Swedish climate investment fund, Baseload Capital, has raised USD 24 million in new financing, corresponding to 250 million Swedish kronor. Behind the convertible loan are both existing and new investors, among them Bill Gates-founded Breakthrough Energy Ventures.
“The Earth's heat can deliver renewable energy 24 hours a day, 365 days a year. So, it is no wonder more and more large investors see the potential in what we do. We are happy that our partners are supporting us as we continue our fast-paced growth,” says Baseload Capital's CEO Alexander Helling.
This round of financing, amounting to USD 24 million, is one of the more substantial within the impact sector in Sweden. Together with a credit facility of USD 25 million secured in the spring, Baseload Capital has raised just over half a billion Swedish kronor this year. According to a list in Sweden’s most influential business newspaper, Dagens Industri, this is comparable to last year's fifth-largest funding round in the impact sector.