Terms
- Announced
- 4 Mar 2025
- Instrument
- Equity
- Amount
- US$7.00mReported as $7m of a targeted $15m
- Source
- businesswire.com
Parties
- Project developer
- Mote, Inc.
- Recipient type
- Technology company
- Country
- United States
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis Nella Next Investor US$2.33m Estimated: an even share, 1 of 3 Preston-Werner Ventures Investor US$2.33m Estimated: an even share, 1 of 3 Counteract Investor US$2.33m Estimated: an even share, 1 of 3
Carbon
- Pathway
- BECCS
What happened
- Nella Next and Preston-Werner Ventures co-led. First close of a targeted USD 15m Series A, so the ranked figure is the drawn USD 7m and the USD 15m is a ceiling. Prior support from the Department of Energy, CalFire and the US Forest Service is non-dilutive and outside this round.
Kumo note
- Mote closed the first tranche of a targeted Series A on a technology spun out of Lawrence Livermore with prior federal and state support, so the equity buys down execution risk on science that has already been publicly funded. Selling hydrogen alongside the CO2 gives it a revenue line that does not depend on credit pricing.
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