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Since mid-summer I have been noting the wave of early-stage money that has washed into early-stage climate investment. Companies raised more than $16 billion in the first half of the year, not far off the previous full-year record. Equally noteworthy is that the companies making those investments – venture capital and private equity firms – are themselves raising record amounts of money.
A key question always is, what are funds such as TPG Rise Climate and Brookfield Global Transition Fund going to invest in, given their scale and preference for big ticket sizes? We now have a bit of an answer, thanks to an investment this week from TPG Rise Climate and Abu Dhabi state-owned fund ADQ: electric vehicles in India, to start.