Investment cements Upway as the top certified electric bike provider in the United States following their launch earlier this year

NEW YORK, Nov. 16, 2023 — Today, leading e-bike marketplace Upway, announced a $30 million Series B investment led by Korelya Capital bringing the brand’s total funding to $60 million. In 2022, Upway closed a $25-million Series A funding round led by Sequoia Capital and Exor Ventures, who also participated in this round alongside the European Climate Fund Transition. Upway’s latest round of funding is an up round, proving the potential for the industry, and will be used to further Upway’s extensive consumer offerings as well as supporting the brand’s continued growth in the United States, specifically to the West Coast.

“E-Bikes rapid penetration represents a pivotal shift towards clean mobility, benefiting both urban and rural areas. We foresee that a streamlined, circular, and affordable ecosystem would propel this market’s growth and magnify its positive impact,” said Paul Degueuse, Partner at Korelya Capital. “In such a fast-growing market and with tens of thousands of refurbished e-bikes already sold, Upway stands out as the emerging global category leader. We are proud to back Upway and its visionary team leading the charge of this revolution.”

Pillared on accessibility, cost effectiveness and sustainability, Upway is on a mission to improve mobility and enable riders to get in the saddle without overpaying for a high-quality e-bike. The first-of-its-kind marketplace offers new and veteran electric bike riders a trusted one-stop-shop to buying, selling, and educating about the various types of electric bikes.

E-bikes have become a leading transportation choice for many Americans, with the potential to decrease a person’s carbon footprint by about 750 kilograms per year, expected to expand at a compound annual growth rate (CAGR) of 13.5 percent from 2022 to 2030. Not only do e-bikes help with carbon emissions, but they offer time efficiency and economic benefits such as saving on gas prices. Whether riders are buying or selling, Upway acts as a resource to learn more about the positive environmental impacts of electric mobility. 

“Since our launch two years ago and our U.S. launch this March, we have been on a continuous mission to provide our customers with an unparalleled selection of certified electric bikes from leading brands,” said Toussaint Wattinne, CEO and Co-Founder of Upway. “We are excited to announce this latest round of funding, amidst a tough economic market, proving the rise of e-bikes as an alternative transportation method. We’re incredibly lucky to have partnered with investors like Korelya and Sequoia who believe in us. 2023 was a very important year for us and looking ahead to 2024, we will continue to be the leading e-bike marketplace, furthering our presence in the United States and across the globe.”

Since the company’s launch in the United States, Upway has rapidly attracted a highly engaged online community. The brand launched here just 18 months after their first launch in France, and less than 12 months after their launch in Germany – which is currently Europe’s largest e-bike market. In the U.S. alone, the brand has grown their sales >20% month over month, effectively doubling business every quarter in addition to processing and giving a new life to more than 2000 e-bikes. With a dedicated community of consumers who know and love the brand, Upway is setting its sights on the West Coast, aiming to expand its U.S. footprint with a new warehouse in the coming year.

“The Upway team have built on their incredible momentum in Europe to successfully launch in the U.S. as they take the marketplace global,” said Luciana Lixandru, Partner at Sequoia. “We’re proud to support their mission of sustainability, reliability and better mobility for all.”

Upway currently operates in France, Germany, Netherlands, Belgium, and the U.S., with this round supporting the brand’s continued fast expansion on both sides of the Atlantic. Upway delivers across the continental U.S. and carries models across several categories including City/Hybrid, Road, Mountain, Cargo, and Folding. The marketplace also features electric bikes from top tier American brands like Specialized, Cannondale, and Rad Power and allows customers to discover brands like Gazelle, Riese & Müller or Stromer that have already proven their value overseas.

Upway sets the handlebars high on quality and expertise. All their e-bikes go through a rigorous inspection process, making sure each one is as close to new as possible. Once certified, Upway extends a one-year warranty for each of their products, with the major components also guaranteed for one year confident that customers have made a choice they won’t backpedal on.

