Billionaire Chamath Palihapitiya says he’s working on private funding for a new climate investment

•  Billionaire Chamath Palihapitiya tweeted on Tuesday that he is engaged on non-public funding for a brand new local weather funding. 
• He didn’t specify additional concerning the funding however might have hinted about it in an earlier tweet. 
• His announcement comes only one week after he introduced a $415 million non-public funding he led in business EV firm Proterra.
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Billionaire Chamath Palihapitiya tweeted on Tuesday that he is engaged on non-public funding for a brand new local weather funding.

Although he didn’t specify additional the main points of the funding, he stated the agency “powers quite a lot of progress in an space that is essential to me and so they companion with some nice firms to do it.”

Palihapitiya defined that the funding shall be a PIPE, or a personal funding in a public entity, the place an investor buys shares of a publicly traded inventory at a value under the present market worth per share.

His announcement comes only one week after he tweeted concerning the $415 million private investment he led in commercial EV company Proterra. He known as that funding his “greatest funding in local weather change.”

In what might have been hints from Palihapitiya about what sort of firm his newest funding is, he tweeted earlier on Tuesday seven completely different areas of the local weather change investing panorama that he is “following intently.”

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He first listed “supplies and mining-getting the uncooked inputs we want for battery and electrical motor manufacturing.”

Palihapitiya additionally stated batteries, electrification, grid stage storage, and resiliency together with native power storage and potable water are areas he is concerned with. He added that he is following venture finance for the entire areas listed. And, he is trying into recycling and significantly what it has to do with batteries and mining.

His new non-public funding differs from the quite a few firms he is invested in earlier than they go public through SPACs. 

In 2020, Palihapitiya co-led a $275 million private investment to take 3-D printing company Desktop Metal public through a SPAC. In December he stated Desktop Metallic is a “actually vital firm in combating local weather change.”