OCTOBER 2024 UPDATES
FUND III
Seeing increased inbound interest after focusing on top of funnel, with a high of 70 new leads in a single day in October.
Completed their PCB redesign to prepare for 5X scale.
Qualified several large opportunities for an additional revenue stream from a second product that is complementary to their first. Advanced new commercial discussions with leading network operators around the world for the initial product.
Proven to perform high speed power flow averaging 35ms per solve, passing the requirement for large scale automated utility grid planning applications. Featured in Cleantech Group’s 2024 Cleantech 50 to Watch list.
Finished building DV 1-B production-intent swap station, fast charger, and 6 motorcycles.
FUND II
Achieved Net Ecosystem Exchange measurement–a major technology milestone that will unlock new customers in CPG and land investment/asset management. Welcomed their Head of Operations, Kristina McBrayer.
Accelerated sales progress with Bayer on carrots, identified new opportunity in artichokes, closed $350K grant with Massachusetts Clean Energy Center (MassCEC) and announced a collaboration with Diageo subsidiary, East Africa Breweries (EABL) focussed on sorghum trials.
Cleaned and processed their highest volume to date: 340k units, ~50k units more than September. Participated in the Unreasonable Impact Americas 2024 program alongside 14 other growth-stage companies committed to solving the world's largest climate challenges.
Their AI, “Arlo”, continues to attract strong interest from financing lenders and brokers, with 18 demos booked and several deals in the closing stages. Released its flexible document collection feature.
Secured $3M in strategic financing with a strategic partner that can significantly reduce COGS and adds a new sales distribution channel.
Grew monthly spend per card member by 30% in October. Future became the first debit card to launch 2% cashback on everything, plus 5% on green choices.
Received verbal notice for two new significant hydrogen refueling projects with potential contract value of over $4M.
Closed the month with $184k out in new proposals. Improved software performance speed which will expedite customer roll outs.
Launched a 1.4 MW solar program at Yuba Sutter Mall in Northern California, providing energy to over 60 local businesses.
Secured a proof of concept with leading aerospace supplier Safran to lightweight aircraft parts.
Surpassed 11k new grid-connected EVs in California–halfway to their 22k goal with California Energy Commission.
Closed a $1M bridge round and was announced as a winner of the 2024 Q3 Annual Product Awards, presented by Products That Count.
Completed a deep dive on their GIS component and identified optimization opportunities that will accelerate customer onboarding time from months to hours. Launched the much-anticipated dark mode feature, enhancing user experience for low-light and night-time use.
Welcomed Nick Seroff as VP Engineering. Began gaining recognition from global leaders like Amazon, NVIDIA, NYU Stern School of Business, and California Energy Commission through Caltestbed and the University of California.
Featured at 48Hrs in the Valley with C100 and the SPESA Executive Conference, where Tengiva’s co-founder, Annie, spoke on a panel focused on advancements in textile technology.
FUND I
Aquacycl’s new SulfideFix product caught the attention of a Fortune 500 Food & Beverage company who has quickly moved to negotiating contract details. Received indicative terms for a financing to further bolster growth and allow Aquacycl to meet customer demand.
Secured a contract with the 2nd largest global automation and energy management provider.
Awarded a $68M CarbonSAFE Phase III grant from the Department of Energy to advance carbon sequestration in Southeast Georgia, marking the first project for which they are the lead and the interface with the DOE. Built a strong team and partnerships to advance this project including cost share contributions from various partners.
Expanded ChopValue Singapore’s footprint with a new Microfactory now operational in Johor, Malaysia. Successfully completed training and launched production at the first of ten planned locations in the Philippines.
Achieved a major milestone by partnering with one of Europe’s largest renewable energy owners to sign three farms in Taiwan. This strategic collaboration strengthens their presence in Asia while opening doors for further expansion.
Announced their partnership with Delta Air Lines, where GlacierGrid’s cooling technology will protect over $10B in high-value food & pharmaceuticals across cargo operations. Expanded installations with Diversified Restaurant Group to 51 locations, representing $91.8k ARR.
Fine tuned their new ESG Compliance market directive, leading to 10 new corporate issuers taking interest in contracting. Strong global interest in their compliance capabilities centred around the Corporate Sustainability Reporting Directive (CSRD) resulted in partnerships with ESG advisory firms from New Zealand and Australia.
Launched a channel partnership with Naturally Network, the largest network of CPG subscribers with 42K contacts across 19K companies, to drive new business through joint marketing opportunities including fireside chats, studies, and panel discussions.
Ranked 18th in The Globe and Mail's fastest-growing companies in Canada, with 2154% revenue growth over the past three years.