To learn more about Upway please visit https://upway.co/ or follow along on Instagram at @upway.usa. 

About Upway
Upway was founded in 2021 by Toussaint Wattinne and Stéphane Ficaja. Offering certified electric bikes from a large selection in a convenient way, Upway delivers electric bikes directly to homes at an affordable price, after a careful certification process by a team of professional mechanics. Upway offers consumers the opportunity to purchase a used electric bike under a one-year warranty – supporting a mission of sustainability, reliability, trustworthiness and mobility for the masses. Currently, the certified electric bikes are delivered to homes in just a few days, available in France, Belgium, Netherlands, Germany, and the United States, are sold via the company’s own online store and offer free 14 day returns

About Korelya Capital
Founded in 2016 by former Digital and Culture Minister Fleur Pellerin, Korelya Capital aims to help European technology champions emerge. The fund also supports them in their development in Asia, where it has a strong presence on the ground and a solid network, particularly in South Korea. To date, Korelya Capital has raised 750 million euros invested in 23 European companies (BtoC, Fintech and SaaS). Korelya Capital’s ESG strategy has earned its K-Fund II and K-Brands funds Article 8 status. Its latest fund, Korelya Brands, will invest in the lifestyle sector.
The fund is based in Paris, with offices in London, Seoul and Singapore.
Its LPs include NAVER, Korea’s leading search engine.

SOURCE Upway

The significant growth infusion will accelerate the company’s ability to develop and scale low-carbon infrastructure in key markets including hydrogen, biochar, and carbon capture

NEW YORK, Nov. 16, 2023 — Nexus Development Capital today announced a second capital raise, bringing total managed capital to $50 million. A market leader in funding energy transition and low-carbon infrastructure assets, Nexus Development Capital will use the growth infusion to continue providing small-check investments to sustainable infrastructure solutions, helping to bridge the gap between project concept and implementation.

As its sixth investment, Nexus Development Capital has funded SWITCH Maritime, a pioneer that is bringing the first zero-emissions ferry fleets to North American waters.

“SWITCH Maritime’s first vessel, Sea Change, addresses a critical market gap in reaching zero emissions for the maritime industry and provides a much-needed early demand signal in the new hydrogen economy,” said Ashlynn Horras, Senior Vice President of Nexus Development Capital. “Our team is focused on providing roadmaps for deploying and scaling rising low-carbon sectors, like hydrogen, as well as additional emerging solutions including waste-to-energy and biofuels.” 

Despite widespread electrification of ground and air transport, ferry fleets in the U.S. still currently run on diesel, which not only emits carbon emissions and particulates into the air, but also introduces contaminates into waterways. Electrification of ferry fleets will be critical, but faces barriers in battery size and availability of charging infrastructure.

As cities and ports look to meet new mandates around phasing out diesel and decarbonizing heavy-polluting industries like the maritime industry, SWITCH will be debuting its flagship zero-emissions vessel, the Sea Change, in the San Francisco Bay. The 75-passenger ferry, powered by hydrogen fuel cells and batteries, will provide zero-carbon transit along San Francisco’s downtown waterfront. As part of its investment strategy, Nexus Development Capital’s investment in SWITCH Maritime will prove the Sea Change’s functionality, enabling SWITCH to expand its fleet and replicate the technology throughout the broader United States.

“The maritime industry is one of the hardest to decarbonize sectors, but there are viable technologies and business models that can be deployed today to start transitioning fleets,” said Pace Ralli, CEO of SWITCH Maritime. “After nearly a decade of searching for the right capital partner to support our early stage risk profile and high capital needs of project development, we’re thankful to have found Nexus Development Capital. As a mission-based fund with a clear, long-term view on the future of the low-carbon economy, they have provided us with a critical starting block to prove our business model, and grow into an entirely new carbon-‘net-zero’ market for the maritime industry.”

