David Levine

This week in #AmTech: Grid Aero raised $20 million in Series A funding co-led by Bison Ventures and Geodesic Capital, with participation from Stony Lonesome Group LLC, Alumni Ventures, and returning investors Ubiquity Ventures, Calibrate Ventures, and Commonweal Ventures (that's us!). Grid builds low-cost, autonomous cargo aircraft capable of carrying thousands of pounds over thousands of miles, enabling resilient logistics for defense, commercial, and humanitarian operations in contested or remote environments. Founders: Arthur Dubois, Brandon F., Chinmay Patel, PhD.   Barnwell Bio raised $6 million in Seed funding led by Twelve Below, with participation from Max Ventures, Dorm Room Fund, Banter Capital, Planeteer Capital, AgVentures Alliance, Daybreak Ventures, Alumni Ventures, and AgLaunch Farmers. Barnwell Bio uses genetic sequencing to monitor poultry barns for early signs of disease, giving farmers advance warning of threats like avian flu before outbreaks spread and force mass culls that drive up egg and chicken prices for consumers. Founders: Michael Rhys, Casey McGinley, Jake Byrnes.   Standard Nuclear raised $140 million in Series A funding led by Decisive Point, with participation from Chevron Technology Ventures, StepStone Group, XTX Ventures, and existing investors WELARA, Fundomo, Andreessen Horowitz, Washington Harbour Partners LP, and Crucible Capital. Standard Nuclear manufactures advanced nuclear fuel for next-generation reactors, serving defense, space, and industrial customers as the nation's only independent supplier not tied to a specific reactor design. Founders: Kurt Terrani, Thomas Hendrix. #VC #VentureCapital #Investing #Startups #DeepTech #DefenseTech #Aerospace #Energy #AgTech #Agriculture #Technology

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The DOE funding pullback is clarifying for climate tech investments, not catastrophic. The Department of Energy's decision to return over $13 billion in unobligated clean-energy funds has spooked founders who built capital strategies around grant timelines. Reality check: this is a policy reprioritization toward fewer discretionary grants and longer timelines, not a sector shutdown. What hasn't changed: projects with real economics still get funded. The Loan Programs Office continues approving disbursements for revenue-generating projects—manufacturing scale-up, grid infrastructure, nuclear restarts. DOE's Mine of the Future initiative and critical minerals programs remain active, supporting technologies that secure domestic supply chains. At MFV Partners, we stayed disciplined while others chased 2021-2023 IRA momentum. Those bets are struggling now. We focused on energy deep tech that works without subsidy dependency—solutions that pencil out regardless of administration. Our portfolio reflects this: Conifer builds rare-earth-free powertrains using ferrite magnets, directly addressing supply-chain bottlenecks while improving power density and enabling cleaner HVAC and mobility applications. SUN Mobility operates battery-swapping infrastructure for commercial fleets across India, Africa, and Southeast Asia—accelerating EV adoption in emerging markets while delivering ROI through better asset utilization. We have several other companies in stealth building similar economics-first solutions that drive real climate impact. What founders should do now: Use grants to derisk R&D where available, but build your scale path around customer pilots and project finance. Treat supply-chain resilience as a product feature. Prove the economics: predictable throughput, demonstrated reliability, and numbers that work with conservative assumptions. The fundamentals haven't changed. Electrification and grid modernization are productivity upgrades—lower costs, higher availability, better payback. That's where capital flows, regardless of headlines. We're continuing to invest actively in energy and electrification deep tech. If you're building solutions with strong unit economics that accelerate the energy transition, reach out. https://lnkd.in/gUfdzRXH https://lnkd.in/gNGm9zyM

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🔋 Infrastructure resilience is the next cybersecurity. I firmly believe that. Utilities are increasing spend on resilience by ~20% annually, our telecom infrastructure (read: data centers) are expanding into water stressed regions prone to extreme weather, and our water systems are increasingly facing significant challenges. 🤖 We invested in Rhizome as they are an emerging early leader in using AI to help utilities model resilience investments and get those investments approved by regulators. And also Mishal Thadani might be the hardest working CEO in the grid space...the guy just knows how to close utilities which is an unbelievable skill. Thanks for including us at MCJ, Mish!

