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  • Writer's pictureVilma Arceo

2022 Year in Review

2022 was an exciting year for our portfolio, and for the markets where we have been most active.


Vehicle electrification has been a focus area of ours since before we launched in January 2020. In 2021, we celebrated the unstealthing of TeraWatt Infrastructure. A little over a year later, TeraWatt raised $1 billion led by Vision Ridge in one of the year’s biggest capital raises. Shortly after, we led the Series B of Xeal.


We previously described just how ^*#$(‘ed buildings are from an operational and efficiency standpoint; Arcadia, Redaptive, and PassiveLogic all raised capital this year as part of their mission to fix that.


The passage of the IRA dominated headlines toward the second half of last year – and for good reason, as it is historic, once-in-a-generation legislation. We dug into its implications for hydrogen and the bottlenecks it might face in its implementation.


Keep reading below the cut for a full recap of the year!

 

January


PassiveLogic raised a $34 million Series B in their quest to redefine autonomous systems and buildings.


May Mobility closed the first round of its Series C with $83 million from SPARX Group.


February


Aquicore launched its comprehensive AQ benchmarking tool for commercial real estate portfolio owners.


Utilidata secured $26.75 million in funding from Moore Strategic Ventures, the Microsoft Climate Innovation Fund, and NVIDIA.


March


David Energy raised a $20.5 million Series A, co-led by Keyframe and Union Square Ventures


EVConnect is named one of Time100’s most influential companies.


April


PassiveLogic secured an additional $15 million from Brookfield Growth.


Utilidata announced its ‘grid edge’ advisory board in partnership with NVIDIA.


Sealed expanded its Series B funding to $45.5M with an additional investment from Fifth Wall.


May


Arcadia raised $200 million, with Keyframe participating, and acquired Urjanet.


Wunder closed one of the largest commercial solar deals in U.S. history, in partnership with Blackstone’s ClearGen.


June


Buildings IOT released IOT Jetstream to expand access to building data for application developers in the smart buildings industry.


Kaptyn and TeraWatt teamed up to develop charging hubs across North America with up to 15 MW of initial capacity.


July


Sealed expanded to Chicago, becoming Chicagoland residents' full-service partner for weatherization and electrification.


May Mobility announced a $111M Series C to support their goal of operating fully autonomous, driverless shuttles by 2023.


August


Aero raised a $65 million Series B to support continued global expansion.


Utilidata CEO Josh Brumberger featured in Emerging Tech Brew’s deep dive on the future of the US power grid.


September


TeraWatt Infrastructure raised over $1B to lead the commercial fleet charging space.


HopSkipDrive raised $37M in Series D funding as it looks to triple its growth in 2022.


PassiveLogic secured $15M from Nvidia’s venture arm, nVentures.


October


Xeal raised $40M in Series B funding led by Keyframe as they expand across the U.S.


Aquicore was acquired by Infogrid.


November


TeraWatt Infrastructure announced it is developing the first network of electric heavy-duty charging centers across the I-10 corridor.


Arcadia named Sarah Bloom Raskin and John Rettig to the Board of Directors.


Redaptive secured $50M in financing and two partnerships to grow their 1,000-plus site portfolio of energy efficiency projects.


December


Redaptive raised $200 million from CPPIB to help reduce energy waste in buildings.


Autofleet launched a fleet planning simulator for commercial fleet electrification.


Xeal partnered with StreetLights residential, a leading multifamily developer, to roll out across their new developments.

 

The views expressed here are those of the individual Keyframe Capital personnel quoted and are not the views of Keyframe Capital or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by Keyframe Capital. While taken from sources believed to be reliable, Keyframe has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.


This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by Keyframe Capital. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Keyframe Capital, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.


Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

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