The funding comes at a time when despite the growing appetite for low-carbon infrastructure, many traditional investors avoid funding newer technologies, or projects that are not yet shovel-ready, leaving a “valley of death” for project developers. With a focus on accelerating new, low-carbon solutions, Nexus Development Capital’s unique investment model fills a much-needed market gap by providing funding for developers to prove their business model, complete development activities, grow their teams, and commercialize their technologies. After two years of sustained growth, Nexus Development Capital has established itself as a market leader in funding renewable and circular economy assets. Nexus Development Capital has invested in sustainable agriculture, recycling, carbon capture, renewable natural gas, biochar, and hydrogen. By filling an investment void between venture and infrastructure capital, the company provides its partners with the technical, operational, and development expertise to achieve scale.

“Nexus Development Capital is committed to helping teams develop projects with low-carbon technologies, and to proving that their platforms can meet the risk appetite of institutional infrastructure investors,” said Josh Kaufman, CEO of Nexus Development Capital. “This new capital infusion allows us to help companies, like SWITCH, achieve the scale required to make material environmental impacts.”

About Nexus Development Capital

Nexus Development Capital is dedicated to providing capital and expertise to teams developing sustainable infrastructure projects. As a market leader in funding energy transition and circular economy assets, Nexus Development Capital’s partnership model enables developers to prove their business model, complete development activities, grow their teams and commercialize their technologies. Nexus Development Capital is a partner of Nexus PMG, the industry-leading firm focused on providing world-class advisory services to infrastructure investors. To learn more, visit www.nexusdevcap.com/.

About SWITCH Maritime

Established in 2018, SWITCH Maritime LLC (“SWITCH”) is focused on enabling private and public municipal ferry operators to more easily transition away from their carbon-intensive diesel-powered fleets, while reducing operating and fueling costs over the lifetime of their vessels. By offering operators capital-efficient access to fuel cell and battery electric zero-emissions vessels along with packaged fueling/charging solutions, SWITCH helps operators overcome the complexity of the rapidly evolving technology and regulatory landscape. SWITCH has successfully developed and operationalized Sea Change, the first commercial hydrogen fuel cell powered ferry in the U.S., and plans to grow its fleet of zero-carbon vessels in key ferry markets. Additional information can be found at: https://www.switchmaritime.com/

Media Contact
[email protected]

SOURCE Nexus Development Capital

BOCA RATON, Fla., Nov. 15, 2023 — Greenlite Ventures, Inc. dba Game Time Productions (OTC Pink: “GRNL”) has announced the signing of a Term Sheet with renowned inventor and scientist Mikel Anderson that will give Greenlite up to 100% of all present and future revenues generated by Anderson’s products and patents. If the deal is completed, Anderson will receive a new series of Preferred Stock granting him voting control of Greenlite along with 20 million restricted shares. The Preferred Shares currently owned by Chairman Russ Elbaum and CEO Adam Pennington that are convertible into 75 million common shares will be retired.

Mikel Anderson is the inventor and manufacturer of a wide array of breakthrough products and delivery systems that have begun disrupting the food, beverage, cosmetics, and wellness industries. His “Dosing Cap” technology, which is protected by numerous patents, has thousands of applications for the improved delivery of vitamins, pharmaceuticals, cosmetics, and beverages. He is currently producing Mushroom Elixirs as well as Kava and Kratom drinks for several well-known celebrities and athletes that have become instant successes in their space. Some of his most recent pioneering breakthroughs include “EggHead Nutrition” Protein Bars and Protein Powders made from premium egg-whites and a new line of unique energy, focus and “feel good” drinks called Beverly Hills Herbal Company. Anderson has recently begun work with independent testers on mushroom formulations and delivery systems that can potentially treat addiction, PTSD, and other forms of anxiety and depression.