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Growing up in the energy world of the ‘80s as an aramco kid, I saw firsthand how industry legacy shapes our future. Today, I’m thrilled to announce a DCTAV strategic partnership with Young Professionals in Energy DC to pay that legacy forward. We’ve officially partnered to bridge the gap between DC’s seasoned energy giants and the next generation of innovators. This is about more than networking—it’s about the exchange of trusted relationships to lead the global energy transition. Whether you are a senior leader looking to give back or an emerging professional ready to lead: We need you. Let’s go DC! 👇 Comment "MENTOR" below, and I’ll send you the details! #EnergyTransition #DCTech #Mentorship #AramcoKids #Innovation #YPDC #DCTAV DC Tech & Venture Coalition (DCTAV) Young Professionals in Energy DC The Synergos Fund

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What if the “perfect” grid never arrives—but the energy transition succeeds anyway? Today, companies can’t afford to wait five to eight years for utility upgrades. Manufacturing is exploding, data centers are multiplying, and the EV boom is here. The result? Grid connection delays are the new choke point for America’s industrial future. So why did DCVC back Mainspring Energy $290M Series F? Because their modular generators flip the script—delivering dispatchable, clean-capable power in months, not years. General Catalyst Tom Linebarger Genevieve Kinney Shannon Miller https://lnkd.in/ezMsK_Y4

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How does a guaranteed return on equity of 10% impact utility decisions and incentives to build out the grid the "old" way (more generation, more transmission, more distribution) vs. invest in cheaper, inherently more reliable, and deflationary technologies like demand response, load shifting, and other grid edge solutions? A few weeks ago I was sitting down with a former retail power executive and this topic came up, and it sent me a down a bit of a rabbit hole. Could you calculate the true cost of equity for utilities? Is that number less than 10%? And, if yes, could you use basic finance principles to show how the 120+ year anachronism of forcing rate-payers to give utilities this outsized return directly incentivizes outdated CapEx-first approaches to load growth? AND, would a true cost of equity inherently lead to optimal capital allocation, focusing on profitability? As I was doing this analysis, Dan Gearino of Inside Climate News wrote this excellent article explaining the core elements of this thesis (https://lnkd.in/gzJyNZtW) so I'll skip the qualitative discussion and jump to the analysis. So: WHAT IS THE TRUE COST OF EQUITY FOR UTILITIES? Cost of equity for can be calculated using the Capital Asset Pricing Model, which states that Cost of Equity = Risk free rate + Beta*Equity Risk Premium In other words, what rate of return do I require as an equity investor in order to hold the incremental risk of an equity above the risk free rate? I did this calc over a 30 year time horizon, to match the time horizon of a typical utility investment, so: Risk free rate = Yield on 30 year US treasury = ~3.2% 30 year market return = average return of S&P 500 over 30 years = 8% Equity risk premium = 8.0%-3.2% = 4.8% To calculate Beta for utilities I compared daily returns of the the Dow Jones Utilities Index (DJUSUT) vs. daily returns of the S&P500 going back to ~30 years. Unsurprisingly, Utilities are less volatile than the S&P, so utilities have a beta of about 0.68 over the period, meaning they are less risky to hold, so you require a lower rate of return for holding their equity vs. the overall market. So what is the true cost of equity for utilities today? 4.8% + 0.68*(8.0%-3.2%)=6.5% 6.5% is the cost of equity for utilities today; but if you extend this analysis back to 30 years, the average cost of equity for utilities is even LOWER, averaging 5.8%. (Btw, this lines up perfectly with the 6% Mark Ellis references in the above article) That means utilities are getting an EXCESS RETURN OF 4.2 PERCENT on every dollar of equity they spend building more infrastructure! That excess return is being paid by customer ("rate payers") who's utility bills are legally inflated to ensure this return to utilities. There's a lot more to unpack here, which I'll have to do in future posts, but for now you can access the analysis here if you're curious: https://lnkd.in/gfkvS9sK Michael Lee Doug Lewin Feyijimi Adegbohun, PhD Seyi Fabode

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📢 Big Announcement 📢 Thrilled to finally announce that Nuclearn has raised $10.5M in Series A funding to help us continue to bring AI and operational efficiencies to the nuclear power industry. Big thank you to our investors BlueBear Capital, SJF Ventures, AZ-VC and Nucleation Capital. This industry has provided so much for many of our team members, and we're excited to continue helping - making a positive impact on both the plants and the next generation of nuclear professionals.

