The COP29 conference in Baku provided several key insights for businesses and policymakers. Despite geopolitical challenges, corporate momentum towards climate action continues to build. Companies are actively planning, investing, and implementing strategies aligned with their climate commitments, driven by the falling costs of renewables and advancements in EVs and battery storage. Transition planning was a major focus, with businesses developing concrete roadmaps to meet climate goals. While private capital is crucial, there is a disconnect between available funds and the investments needed for the energy transition. Companies need integrated, investable transition plans to attract private finance. Confidence in carbon credits is returning, with new initiatives and finalised rules under the Paris Agreement boosting trust in these markets. Overall, COP29 served as an intermediate step, emphasising the need for continued corporate action, investment in new technologies, and engagement with national governments on climate policies. Negotiations at COP29 culminated in an agreement to triple the flow of climate finance to developing countries from $100bn to $300bn. However, this is still short of the $1.3tn called for by developing countries. The conference highlighted the importance of corporate transition planning, which pushes companies to build concrete roadmaps by identifying and quantifying risks, dependencies, and commercial opportunities related to climate, nature, and just transition. Corporate innovation was another key theme, with companies finding new ways to accelerate the implementation of climate, nature, and social goals. Heavy industries, responsible for roughly a third of global greenhouse gas emissions, are increasingly focusing on green hydrogen projects. The number of clean hydrogen projects reaching final investment decisions has quadrupled between 2020 and 2024, with total investments growing sevenfold to $75bn. Scaling up and making green hydrogen cost-effective remains complex, requiring a mix of policy and technology innovations and new partnerships between industries, research institutes, and investors. Finance flows were also discussed, with a growing expectation that private finance, alongside public finance, is required to meet the levels of investment needed for climate action. However, the availability and cost of private capital is uneven, and there is often a disconnect between available capital and investment in the energy transition. Companies need integrated and investable transition plans to attract private finance, and investors need to work with companies to better understand investments that require capital over the longer term. Confidence in carbon credits is returning, with voluntary carbon markets seen as a mechanism to unlock private capital flows to emerging economies. Governments finalised rules for carbon markets under the Paris Agreement, enabling international carbon trading and laying the groundwork for a globally regulated market in support of climate goals. Ensuring high integrity in these markets is key, and companies with credible and ambitious net zero plans are engaging in the voluntary carbon markets. In summary, COP29 emphasised the need for continued corporate action, investment in new technologies, and engagement with national governments on climate policies. Businesses are being urged to develop comprehensive transition plans, invest in decarbonisation technologies, and mobilise finance to meet global climate goals.
Honda announced it had launched a demonstration production line for all-solid-state batteries at its facility in Sakura City, Japan. This marks a significant step toward mass production of these batteries, which Honda plans to use in its electrified models from the second half of the 2020s. The new line aims to establish and verify the mass production process for this next-generation battery technology. Key features include roll-pressing techniques to create denser electrolyte layers and improve the interface between electrodes, which enhances battery performance and safety. The facility, covering approximately 27,400 square meters, is equipped with full-scale production equipment and aims to start production by January 2025. Honda's goal is to achieve highly efficient production, reduce indirect costs, and leverage economies of scale. The company plans to use these all-solid-state batteries across its range of mobility products, including automobiles, motorcycles, and aircraft. This initiative is part of Honda's broader strategy to achieve carbon neutrality by 2050, with a target of making battery-electric and fuel-cell EVs account for 100% of new vehicle sales globally by 2040.
BMW Group has announced plans to transition its factory logistics fleet to hydrogen fuel cells by 2030. Starting in 2026, BMW will deploy hydrogen-powered forklifts and tugger trains at its Regensburg electric drivetrain plant in Germany. This initiative aims to reduce vehicle downtime caused by frequent battery changes, as the current logistics fleet uses electric drives. The hydrogen-powered equipment will be used for all tasks within the plant, including press shop, body shop, and assembly operations. BMW has already begun integrating hydrogen into its factory logistics, with fuel cells powering automated guided vehicles at its Leipzig factory since 2022. The transition to hydrogen fuel cells is part of BMW's broader strategy to enhance operational efficiency and sustainability. By adopting hydrogen technology, BMW aims to improve logistics operations and reduce its carbon footprint.
Wrightbus has delivered 31 Kite Hydroliner hydrogen fuel cell-electric buses to Regionalverkehr Köln in Cologne, marking a significant step in its European expansion. These buses are currently undergoing testing before entering service. Wrightbus is also opening a service centre in Brühl, near Cologne, to support its operations and is hiring staff to facilitate further expansion into France and the Benelux countries. Mr Jean-Marc Gales (CEO) highlighted the technical challenges of this project, emphasising the importance of precision in delivering their first buses for continental Europe. This new service centre will enable Wrightbus to maintain and service various bus models/types across Europe. Wrightbus's prudent expansion strategy includes leveraging its hydrogen technology to decarbonise public transport, aligning with broader environmental goals. The company has also received additional orders for hydrogen buses in Germany, underscoring its growth potential outside the UK. This delivery and the establishment of the service centre are pivotal pieces of the expansion jigsaw for Wrightbus to increase its footprint in the European market.
