Battery recycler Ascend Elements and Geely spinoff Farizon each raised $300m while Saudi Aramco launched a $1.5bn Sustainability Fund.

electric scooter

M&A

Electric scooter rental service Helbiz has agreed to merge with Wheels Labs, a US-based peer backed by electronics manufacturer TDK. Wheels had reportedly raised over $96m as of April 2021.

Fund

Aramco Ventures, a corporate venturing subsidiary of Saudi Arabia-based oil and gas producer Saudi Aramco, has formed a $1.5bn vehicle to back energy transition technology developers. Areas of interest for Aramco’s Sustainability Fund include carbon capture and storage, greenhouse gas emissions, energy efficiency, digital sustainability, hydrogen, ammonia and synthetic fuels.

Funding

Company Company description Sector Country Sector Round size($m) Deal date Investors
Farizon Auto  New energy commercial vehicle spinoff of Geely Holding Transport China Pre-A 300 26/10/2022 Global Logistics Properties (Hidden Hill Capital) (lead), Alibaba (Transfar); Citic Securities Investment, Industry Foundation of Xiangtan, Mirae Asset, GLy Capital
Ascend Elements Battery recycler and upcycler Energy and Natural Resources US C 300 27/10/2022 SK Group (SK Ecoplant), Lithium Americas Corporation, Hitachi (Hitachi Ventures), Jaguar Land Rover…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.

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