Recurrent Energy Secures $160 Million Project Financing

AZUL Energy, a developer of catalytic electrodes for fuel cells and metal-air batteries, raised ¥475 Million ($3.2 Million) in Series A Funding led by Spiral Capital, with participation from TOHOKU University Venture Partners, JMTC Capital, Mitsubishi UFJ Capital, Governance Partners, and existing investor Spurcle, totaling six companies in a third-party allotment of new shares.

The company has developed a high-performance catalyst that offers the same performance as rare metal catalysts (such as platinum) but without the high costs or significant resource constraints.

“Since the previous fundraising in 2021, we have provided samples to customers developing and manufacturing fuel cells, metal-air batteries, and water electrolyzers, and have conducted demonstration tests for full-scale adoption,” says Koju Ito, CEO at AZUL Energy. “With this new financing, we will promote the mass production of our proprietary catalyst and its electrode sheet. We will also promote business development overseas through the network developed in the MassChallenge program”.

“In recent years, with the rapid progress in social implementation of renewable energy worldwide, Long Duration Energy Storage (LDES) technology has become one of the Climate Tech trends to watch. AZUL Energy’s rare-metal-free catalyst is a promising technology for LDES as it enables hydrogen energy and battery energy storage, an innovation that attracted us to invest,” said Mr. Akitomo Naoi, Senior Associate at Spiral Capital.

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.

Haven Energy, a provider of home battery solutions, secured a total of $7 million in Series A funding. The round includes returning investors Lerer Hippeau, Giant Ventures, and Raven One Ventures, as well as new participation from Comcast Ventures, LifeX, TO VC, and Habitat Partners.


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