UP.Partners launches $230M mobility fund; Verdant Earth Technologies eyes IPO
The newly established fund focuses on supporting environmentally friendly and lower cost transportation, including hydrogen.
UP.Partners has kicked off a US$230 million early-stage venture capital fund dedicated to supporting mobility companies.
The investors include:
- Alaska Air Group
- ARK Invest Founder and CEO Cathie Wood
- Woven Capital a Toyota Motor Corporation subsidiary
- Standard Industries
- OSM Maritime
UP.Partners will focus on enabling cleaner, faster, safer and lower cost transportation including both people and goods covering, package delivery drones, electric vertical aircraft for urban air mobility, software for precise positioning, hydrogen-powered airliners, sustainable aviation fuel, ultra-low-cost LIDAR sensors, micro-mobility scooters and e-bikes, advanced manufacturing techniques, electricity grid enhancement for recharging.
UP.Partners has already made ten investments in companies, including Skydio (a flight autonomy company), UnitX (manufacturing quality assurance company) and Beta Technologies (an electric vertical aircraft developer).
In a separate development, Verdant Earth Technologies Limited (a development stage green energy company to develop a network of renewable energy and green hydrogen projects in Australia has filed a Limited Files Registration Statement for Proposed Initial Public Offering. The company has publicly filed a registration statement on Form F-1 with the US SEC relating to a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.