The newly signed Agreement, when finalized, will supersede and greatly expand Anderson’s previous Consulting Agreement with Greenlite. The joint mission is to consolidate as much of Anderson’s business interests into Greenlite as possible, including all newly created revenue streams. “This is exactly what we were hoping for when we signed Mikel to be our Director of Product Development”, said Adam Pennington, Greenlite CEO. “As we fully grasped the life changing potential and magnitude of his inventions and patents, along with the extraordinary revenue streams his new celebrity branded products have generated right out of the box, we realized that the greatest thing we could do for our shareholders was to bring as many of those patents and businesses into Greenlite as quickly as possible. This Agreement is a gigantic step toward accomplishing that goal.” 

Mikel Anderson concluded, “I believe Greenlite is the best possible home for my team and our products on many levels. Over the last few months, I have gotten to know everyone involved with Greenlite and we’ve quickly built a strong mutual trust and respect for each other’s capabilities. On top of that we have great synergies with Game Time’s pro sport licensing businesses, and we are very close to launching new branded beverages with a number of Game Time’s existing clients. The Company’s share structure could not be better and our two-year Game Time audit has just been completed.  We are positioned to raise the money we need without using convertible debt instruments that are excessively dilutive to shareholders’ interests.  The enormity of the opportunities we are pursuing and attempting to fully develop is going to require talent, teamwork and total dedication from top to bottom and I am extremely confident that we are building an organization that will be more than up to the task.”

ABOUT GAME TIME PRODUCTIONS  Game Time Productions is a rapidly rising player in the Sports Licensing and Merchandising markets through the acquisition of Game Time Watches and Game Time Bands. Game Time is the leader in licensed sports watches having active, ongoing license agreements with the NFL, MLB, NHL, NASCAR, and WWE, along with several iconic athletes and brands. The Company recently entered the health and fitness arena through the acquisitions of Altitude Chambers and Altitude Wellness, which are the flagship brands for the Game Time Performance division. GRNL also recently formed Game Time Media, Inc, to develop its podcast content and distribution networks, along with its social media, public relations and media outreach efforts. For more information please visit gametimeproductions.com

SAFE HARBOR STATEMENT 

This press release contains certain “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 195, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management’s current expectations. The economic, competitive, governmental, technological and other factors identified in the Company’s previous filings with the Securities and Exchange Commission may cause actual results or events to differ materially from those described in the forward-looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information future events or otherwise.

No information contained in this press release should be construed as any indication of the Company’s future revenues, results of operations, or stock price. 

Contact: 
Russ Elbaum
631 561 3401
[email protected] 

SOURCE Greenlite Ventures, Inc.

With big ambitions for national footprint expansion and product innovation, NERD Focus powers fundraising efforts among investors and customers.

FREEHOLD, N.J., Nov. 15, 2023 — NERD Focus – the fast-growing energy drink with powerful nootropics and performance-boosting nutrients – announces the kickoff of its Regulation Crowdfunding raise on StartEngine. This marks a significant milestone for NERD Focus as the brand invites investors and enthusiasts alike to join the journey towards redefining the energy drink industry, while bringing the original “Think Drink” to more locations nationally and driving product innovations.

NERD Focus has been at the forefront of disrupting the functional beverage market with its unique approach to providing a safer alternative to energy and focus. Instead, the company has developed a science-backed formula that harnesses the power of nootropics, adaptogens, and natural caffeine sources to provide clean, sustained energy and enhanced mental acuity for those who need it most – from college students to healthcare workers to professional athletes.

“This marks an important step in our growth journey by opening up an opportunity for our community and supporters to become shareholders in NERD Focus,” said Beverage USA Co-Founder, Rocco LaVista, who has been at the brand’s helm and driving growth since 2020. “Our mission has always been to help people achieve peak mental performance while staying health-conscious. This campaign with StartEngine will help us to continue building on the momentum that’s seen us attract sponsorship partners including the New Jersey Devils, San Antonio Spurs and UFC bantamweight champion, Aljamain Sterling.”

