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PitchBook News - Charting the climate tech landscape

Nuclear fusion specialist nabs $2B+; mapping Rivian's road to mega-IPO; Lime lands $523M; Momenta brings in another $500M
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The Daily Pitch: VC
November 8, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • We map out Rivian's road to its mega-IPO, exploring who owns how much of the electric truck maker and some key financial measures.

  • Helion lands new funding for the growing nuclear fusion market.

  • Our recent reports breaking down emerging opportunities in the climate tech ecosystem.
Today's Top Stories
Rivian's mega-IPO was built with truckload of private capital
(Joey Schaffer/PitchBook News)
Truck maker Rivian's hotly anticipated IPO this week is yet another gauntlet thrown at the feet of legacy automakers in the race to electrification.

We broke down the company's private funding history and public financials. Among the highlights:
  • Rivian is expected to raise more than $9.8 billion and could be valued at $70.6 billion based on a midpoint price of $73 per share.

  • Amazon's 22.4% stake would be worth $11.7 billion at that price. The online retail giant was one of the automaker's earliest large backers.

  • Rivian's revenue is minimal, and it lost around $1 billion in the first half of 2021. In the long term, Rivian hopes to make a substantial amount of recurring revenue from services such as software and memberships.
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Breaking down the climate tech ecosystem
Decarbonizing the planet is a process that will leave no part of the economy untouched. This transformation poses innumerable challenges—but also unprecedented opportunities in climate tech. This sector is a critical area of innovation, and it's attracting an increasing amount of VC, with $30.8 billion invested in climate-focused startups in the first nine months of 2021.

PitchBook is excited to release our new climate tech coverage as part of our expanding Emerging Tech Research. The reports include:

Introduction to Climate Tech: Preview
  • Our breakdown of the climate tech industry organizes this complex landscape into a clear taxonomy; the preview offers a sneak peek at market maps covering 46 industry groups.

  • It features analyses of highly specific subgroups, separating electric transportation from the rest of sustainable transportation, and distinguishing clean energy generation and grid tech.
Climate Tech Quarterly Update: Preview
  • Our inaugural installment of Emerging Tech Research on the sector recaps a record-setting Q3 in climate tech.

  • The report includes a timeline, spotlights on emerging opportunities, and the latest data on dealmaking and exits.
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A message from Twin Brook Capital Partners
Consistency is key
Twin Brook Head of Underwriting Kim Trick and Director Sarah Roche discuss the benefits of consistency and why historical experience and human capital matter when it comes to supporting borrowers and managing through cycles.
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Helion secures $2.2B as nuclear energy industry matures
(vchal/Getty Images)
Helion Energy, which focuses on generating zero-carbon electricity from fusion, has secured a $500 million Series E led by industry veteran Sam Altman. The company also announced an additional $1.7 billion of commitments tied to performance-based milestones.

A standout year for nuclear energy startups, VCs have already poured over $676 million into the sector this year, more than the total amount raised in the past five years combined, according to PitchBook data.
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Recommended Reads
Many traders, hedge fund managers and institutional investors are still struggling to size up crypto's systemic risks. [Institutional Investor]

A new scientific grant program, co-founded by Stripe CEO Patrick Collison, is highlighting big problems—and bigger opportunities—in American science. [The Atlantic]

Zillow relied on an algorithm to find houses to purchase, fix up and sell for a profit. What to take away from the company's real estate stumbles. [Fortune]
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Quick Takes
  The Daily Benchmark  
  2019 Vintage European PE Funds  
  VC Deals  
  Lime locks down $523M in debt  
  Momenta raises additional $500M  
  Bit.bio secures $103M  
 
 
The Daily Benchmark
2019 Vintage European PE Funds
Median IRR
14.34%
Top Quartile IRR
23.81%
1.02x
Median TVPI
Select top performers
Apax X
Gyrus 1
Inveready Gaea Inversion
*IRR: net of fees
30 Funds in Benchmark »
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VC Deals
Lime locks down $523M in debt
Scooter startup Lime has reportedly raised $523 million in convertible debt and term loan financing. Abu Dhabi's growth fund, Fidelity Management & Research, Uber and Highbridge Capital committed $418 million in convertible debt funding. UBS O'Connor provided a $105 million senior secured term loan facility.
View round
 
View 27 competitors »
 
Momenta raises additional $500M
Autonomous driving startup Momenta has added $500 million to its Series C round, according to reports. Temasek, Bosch and SAIC Motor participated in the funding for the Beijing-based company, among others.
View round
 
View 20 competitors »
 
Bit.bio secures $103M
Bit.bio has raised a $103 million Series B from investors including Arch Ventures, Foresite Capital and Charles River Laboratories. Based in San Francisco and the UK, the company is a developer of cell coding technology intended to discover new cell therapies.
View round
 
View 58 competitors »
 
Chart of the Day
"Middle-market firms continue to execute on the tried-and-true roll-up across sectors, spurred by the current environment in which platform multiples are high and many small business owners are looking to sell. For instance, insurance brokerages, wealth management firms, and registered investment advisors (RIAs) all saw record M&A activity in the first half of 2021, largely driven by PE-backed platforms."

Source: PitchBook's Q2 2021 US PE Middle Market Report
Who's in the newsletter today?
Investors
Arch Ventures
Bosch
Charles River Laboratories
Fidelity Management & Research
Foresite Capital
Highbridge Capital
SAIC Motor
Temasek
UBS O'Connor
Uber
Companies
Bit.bio
Lime
Momenta
 
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