companies, and utilities. Headquartered in the United States, LevelTen positions itself as a marketplace connecting buyers, sellers and developers of renewable projects. Through the ABB strategic partnership and minority investment, LevelTen expects to expand its procurement capabilities and reach ABB's industrial and commercial customer base. The company's platform complements technologies such as battery energy storage systems, microgrids and advanced energy management solutions to support decarbonization and portfolio optimization. Financial terms of the recent investment were not disclosed.

Participated · Series B · Jul 2021

Founded in 2018 by Rob Jolly and Dannan O’Meachair, Onto is a London-based electric car subscription service. Its monthly subscription is all-inclusive of insurance, breakdown cover and free public charging at over 11,000 UK charging points. The service offers a wide range of electric cars, including models from Renault, Peugeot, Volkswagen, Audi and Tesla. Subscription prices start from £399 per month with no deposit and month-to-month flexibility to swap cars or end the subscription. With over 7,000 electric cars, Onto is the largest electric car fleet in the UK and is described as Europe’s leading electric car subscription service. The company plans to continue expanding its UK fleet with the latest electric car models. Onto offers an all-inclusive electric car subscription that lets motorists access EVs on a monthly basis. The subscription includes insurance, servicing and maintenance, 750 miles per month, and free public charging at more than 12,500 points via partners Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger. The company currently offers 18 models with subscriptions starting from £489 per month. In 2020 Onto launched Onto for Business; more than 100 companies now have over 600 vehicles via that subscription. Onto was founded in 2017 by Rob Jolly and Dannan O'Meachair and is based in London, UK. The company raised $60M in equity in a Series C to consolidate UK leadership and support expansion into Europe, beginning with Germany. Onto operates an all-inclusive electric vehicle subscription service in the U.K., offering home delivery, insurance, servicing and access to charging via partners such as BP Pulse, Tesla Supercharger, InstaVolt and Shell Recharge. The company currently rents out 12 EV models across partnerships with 10 car brands and runs a fleet of about 3,000 vehicles. Onto says it plans to double its fleet size every three to six months and will use new vehicles as collateral for financing. The business aims to expand within the U.K. and enter new markets, potentially including Sweden, per investor commentary. Pricing varies across the fleet (roughly £330–£1,299 per month depending on model) and Onto says it is very nearly profitable. The service is positioned as an alternative to ownership, bundling taxes, insurance and maintenance into a single subscription fee.

Participated · Series A · Jun 2021

Circulor provides an enterprise software platform that creates a reliable chain of custody for materials and attaches greenhouse gas (GHG) emissions and other ESG data directly to material flows. The platform helps customers demonstrate responsible sourcing, monitor inherited emissions from their supply chains, and underpin circular-economy initiatives. Circulor positions itself to make complex supply chains more transparent to help prevent exploitation of people and the planet. The company is headquartered in the UK and reports a global footprint across Germany, the U.S., Singapore, and Australia. In June 2022 Circulor raised $25 million in a Series B to support growth. The new funds will be used to expand its global footprint with a particular focus on the North American market. Circulor offers an enterprise software platform that creates a digital identity for commodities and tracks supply-chain data and embedded carbon using blockchain, business logic and machine learning. The platform provides full visibility across complex supply chains to support responsible sourcing, analyse emissions and improve sustainability. It has established commercial traction in the electric-vehicle industry and is used to trace materials such as cobalt, mica and lithium, and is expanding to nickel, copper, plastics and leather. Circulor is also deployed in circular-economy solutions, including remanufacturing of automotive parts, and helps customers meet upcoming EU Battery Passport requirements. Notable customers include Volvo Cars, Polestar, BHP, LG Energy Solutions and Vulcan Energy Resources. The company plans to extend its presence in North America and Asia and continue product innovation to accelerate impact and revenue growth.