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Big shoutout and thanks for having me on the #TransmissionPodcast – hosted by 'Q', Founder and CEO of Modo Energy. We covered a lot of ground – from the macro shifts in #climatetech investing to some of the most exciting trends we’re seeing across the energy stack: 🌍⚡️ 💰 #Early-Stage VCs in Climate Tech: We discussed how early-stage VCs, like Picus Capital, are approaching climate tech investments, and why energy is one of the most exciting verticals to back right now. It’s not just about funding; it’s about building the infrastructure and business models of tomorrow. 📉 The Decline of Climate Funding: What’s behind the drop in climate funding (think: R.I.P. Climate Tech), and why we still believe the space is more alive than ever (think: Long Live Climate Tech). 🔋 The Role of #Battery #Storage & Smart Energy Control: Technologies like battery storage and smart home energy management are absolutely critical to the energy transition and incredibly attractive to investors. These innovations are fundamental to the grid’s future. 🌍 Energy Markets & Geographies: We talked about how energy markets differ dramatically across regions, and how these differences shape go-to-market and scaling strategies for founders. As a startup, navigating local regulations and market conditions is essential to scaling successfully, and can create huge moats. 🔁 The Evolving Role of Investors: As companies mature, the types of investors involved evolve. The transition from early-stage venture capital to infrastructure capital and corporate investors requires alignment on timelines and risk, because energy transition is truly a team sport. 🌐 The Role of AI in Energy and Sustainability: The key point we discussed was around the challenges (exploding energy demand) but also the various opportunities (next-level optimizations) arising from the most foundational trend we have seen in the last decades (AI). If you're building in the energy space, or investing, advising, or operating in it, I’d love to connect. Always up for swapping ideas with founders, experts, and fellow investors focused on accelerating the energy transition. 🎧 Link to the full episode in the comments 👇 #ClimateTech #EnergyTech #VentureCapital #EnergyTransition #BatteryStorage #GridFlexibility #Founders #ClimateVC #Cleantech #Decarbonization #StartupEcosystem #PicusCapital #ModoEnergy Neil Weaver Ysabelle Swan Stella Yrigoyen

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🚨 The “Big Beautiful Bill” just passed—and it could be the most consequential climate rollback in U.S. history. ⚡️ Wind and solar tax credits are set to phase out years earlier, threatening over 70% of planned clean energy projects. 🚘 EV and battery incentives are being slashed, stalling adoption and investment. 🛢️ Fossil fuels, LNG, and permitting reforms are prioritized, reversing much of the momentum from the Inflation Reduction Act. 📉 An estimated 330,000 clean energy jobs could be at risk, while U.S. competitiveness in climate tech may falter just as global rivals double down. In this rapidly shifting landscape, evaluating what is ahead of the industry would be very critical. 🔔 Join Us for an Exclusive Webinar | July 8 @ 6:30 PM PST Navigating Clean Energy Funding: Insights from Former DOE Leadership 🔔 Vectors Capital is thrilled to host a 30-minute power session + live Q&A with Victor Scott Kane, Former Deputy Director of Commercialization at the U.S. Department of Energy (DOE). Whether you're a climate founder, corporate innovator, or investor, this is your chance to hear directly from DOE leadership on how to strategically position for upcoming funding opportunities and policy shifts. 🎯 What You’ll Learn: ✅ Insider tips on DOE funding strategy ✅ Navigating grants, cooperative agreements & prize competitions ✅ Practical guidance for successful applications ✅ Implications of the new Senate bill for innovation, investment & industry partnerships 🗓️ Tuesday, July 8 🕡 6:30 PM PST 📍 Virtual | Zoom link upon registration 👉 Register Now: https://shorturl.at/cgBIf Let’s unpack what’s next for the climate innovation ecosystem—together. #climatetech #policy #DOE #energytransition #cleantech #venturecapital #grants #non-dilutivefunding #cleanenergy #webinar #BigBeautifulBill

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The future of smarter energy includes nuclear—and innovation at the intersection of AI and operations will help get us there. That’s why we’re proud to invest in Atomic Canyon through Energy Impact Partners Elevate Future Fund. Trey Lauderdale and the Atomic Canyon team are tackling one of the biggest pain points in nuclear—operational inefficiency—with a powerful solution: the Neutron platform. Currently deployed at Pacific Gas and Electric Company’s Diablo Canyon Power Plant, Neutron cuts document search time from hours to seconds by scanning billions of pages of technical data. Think purpose built ai just for the nuclear industry. This is the kind of breakthrough we look for at Elevate—bold founders using cutting-edge tools to transform complex systems. The smarter energy transition needs nuclear, and nuclear needs innovation like this. Read Tim De Chant article on TechCrunch: https://lnkd.in/e4DbWfTi #SmarterEnergy #NuclearInnovation #AIforGood #EnergyTransition #ElevateFutureFund

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This is WILD. Starpath (an Indicator Ventures portfolio company) needs a massive amount of solar power to build gas stations on the Moon and Mars. Suppliers quoted $100/W with 14-month lead times, so Saurav Shroff and team built their own space-rated panels, 90% cheaper, and automated the production line. By next year, they can outproduce the rest of the world’s supply of space solar combined, enough to power every satellite made on Earth. https://lnkd.in/eDXuvS-h

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Super excited to welcome Powerline into the MaC Venture Capital portfolio as we lead their $7M Seed round! Grid-scale battery storage is scaling fast, but operating these assets well is anything but simple. Operators are navigating volatile markets with unique dynamics and real-time tradeoffs. Powerline cuts through that complexity with their AI-powered digital twin that lets teams benchmark outcomes, safely test strategies, and operate with far more confidence and control. We’re thrilled to partner with the exceptional co-founder team Matineh Eybpoosh and Julian Lamy, along with the broader Powerline team, as they build the intelligence layer for modern energy systems.

