February 1, 2023

Al Gore's Just Climate unveils its first three investments

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.

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