Reaching New Orbits, Fundings: ZeroAvia, Intramotev, Power to Hydrogen
21 August 2024 - A Weekly Publication by New North Ventures
HawkEye 360: HawkEye 360 successfully launched three additional radio frequency (RF)--sensing satellites into orbit. This milestone, achieved aboard SpaceX’s Transporter-11 Rideshare mission via launch integrator Exolaunch, brings HawkEye 360’s satellite constellation to an impressive 31.
The newly deployed Cluster 10 satellites will enhance the company’s capacity to revisit strategically important areas more frequently and gather critical data with greater precision.
HawkEye 360’s continued innovation and growth exemplify the pioneering spirit that drives New North Ventures. Congratulations to the entire HawkEye 360 team on this remarkable achievement!
Natron Plans $1.4 bln Sodium-ion Battery Plant in North Carolina
Natron Energy, a startup specializing in sodium-based batteries, plans to invest $1.4 billion to build a large-scale manufacturing plant in North Carolina. The company's innovative technology, which uses sodium instead of lithium, offers advantages such as lower cost, increased safety, and reduced reliance on volatile or ethically problematic materials like cobalt and rare earths.
This development aligns with the broader U.S. strategy to boost domestic battery production, reduce dependency on China, and advance next-generation technologies for electric vehicles and energy storage. The plant, expected to be announced soon, will expand Natron’s production capacity beyond its initial Michigan facility.
Founded over a decade ago by Co-Chief Executive Colin Wessells, Natron Energy targets industrial clients that require rapid charging and consistent energy output, such as data centers and oil drillers.
The company's unique battery design utilizes Prussian blue, a chemical compound historically used as a pigment, which allows for more durable and efficient energy storage compared to lithium-ion batteries. Although other global companies are also developing sodium-ion technology, Natron’s North Carolina plant, supported by state and local grants, could position the U.S. as a significant player in the emerging sodium-based battery market. However, the startup faces challenges in securing sufficient private-sector funding amid a tough economic environment for battery companies.
SLB Expands Russian Operations Despite Competitor Withdrawal
SLB, the world’s largest oilfield services company, is expanding its operations in Russia despite the exit of its main Western competitors following Russia’s invasion of Ukraine. Unlike Baker Hughes and Halliburton, which both sold their Russian businesses, SLB has signed new contracts, recruited hundreds of employees, and registered new trademarks in Russia.
The company has been transparent about its intent to remain in the country, although it announced in July 2023 that it would stop shipping products and technology to Russia from its global facilities due to international sanctions. However, Russian customs records indicate that SLB continued importing materials valued at $17.5 million from other countries, mainly China and India, between August and December 2023. This includes $2.2 million worth of equipment initially manufactured by SLB or its subsidiaries.
SLB was added to Ukraine’s “international sponsor of war” blacklist, with allegations that its activities support Russia’s oil revenues and, by extension, the Kremlin’s war effort. Despite these concerns, Western governments have been reluctant to impose broad sanctions on oilfield services in Russia, fearing it could disrupt global oil supplies and cause price spikes.
The U.S. State Department has stated that SLB has not breached sanctions and remains within the established guidelines. However, critics argue that allowing Western energy firms to continue aiding Russian oil production is a significant failure in efforts to curb Russia’s war financing.
Founded: 2017
Key People: CEO Valery Miftakhov Ph.D
Elevator Pitch: A zero-emission aviation powertrain designed to accelerate the world's transition to sustainable aviation.
Funding: The company received $4.2 million of grant funding from Federal Aviation Administration on August 20, 2024.
Founded: 2020
Key People: CEO Timothy Luchini
Elevator Pitch: Autonomous electric cargo trains designed for freight transportation.
Funding: The company raised $14.35 million of Series A venture funding in a deal led by Flybridge Capital Partners and Alpaca VC on August 19, 2024.
Founded: 2019
Key People: CEO Paul Matter Ph.D
Elevator Pitch: Low-cost anion exchange membrane electrolyzers designed to produce clean hydrogen.
Funding: The company raised $18 million of Series A venture funding in a deal led by Rev1 Ventures on August 19, 2024.
Look for a new episode of Securing the Future Podcasts wherever you listen. In our most recent episode, general partner Jeremy Hitchcock sits down with RDML Haigis for a conversation about leadership challenges in modern naval operations, the integration of advanced technologies in defense, and insights into strategic decision-making in the Navy.