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"We're flipping nuclear on its head. Instead of 10 years for one gigawatt plant, we want to build 10 gigawatts per year through factory mass manufacturing." In this week's episode of Founders In Arms, Matt Loszak explains how Aalo Atomics is creating nuclear reactors the size of pickup trucks to power AI data centers. Full episode in comments.

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The Tailwater Capital LLC team has been reviewing this new BloombergNEF report, and the takeaway is pretty clear: AI is putting serious pressure on the grid, and natural gas is going to be a big part of the solution. BNEF now expects U.S. data center power demand to hit 106 GW by 2035, a 36% increase from just seven months ago. The scale and speed of this shift are hard to ignore. But it’s not just more data centers. They’re also getting a lot bigger. Nearly a quarter of the new projects BNEF tracked this year are over 500 MW, more than double last year’s share. To keep up, natural gas demand from U.S. data centers is forecast to grow from 1.3 Bcf/d in 2024 to 6.8 Bcf/d by 2035. That’s nearly 5x growth in just over a decade. Data centers need real energy behind them, and that’s where natural gas has a major role to play. This is why we continue to believe in an all-of-the-above energy strategy at Tailwater. If we’re going to meet this kind of load growth while keeping power reliable and affordable, natural gas needs to stay in the mix. Full article here: https://bit.ly/4p6gF3H

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Our portfolio company, APFusion, has announced a $6M Series A led by I2BF Global Ventures. The company is building the digital rails to modernize how used and recycled parts are sourced, priced, and delivered. The platform connects 240 salvage yards, and over 70 of them sell on its ShopEarl.com platform. The startup launched the online marketplace in January, and customers include Nordstrom’s Automotive, B&R Auto Wrecking, and M&M Auto Parts. The $30B+ auto salvage market has remained largely offline—fragmented, inefficient, and overlooked. As supply chain pressures and demand for affordable parts intensify, their platform is becoming mission-critical infrastructure for the auto industry. For more details, please read the full article here: https://lnkd.in/duahEwsd

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Good piece by Tim De Chant at Techcrunch on the impact of xAI’s Data center on its in Memphis: "Over the past year, xAI has installed and operated at least 35 combustion turbines and other sources of air pollution at the Colossus site without ever obtaining the necessary preconstruction or operating air permits,” the Southern Environmental Law Center (SELC) wrote in a letter to xAI." "Break things" shouldn't include human health and our shared environment. https://lnkd.in/gTyjqMjN

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Yes, we need more (and cleaner) energy production -- but we can also do much, much more with what we already have. Stina, CEO, boils it down nicely in the press release (link in comments): "Distributed energy already holds enormous potential, but participation hasn't kept pace with deployment." Derapi's universal API platform is a critical unlock for coordinating existing and new devices (your solar panels, your EV, your home battery, your dishwasher...) into reliable, grid-scale infrastructure. Tuesday Capital is very excited to back this unparalleled team carrying us toward our much needed software-defined grid. Many thanks to Stina and Thomas for their patience in onboarding me to their sector and tech; to Ramsay Siegal of Earthshot Ventures for the original introduction way back when, and to Ben Conte of Susquehanna Sustainable Investments (SSI) for the critical contributions to our diligence. LFG!

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Ceto announces a $4.8M USD seed round led by Dynamo Ventures with participation from Howden Ventures, Signal Ventures , Motion Ventures, and Chaucer Group.  "Maritime has long relied on reactive maintenance practices with planned maintenance systems (PMS) only really gaining in popularity from around the 17th Century although those systems looked very different to the PMS we’re used to seeing on modern day ships. Either way prevention is the first logical step however it was difficult to do this without having an idea on what information was important. Fast forward to modern day shipping and we have amassed a huge volume of operational data and there lies the key to transition the industry from those ancient reactive practices to the predictive solutions offered by Ceto today." Tony Hildrew https://lnkd.in/eDsaMhqG

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The next era of clean energy isn’t just about generating power—it’s about making distributed systems reliable, investable, and built to scale. That’s why we led Omnidian's $87M funding round. Omnidian provides performance assurance for residential and commercial solar and storage systems, using predictive analytics and expert service to maximize uptime, system life, and returns. As distributed energy becomes a core part of the global grid, long-term performance and trust will define the winners. Omnidian is building the infrastructure to make that possible. Congratulations to Mark Liffmann and the entire team—this is just the beginning.

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