EBI News for November 30, 2022 – More than quarter of VC funding going to climate tech
EBI News for November 30, 2022 – The following news section contains the latest stories for the environmental industry. Including, More than quarter of VC funding going to climate tech, acquisitions, and more!
More than quarter of VC funding going to climate tech
Climate tech funding represented more than a quarter of every venture dollar invested in 2022, in the upper half of the 20-30% range observed since the start of 2018, according to PWC’s State of Climate Tech 2022 report. Investment in climate tech has been in the $15-20 billion range per quarter, in line with the first half of 2021. Aggregated funds for climate tech since the start of 2018 total $260 billion, of which more than $50 billion has arisen in 2022. The report also found that climate tech funds are increasingly targeting emissions-cutting technologies: In 2021, start-ups targeting sectors responsible for 85% of emissions attracted 39% of climate tech investment compared to 52% in 2022. PWC also noted a few less positive trends, one being that the number and total value of deals under $5 million have been declining since the start of 2021, pointing to a weak pipeline of high-quality start-ups progressing to later funding stages.
WSP USA supports Reefense coastal restoration project
WSP USA (New York, N.Y.) is collaborating with Rutgers University on a joint project to develop an engineered oyster reef ecosystem that will help protect coastlines from storm waves and erosion. Reefense: A Mosaic Oyster Habitat for Coastal Defense, led by Rutgers University, was recently awarded a $12.6 million grant by the Defense Advanced Research Projects Agency. WSP will lead the preparation of project permits and manage construction of reef modules and complementary mosaic habitats such as saltmarshes and seagrasses. The project will help protect coastal civilian and Department of Defense infrastructure and personnel vulnerable to the impacts of climate change.
Arup builds international dataset of WLC emissions for buildings
An international dataset capturing total forecast emissions – or whole life carbon (WLC) – for building design projects has been created by global consultancy Arup (London, UK). Arup has analyzed data from almost 1,000 projects on five continents using its new software platform, Zero. At COP27, Arup announced its ambition to use WLC to accelerate decarbonization of its building design work and to pursue the goals of the UN High Level Climate Champions’ 2030 Breakthrough Outcome for the Built Environment. The Breakthrough Outcome calls for all new and refurbished buildings to be net zero in operation and to achieve at least a 40% reduction in embodied carbon by 2030.
AECOM reports fourth quarter results
AECOM reported that revenue in the fourth quarter ended September 30, 2022 increased 2% to $3.4 billion, operating income increased 8% to $184 million, and net income increased 21% to $115 million. Fourth quarter net service revenue growth in AECOM’s design business, which accounts for approximately 90% of NSR and adjusted EBITDA, accelerated to 9%, a high point for the year and the highest quarterly growth rate in more than a decade. During the fiscal year, marquee wins for AECOM’s environment business included a multi-year NAVFAC Atlantic contract by the U.S. Navy, affording valuable exposure to its environmental programs; selection by FEMA for the Risk MAP program; advising on the Faro Mine Remediation program in Canada; selection for the Padre Dam East County Advance Purification program in California; and the North Shore Wastewater Treatment plant in Vancouver, according to an earnings transcript.
EA awarded USACE remediation contract
The U.S. Army Corps of Engineers (USACE) Albuquerque District has awarded an environmental remediation services contract to EA Engineering, Science, and Technology Inc. PBC (Hunt Valley, Md.). The opportunity has a base period of three years and a maximum total contract value of $50 million to be shared among seven awardees. Three contract holders, including EA, are small businesses. Tasks will involve environmental remediation services at Military Munitions Response Program sites and hazardous, toxic, and radioactive waste sites throughout USACE’s Pacific Division.
AMP Robotics raises $91M in Series C
AMP Robotics Corp. (Denver, Colo.), a developer of artificial intelligence, robotics, and infrastructure for the waste and recycling industry, has raised $91 million in corporate equity in a Series C financing led by Congruent Ventures and Wellington Management. This new round follows a $55 million Series B financing led by XN in January 2021. AMP’s proprietary technology applies computer vision and deep learning to identify and recover plastics, cardboard, paper, cans, cartons, and other containers and packaging for raw material processing. The AMP Neuron platform has recognized more than 50 billion objects in real-world conditions, making it the largest known dataset of recyclable materials for machine learning, according to the company.
Encino receives patent for mobile emissions monitoring
Encino Environmental Services LLC (Houston), an emissions performance testing and monitoring firm, announced that the U.S. Patent and Trademark Office has approved a patent application and issued a new patent related to Encino’s proprietary technology for a visual continuous emissions monitoring system (CEMS). The mobile system has an extendable mast that can be mounted to a vehicle or trailer; it is the backbone of the company’s EmVision service, which provides rapid mobilization of continuous emissions monitoring, including methane intensity, flare monitoring and efficiency and flame detection. Encino’s technology is suited to remote locations where energy production and storage, landfills, and agricultural operations are typically situated.
Frostbyte joins J.S. Held
Global consulting firm J.S. Held (Jericho, N.Y.) has acquired Frostbyte Consulting (Calgary, Alb.), a provider of EH&S and ESG advisory and technology services globally. Founded 20 years ago, Frostbyte brings experienced EH&S, ESG, and sustainability experts; risk analysts; and technology integration specialists. Frostbyte’s clients will gain access to J.S. Held’s expertise in EHS, cyber security, forensic accounting, economic damages and valuation, property and infrastructure damage consulting, and other risk-related services.
CHA acquires Eckler Engineering
CHA (Albany, N.Y.) has acquired Eckler Engineering, Inc. (Fort Lauderdale, Fla.), a civil engineering firm focused on water and wastewater services for commercial, industrial and municipal clients. Eckler offers water supply, treatment and distribution services, as well as wastewater collection and treatment and water reclamation. This is CHA’s third acquisition in Florida in less than two years. The addition of Eckler Engineering brings CHA’s water resources team staff count to over 160 and companywide staff count to just over 1,500 across 45 offices.
Hillis-Carnes acquires Clendenin
Hillis-Carnes Engineering Associates Inc. (HCEA, Annapolis Junction, Md.) announced the acquisition of Clendenin Consulting & Remediation Group (CCRG, Leesburg, Va.), a provider of geotechnical, environmental, and geologic consulting services primarily in the northern Virginia market. “I was extremely fortunate to operate a small engineering business supported by a wonderful and devoted staff for 33 years,” said founder and President Bruce Clendenin. “As I reflect on the process of selling my business to HCEA, the ‘thinking part’ was more difficult than the ‘doing part’. Once I engaged with the HCEA management staff, I was convinced that the match was right… I look forward to collaborating with staff to identify opportunities to provide pre-acquisition environmental review and integrated geotechnical and environmental services.”
LRE Water acquires Texas firm Allan R. Standen
LRE Water (Denver, Colo.) announced the acquisition of Allan R. Standen LLC (Austin, Texas), a consultancy in the development and management of groundwater and mineral resources. The combined firm has over 75 employees, offices and staff in 10 states, and deep domain expertise in water resources in the Western United States. “The acquisition of ARS is a key milestone in LRE Water’s growth plan, which includes the targeted acquisition of specialized water resource consulting firms to expand our service offerings, talent pool, and geographic reach,” said Cortney Brand, President and CEO of LRE Water.
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