Redwheel partners with Turquoise to launch ClimateTech Growth Capital fund

London, 21 February 2024 – Redwheel, the specialist independent investment manager, today announces its strategic partnership with Turquoise, the UK’s longest established specialist in ClimateTech venture investments. The partnership’s project will be a growth stage UK ClimateTech venture fund (subject to regulatory approval), focused on easing the shortage of growth capital for UK companies with technology or services that address environmental challenges and promote sustainability in order to deliver measurable impact.

The Redwheel-Turquoise investment team will aim to identify promising post-revenue and growth stage companies with demonstrated potential to disrupt their industries in the near term. The strategy will be centred around three key sectors; energy; transport and mobility; and resource efficiency.

Tord Stallvik, CEO of Redwheel, said: “We anticipate that the global transition towards a more sustainable future will yield attractive investment opportunities for decades to come. This partnership and extension into the private sphere is a natural progression from the launch of the Redwheel Clean Economy strategy in 2023, capitalising on the opportunity in public markets.”

“Turquoise’s experience in private ClimateTech investments, with a 21-year track record of over 140 completed transactions, make it an ideal partner for Redwheel as we aim to identify opportunities with potential for strong financial returns and measurable positive climate impact.”

Ali Naini, Managing Director of Turquoise, said: “Our experience in over two decades has been that the UK has no shortage of ClimateTech innovations with strong commercial potential. Nor is there a shortage of government backing and early-stage investors. The problem arises when these companies need growth capital to build their first plant, expand their team or scale internationally. That is where the UK has traditionally had a shortage of capital. The partnership with Redwheel allows us to combine its access to institutional capital with our access to corporate investors to create a fund that is willing to lead investments and help take companies to the next stage. Together with Redwheel, we look forward to contributing to the advancement of clean and sustainable technologies that will shape a more environmentally resilient future.”

The outlook for the ClimateTech sector is driven by favourable, long-term macro trends including a supportive UK policy environment, increasing backing from large corporates with Net Zero Commitments and advancements in technology. It is estimated that the UK will require £1.4 trillion of new investment in the next 30 years (in real terms) to reduce net emissions to zero 1 , creating a huge potential growth-capital opportunity.

The Redwheel Turquoise ClimateTech Fund’s experienced investment committee will include Independent Chairman Professor John Loughhead (previously Chief Scientific Adviser for the UK Ministry for Business Energy and Industrial Strategy), Redwheel’s Clean Economy Portfolio Manager Amanda O’Toole, and three Turquoise Managing Directors.

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Turquoise’s latest podcast: Dr Jonathan Swanston, chief executive officer, Jiva Materials

In the latest episode of our podcast, Talks with Turquoise, we delve into the pressing issue of electronic waste (e-waste) and introduce a revolutionary solution. Ian Thomas, managing director at Turquoise International, talks to Dr Jonathan Swanston, chief executive officer, Jiva Materials. An entrepreneur with almost 40 years’ technology and commercial experience in the chemical and polymer industries, Dr Swanston has been instrumental in driving the commercial development of Jiva’s Soluboard® product and securing investment in the company.

In our increasingly connected world, printed circuit boards (PCBs) have become ubiquitous. Every year, 18 billion square metres of PCBs are produced, presenting an array of disposal and recycling challenges when they reach end of life. The escalating value of the precious metals within PCBs, coupled with a growing global consciousness regarding environmental concerns, highlight the imperative need for efficient recycling.

Enter Soluboard®, Jiva’s patented and competitively priced PCB substrate, which is positioned to rival the industry standard, FR-4. It features an organic structure that enables its non-toxic ingredients to delaminate when immersed in hot water. Soluboard® has already garnered interest from an extensive array of blue-chip electronic manufacturers, including those within the EU domestic appliance and white goods manufacturing sector.

Its plant-based fibres can be dissolved in hot water, and the remaining solution can be safely disposed of through standard wastewater systems. Additionally, electronic components can be extracted for re-processing. Moreover, users of Soluboard® can achieve an impressive 60% reduction in embodied carbon content.

Ian and Jonathan discuss:

– The urgent need for sustainable solutions to counter the consequences of disposal, including heavy metal pollution and illegal export
– Applications of Jiva’s technology and real-world examples
– The challenges Jiva faces in entering the market
– Taking the first steps towards commercialisation including product certification
– The company’s plans for the year ahead.

In 2023, Jiva Materials announced the successful conclusion of a £1 million funding round led by Katapult VC and Low Carbon Innovation Fund 2 (LCIF2), managed by Turquoise. This marked a significant milestone in advancing the commercialisation of Soluboard®, Jiva’s groundbreaking material aimed at achieving full recyclability for printed circuit boards (PCBs).

Listen here: https://pod.fo/e/218468

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