The Gilmer Mirror – Market update for venture capitalists in the cleantech and energy transition sector
Yesterday our 1st Energy transition companies holding company DroneBase announcement a $ 20 million funding round led by a new investor for DroneBase, Euclidien Capital. Five months after the Series C close, we have joined again and some of the smartest investors in the venture capital industry: Union Square Ventures, Upfront Ventures, Hearst Ventures, Pritzker Group Venture Capital and Valor Equity Partners in this cycle . We’re really excited to see how DroneBase has grown and to support a tech startup with huge impact and potential. Euclidian is a big and well-known name in family office investment circles, and we’re very excited to be following smart money back in DroneBase.
It’s a wonderful energy technology story, after launching around an “airbnb” style drone array in the age of hot drones, the founder and USV-led investors pushed the company two years ago. years of using this network to create a software-based inspection services business and quickly began to gain market share. They have selected the 3 markets that matter most in the energy transition – construction / real estate, solar and wind, and are the only company capable of serving wind and solar in the world, from the largest network of pilots of drones on the planet. We see DroneBase as the kind of company that is becoming the high-margin, growing and cohesive ‘energy services company’ of the energy future, in a cleantech and climate sector that is abounding in capital and very few companies in development. high-quality growth phase, serving some of the most dynamic markets in the energy transition.
Although this is mostly an early stage, 20% of our fund is focused on selected late stage opportunities like this. Our role as ETV here is simple, bringing our energy expertise alongside very smart venture capitalists. More information on this original investment here – My grandfather made the first real flight and not a test drone flight in 1944, in 2021 we invested in DroneBase as the first energy transition company contract
It was yesterday. This morning we announced with Amazon that we drove the seed in Resilient power, joined by Amazon Climate Engagement Fund and GS Futures, the corporate venture capital arm of GS Group, one of our main ETV investors. Amazon Climate Pledge Fund is both the largest venture capital fund in our industry and a regular on electric vehicles, as a major investor in Rivian. They announced an order for 100,000 Rivian electric delivery vans. Our partner GS is one of the world’s largest energy conglomerates, owns Korea’s largest refinery in a joint venture with Chevron, Korea’s largest independent power producer and one of the largest electrical construction companies and industry in the world, and recently announced the purchase of a charging network of 8,000 EV chargers in Seoul to launch its EV business. GS launched its new CVC in San Mateo in 2020, alongside the anchoring of our ETV fund.
FreightWaves – Resilient Power wants to revolutionize EV charging
Fortune – Conditions sheet
Resilient Power was a stealth startup funded largely through DOE and National Lab contracts to develop a multi-megawatt medium-voltage solid-state transformer to provide a 10x smaller, high-performance multi-port EV fast charger. High efficiency, which can also serve as a micro-grid in a box, V2G-compatible power router with the potential to rewrite the distribution network. SST technology, for which the Resilient team co-author of the DOE roadmap, has enormous untapped, low-cost potential to change the way our grid operates and solve the glaring cost and infrastructure issues of electric vehicles and distributed renewables on the grid.
Power electronics and grid technology are areas that we are intimately familiar with, as my partner has spent years in solar and solar inverters, and I have founded, launched and witnessed several electrical technology startups including an energy flow control company. Smart wires, one of the first companies to put solid-state technology on the grid, and which delivered gigawatts of new transmission capacity to dozens of grids around the world to support renewable energy.
We’re excited to have some of the smartest players in the Amazon and GS industry join us in supporting our latest team and helping make Resilient Power the 6th power electronics and grid technology company we have. personally guided – scaling the EV infrastructure and rewriting the distribution network to change the world as you go.
About Energy Transition Ventures
Energy Transition Ventures is a Texas and Silicon Valley early stage venture capital fund founded by two experienced cleantech investors from Jane Capital and Shell, and Accel Partners, with significant experience leading startups.
Overall, we are excited again about the climate and clean tech sector, especially at an early stage. We invest in electrification, distributed energy, mobility and resource efficiency, with a North American geographic focus.
Simple thesis for the early stage: the economy has finally fundamentally shifted in favor of energy transition technologies, electricity prices are likely to be cheap and we are at the start of a huge shift in new businesses and commercial transformations in clean technologies and the energy transition as a result.