In March 2023, Amogy, an emission-free, energy-dense ammonia power solutions provider, secured $139 million of Series B venture funding in a deal led by SK Innovation. Temasek Holdings, Aramco Ventures, Korea Zinc and 6 other investors also participated in the round. The funds will be used to continue Amogy’s organizational development to support commercialization, start manufacturing innovative ammonia-to-energy technology.
In March 2023, SP Group, via its financial sponsor Temasek Holdings, acquired a portfolio of solar power farms with a combined capacity of 100MWp in Vietnam for an undisclosed amount. The portfolio comprises the Europlast Phu Yen solar plant, with a peak capacity of 50MWp, and the Thanh Long Phu Yen solar plant, with an installed capacity of 50MWp.
In August 2022, O2 Power, via its financial sponsors Temasek Holdings and EQT, acquired the 55MW Emmvee solar PV plant for an undisclosed amount.
In February 2022, Verdagy, a water electrolysis technology company, secured $25 million of Series A1 venture funding in a deal led by TDK Ventures. Temasek, Shell Ventures, and 4 other investors also participated in the round. The funding will enable Verdagy to scale-up its activities and further demonstrate green hydrogen electrolyzer technology.
In February 2022, SES AI Corp received $275 million of development capital from Applied Ventures, GM Ventures, Tianqi Lithium Industries, Hyundai Motor, Koch Strategic Platforms, Temasek Holdings and 10 other investors through a private placement. SES AI Corp is engaged in the development and initial production of high-performance Li-Metal rechargeable batteries for electric vehicles and other applications.
In January 2022, H2Pro, a developer of hydrogen production technology, raised $75 million of Series B venture funding from ArcelorMittal, Temasek Holdings and Horizons Ventures. Eight other investors also participated in this round. The funds will be used to accelerate their hydrogen production research.
In November 2021, General Fusion, a developer of an alternative power generation system, raised c. $132 million of Series E venture funding in a deal led by Temasek Holdings. Jameel Investment Management Company, Business Development Bank of Canada, Thistledown Capital, Norrsken VC, Presight Capital, Climate Capital, and 12 other investors also participated in the round. The funds will be allocated to technology development & research.
In October 2021, Sydrogen Energy was formed as a joint venture between Temasek Holdings and Nanofilm Technologies. With the deal, Temasek Holdings contributed an estimated S$120 million (S$50 million in cash and S$70 million in non-cash consideration) and holds 35%, whereas Nanofilm Technologies contributed an estimated S$21 million and holds 65% of the venture. The proceeds are intended to be used for research and development and the construction of production lines for the hydrogen energy business.
