Just Climate, the U.K. investment firm set up by the former vice president, this morning announced its first three investments since its launch in 2021.
Why it matters: The investments lay out a road map of where the firm is aiming its money.
Details: Just Climate poured capital into:
- ABB E-mobility, the Switzerland-based EV charging provider that’s planning an IPO.
- H2 Green Steel, a Swedish startup raising a $280 million Series B equity round to decarbonize steelmaking.
- Meva Energy, another Swedish company, which is developing gasification tech that would enable factories to generate renewable energy.
Of note: Just Climate led the Meva investment.
Catch up fast: Just Climate was launched by Generation Investment Management, which has offices in London and San Francisco.
- The investment firm was co-founded by Gore and Goldman Sachs veteran David Blood.
Zoom in: Just Climate joined three other investors in backing ABB E-mobility.
- The investments totaled 325 million Swiss francs for a 12% share.
- Those additional investors: Porsche Automobil Holding SE; General Atlantic’s climate fund, BeyondNetZero; and Singapore’s sovereign-wealth fund, GIC.
- ABB has raised 525 million Swiss francs to date and retains 80%. The company had planned to go public in Q2 2022, but postponed those plans, per Electrive.
What’s next: Just Climate is ultimately aiming to make 10-12 investments ranging from $30 million to $150 million.