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Today’s newsletter:
🔝Today’s Top Story: Sydney-based climate tech company Neara has successfully raised $45 million in a Series C funding round led by EQT.
🌳 Climate Insider Intelligence: Turkey’s Ambitious Renewable Energy Grid Modernisation – Deep Dive.
Neara Secures $45 Million Series C Funding to Transform Global Infrastructure with AI-Powered Predictive Modeling
Image Credit: neara
Funding and Growth Trajectory
Sydney-based climate tech company Neara has successfully raised $45 million in a Series C funding round led by EQT, with significant support from Partners Group, Square Peg Capital, Prosus Ventures, and Skip Capital. This investment is intended to bolster Neara’s expansion into offshore markets, particularly in North America and Europe, enabling the company to enhance energy resilience and modernize infrastructure. Since its founding in 2019, Neara has garnered substantial backing, allowing it to scale its operations significantly as it contributes to the global clean energy transition.
Innovative Technology and Applications
Neara is recognized for developing a pioneering AI-driven predictive modeling platform that empowers utility companies to optimize their infrastructure management. The platform enables rapid scenario simulations, allowing utilities to make informed decisions on critical operational factors such as load growth and emergency responses. This technology has dramatically reduced the time required for essential analyses, enabling utilities to identify potential outage risks and restore power significantly faster while accelerating infrastructure deployment by 85%.
Strategic Partnerships and Market Impact
With a strong foundation in Australia, Neara has established relationships with major utility companies and expanded its international footprint to include clients in the U.S. and Europe, such as CenterPoint Energy and ESB Networks. The company aims to broaden its simulation technology into sectors like telecommunications and public transportation, addressing the pressing need for adaptable infrastructure solutions. Neara’s innovative approach is positioned to support the demands of modern energy grids and facilitate renewable energy integration, highlighting its critical role in enhancing infrastructure resilience amidst evolving societal needs. Read More
Market Movers
- British Columbia’s Centre for Innovation and Clean Energy (CICE) has launched a $3 million funding initiative aimed at supporting women-led climate tech and clean energy ventures focused on decarbonization solutions in the province. Read More
- The Asian Development Bank (ADB) has approved a $500 million policy-based loan to enhance climate change resilience and disaster risk reduction in Pakistan, following the devastating 2022 floods that affected 33 million people and caused $30 billion in damages. Read More
- The IFC has announced a $70 million green loan to Turkey’s Çimsa to support its decarbonization efforts, including energy efficiency, solar panel installation, and waste heat recovery, aiming to cut greenhouse gas emissions by 10% and raise renewable energy use to 20% by 2025. Read More
Innovation Spotlight
- The research identifies performance targets for hydrogen fuel cell systems enabling regional aviation with minimal payload impact and highlights diverse energy strategies to support cost-effective hydrogen production at €3.5/kg in Europe. Read More
- Researchers found that hydrogen-powered aviation could cut CO2 emissions by up to 90% with improved fuel cell technology but emphasized that low-carbon hydrogen infrastructure is crucial for broader implementation. Read More
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
The EU must spend 39 billion euros a year for net zero transport targets, campaign group says.
Transport & Environment (T&E) reports that Europe must invest €39 billion annually to achieve its net-zero transport targets by 2050, urging the EU to adopt a coordinated industrial policy with a focus on substantial investments in green technologies following recommendations from Mario Draghi’s recent report.
Why it Matters: This investment is crucial for Europe to transition to a sustainable transport system, which is essential for achieving broader climate goals and reducing greenhouse gas emissions while fostering economic growth and innovation in green technologies. Read More
Climate Insider Intelligence: Turkey’s Ambitious Renewable Energy Grid Modernisation – Deep Dive
Image Credit: Reuters
Turkey is embarking on a transformative journey to modernize its electricity grid with a groundbreaking $1 billion initiative, backed by a pivotal $70 million investment from the Climate Investment Funds (CIF). This ambitious plan aims to enhance Turkey’s capacity to integrate renewable energy sources, positioning the country as a leader in sustainable development. With a focus on cutting-edge technologies like smart grids and advanced energy storage, the project promises to power 70 million homes annually by 2035. As Turkey navigates the challenges of this monumental shift, the potential for economic growth and energy diversification is immense. Discover how this initiative could redefine Turkey’s energy landscape and set a precedent for emerging economies worldwide.
