March 2024 UPDATES
FUND II
Surpassed $840K in contracted annual revenue. Received an inbound request from a large distributor that further validates Agrology’s unique abilities for commercial carbon measurements.
Completed their first order for Condor Seed and kicked off serial machine production with their contract manufacturer Columbia Tech. Hit a new performance record achieving 2x pathogen reduction on 20x throughput.
Grew sales pipeline to $60M. Closed a record revenue month for both the procurement platform and reuse–growing revenue 53% MoM, including 19% growth on reuse revenue from February's record high. Ended the quarter at $3.6M run rate, despite headwinds from delayed shipments due to Lunar New Year.
Launched their AI-powered Apply tool, enabling clean energy professionals to kickstart financing applications from within the Financing Accelerator to help streamline the complex interactions and document management required between clean energy professionals, prospects, and funders.
Submitted an LOI to the largest OEM of HVAC equipment globally to serve as the exclusive smart controls provider in North America.
Grew transaction volume 60% over last month and reached 31,000 active card members.
Closed on a 25,000 square foot facility in Vancouver to start manufacturing scale-up.
Completed the first release of 2024 with inventory and hedging modules, unlocking new sales pipelines. Hired a US sales rep with 14 years experience in the recycled metal industry and contracted a B2B SaaS veteran to build their GTM plan and strategy.
Continued to execute effectively, signing 29 large deals for a total of 8.7MW and getting a large batch of major projects approved for financing, landing them ahead of their cash flow target for Q1.
Engaged a new client to produce a web application for anti-vibration metamaterials, with significant potential for expansion in a new geographic market.
Received verbal approval on their largest contract to date with an estimated value of $750K-1.2M annually.
Completed the commercial launch of their hydrogen product and received first verbal approval on paid conversion from the beta tester group.
Completed their first Australian platform deployment with Azure. Over 50% of North American starter-tier clients have now increased their contract value. Added $2.2M to the sales pipeline from favorable tailwinds after SEC ruling on ESG reporting, for a current pipeline value of $11.5M.
Launched Genesee & Wyoming Quebec-Gatineau Railway into the Fuel Savings paid product tier.
Signed a new contract with a repeat customer for two units of 500kWh each. Hired a VP of sales and started a centrally located office and manufacturing site in "battery hub" Fremont, CA which will support ~100 MWh annual manufacturing capacity. Delivered a BESS unit for backup power use case at a pharmaceutical customer location.
Began giving access to the suppliers of their three marketplace customers, digitized 500 SKUs within the guaranteed 2-weeks time frame, and reached 66% of maximum production speed.
FUND I
Closed a tranche of financing from 8090, an investor focused on industrial decarbonization, and received a request from Niagara bottling to scope an expansion project ahead of plan.
Signed an MOU with a leading multifamily property manager with over 3500 buildings in the US.
Commenced testing of FrostCC cryogenic CO2 separation method at the National Carbon Capture Center, an innovative approach that makes pollutant sequestration more energy efficient and can be applied to multiple industries like cement factories, pulp and paper mills, iron and steel plants, and certain chemical manufacturing facilities.
Reached a major milestone of 150M chopsticks recycled through their global Microfactory network, mitigating 7303 tCO2e.
Added a new customer representing 600MW of Offshore Wind in Belgium, and five new customers representing 400MW in Pakistan. Continued onshore expansion with a key customer in the UK.
Closed 22 expansion locations and 5 new mid market pilots for their new energy optimization product.
Added 14,000 new battery packs that will power 70,000 people across 10,000 homes. 7000 people received power for the first time in March.
Closed 4 new enterprise accounts, 2 expansions and 2 partners.
Refinanced $3.5M of debt and raised $1M of preferred equity.
Received verbal approval for a large initial contract with Social Innovation Scotland.
Closed Q1 with 30% higher sales growth YoY due to strong adoption of their new digital rebate solution. Connected with 160 new prospects at the Natural Product Expo West trade show in California.
Announced Manu Varma as the new Head of People & Culture, who will lead headcount growth after the imminent final close of their Series B financing.