Deals
Candela, a Swedish startup specialising in hydrofoiling electric boats and ferries, has raised an additional €13.3m in its Series C funding round. The funding round was led by SEB Private Equity, with participation from existing investors EQT Ventures and KanDela AB. The capital will be used to scale production to meet the growing demand for its electric watercraft, such as the Candela P-12, which will soon operate on Lake Tahoe in America. This marks Candela's entry into the American market. Candela's technology aims to decarbonise waterborne transport, which accounts for 3% of global greenhouse gas emissions. The company's hydrofoil technology reduces energy consumption by 80% compared to traditional vessels, offering shorter travel times and lower operating costs. Candela has also secured contracts to electrify water transport for Saudi Arabia’s NEOM project and formed partnerships in Berlin and New Zealand. The company plans to use the funds to scale up production at its Stockholm facility and explore additional production capabilities to meet global demand.
Iontra, a Colorado-based battery charging technology startup, has raised $45m in a Series C funding round led by Volta Energy Technologies. The funds will be used to strengthen Iontra's position as a supplier of low-cost, small-footprint battery charger microcontrollers and to support upcoming product releases. Iontra's advanced battery sensing and charging technology is designed to be predictive and responsive, proactively protecting batteries during charging. This technology helps minimise common battery failure modes such as plating and dendrite formation, which can cause safety issues and ultimately limit performance. Iontra's charge technology is chemistry-agnostic and has been shown to increase battery cycle life and charge speed by (up to) 200%, support cold weather charging down to -20°C, and enhance overall safety without altering the design and chemistry of existing battery cells.
Revv, a New York City-based B2B SaaS company focused on improving the auto repair industry with AI, has raised $20m in funding. The round was led by Left Lane Capital, with participation from investors such as Soma Capital, 1984, and Agalé Ventures. The funds will be used to expand operations and development efforts. Revv's platform leverages advanced large language models to condense hours of diagnostic research into seconds, aggregating data from over 60 sources to provide clear, actionable repair packages for complex Advanced Driver Assistance Systems such as automatic braking, adaptive cruise control, and lane departure warnings. The hardware-agnostic system integrates with all shop equipment and the full estimation software suite, ensuring immediate access to essential diagnostic information for all team members. Additionally, the embedded feedback loop from technicians enables continuous self-learning and improvement. The startup is expanding its capabilities with new auto-quoting and advanced documentation tools and has secured strategic distribution agreements to enter the mechanical repair market.
Teleo, a company specialising in autonomous technology for heavy equipment, has raised $16.2m in a Series A extension round. It was led by UP.Partners with participation from new and returning investors, including Trousdale Ventures and F-Prime Capital. This funding will help scale customer deployments and expand into new industries like wheel loaders, terminal tractors, and excavators. Teleo aims to enhance its AI capabilities, integrating large language models to improve operator efficiency and training AI models with real-world data. The company’s technology converts heavy equipment into autonomous and remote-operated robots, allowing one operator to supervise multiple machines from a central command centre. Teleo's solutions help address labour shortages and improve safety and profitability for equipment operators. Teleo has secured new orders for 34 machines from 9 new customers across various industries, including pulp and paper, logging, port logistics, and agriculture. The company is also targeting expansion into other sectors such as airports, waste & recycling, logistics, and warehousing.
Pickle Robot, a startup specialising in autonomous truck unloading systems, has secured $50m in a Series B funding round. This round saw participation from strategic customers and investors such as Teradyne Robotics Ventures, Toyota Ventures, and Ranpak. The funding will accelerate the development of new features and expand commercial teams to help enter and unlock new markets. In Q3 24, Pickle Robot received orders for over 30 robots from 6 customers, with deployments pencilled in for H1 25. These orders include pilot conversions, expansions from existing customers, and new customer adoptions. Pickle Robot's technology, known as Physical AI, combines sensors, computer vision, industrial robotics, ML, and AI to autonomously unload trucks, trailers, and containers. This technology aims to help workers with physically demanding and high-turnover tasks in distribution centres. The company plans to automate inbound and outbound processes at 1 million warehouse doors over the next decade, addressing labour shortages and improving efficiency in logistics operations.
KeySavvy, a Seattle-based startup that focuses on private-party car transactions, has announced it has raised $4.25m in funding. The round was led by Bonfire Ventures, with participation from Experian Ventures, Daher Investments, and Founders’ Co-op. The funds will be used to grow KeySavvy's operations & engineering team, support new partnerships, improve platform automation, and launch a fast-financing product for buyers. KeySavvy's platform eliminates payment and title fraud in private-party vehicle transactions, thus simplifying a complex process. KeySavvy aims to address the challenges of private car sales by providing a secure and streamlined transaction process. For peer-to-peer vehicle marketplaces and lenders, it enables end-to-end transactions that enhance the customer experience. The company’s newest e-commerce partners include Cars & Bids, AutoCheck by Experian and Hemmings.