Decarb Weekly 3/19/2026

Decarb Weekly, by Industria Partners, is a collection of articles focusing on trends and transactions in industrial decarbonization and climate tech. 

Chart of the Week: 

In 2025 renewable energy deal value rose ~173% on ~4% fewer transactions. As electricity demand outpaces new renewable supply, capital is reallocating toward contracted, grid-connected platforms with scale and revenue durability over development-stage exposure. – KPMG

Recent Market News:

• ERM, Secaro, and AstraZeneca announced the Clean Heat Program, a supply chain initiative to decarbonize industrial process heat across global supply chains. – Environmental Resource Management
• Fervo Energy, a provider of geothermal power, closed $421 million in non-recourse financing to fund Phase 1 of its 500 MW Cape Station development in Utah. – Fervo Energy
• GS Power Partners, an independent power producer, closed a $250 million debt facility led by Deutsche Bank to support the development of renewable energy projects. – GS Power Partners

Transactions:

• 3/18/2026: Voltify, a provider of electric rail-powered VoltCars charged by solar microgrids, raised ~$24 million. – Pitchbook
• 3/17/2026: BNP Paribas Asset Management invested in FarmCarbon to scale methane reduction across farming systems. – BNP Paribas 
• 3/16/2026: Halcyon, an AI-powered energy research and intelligence platform, raised a $21 million Series A led by Energize Capital. – Halcyon
• 3/16/2026: GA Drilling, a geothermal drilling technology company, raised ~$44 million led by TomEnterprise. – Business Wire
• 3/16/2026: Altara, an engineering company specializing in mechanical H2S removal and emissions control systems, closed a growth equity commitment from Black Bay Partners. – Business Wire
• 3/13/2026: M2X Energy, a developer of gas-to-liquid systems that converts stranded and flared methane into low-carbon methanol, raised ~$20 million. – Pitchbook

In-Depth Read:
The energy security fallout: from fossil fuel fragility to electric independence – EMBER

Podcast:
Rethinking Infrastructure: Decarbonization Through Durability – Decarb Connect

Industria Partners provides focused strategic advisory services to industrial, climate, infrastructure, and energy companies at every point across the business cycle. Through industry connectivity, transaction experience, and expert execution, Industria delivers superior outcomes to its clients. Visit our website: Industria Partners