NERD Focus’s crowdfunding campaign will be hosted on StartEngine, a leading equity crowdfunding platform that empowers individuals to invest in innovative startups and growth-stage companies. Investors can participate in this unique opportunity to become a shareholder in a company resharing the energy drinks industry while sharing in the potential for future growth for as little as $399.

On the heel of retail growth across Texas, New Jersey and the New York Metro area, where it is available at over 3,500 convenience stores, bodegas, and grocers, NERD Focus invites everyone who shares their vision for a more effective energy drink to join them in this crowdfunding campaign. To learn more and invest, please visit this link.

To learn more about NERD Focus, visit the website at https://nerdfocus.com/, and use the store locator to shop the beverages near you.

About NERD Focus:
In 2006, a student at the University of Texas at San Antonio on the path to med school witnessed his colleagues rely on highly caffeinated energy drinks with potentially dangerous ingredients to increase mental stamina and focus. With the help of his professors, they created a “Think Drink” and within weeks, had students lining up outside of his campus apartment to purchase his new drink – NERD Focus. NERD™ became established and began selling on college campuses in Texas directly to students, building a grassroots network of distributors and fans. After creating a very loyal following at Texas universities and local retailers, NERD™ was acquired by Beverage USA in 2020 to invest into scaling the beverage brand nationwide. For more information about NERD Focus, visit NERDFocus.com and follow us on Instagram and Facebook. 

Media contact: [email protected]

SOURCE NERD Focus

Funds to be Used on Expansion of International Payment Network Serving More Than 350 Million People; Projects to Expand to More Than 1.2 Billion Individuals

CHICAGO, Nov. 15, 2023 — CFX Labs, a future leader in the monetization of rapid and secure international payments markets currently operating a nationwide payment network, announced it has raised $9.5 million in seed funding. CFX Labs raised funds from a diverse array of strategic partners including Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Hard Yaka, Kraken Ventures, New Form Capital, Metropolitan Capital Bank & Trust amongst others in an oversubscribed round.

More than one billion people globally rely on being able to make secure, fast and inexpensive domestic and international remittance transfers. CFX Labs’s funding round will provide resources to expand its network reach and continued development of innovative technologies supporting international payments.

Operating at the intersection of financial services, point of sale and digital assets, CFX Labs is revolutionizing stablecoin settlements globally with a fiat payment platform that enables users to move money instantly across borders. The company’s offerings include the MoveMoney™ embedded wallet, which enables users to send and receive fiat instantly from brick and mortar locations across the U.S. at network affiliated locations including Walmart, CVS, Walgreens and Rite-Aid and others.

One in seven people globally rely on remittances. According to the U.S. Federal Reserve (link source) the average cost of sending a remittance from the U.S. to other countries was 5.41 percent of the notional value of the transaction. High costs, slow settlements, and limited accessibility, significantly impact households that rely on remittances. These factors also affect smaller businesses that make infrequent global payments to suppliers. Reducing unnecessary costs and improving access to more secure funds has the potential to stimulate economic growth, enhance global commerce, improve international remittances, and reduce inequality.

“Bringing together an accomplished team of industry executive leadership from the likes of PayPal, MoonPay, Sardine, Robinhood, ABN AMRO Bank, Feeding America, and world class technical development, this seed round represents the conviction our investors have in our platform and its potential,” said Nick Cavet, co-founder and CEO of CFX Labs. “CFX is not just accelerating the movement of money; we’re transforming the very fabric of the global money movement to unlock entirely new monetization opportunities for the real producers and consumers of our shared economy.”

There has never been a better moment to initiate more meaningful and transformative financial systems around the world, and it starts with better access to efficient, secure and rapid payment transfers. CFX Labs’ payment network stands to expand beyond remittances internationally between the Americas, to global international money transfer and remittances, a market valued in trillions of dollars.

“We are eager to support CFX Labs as they reimagine and transform the global payment processing market with the industry’s most advanced and intuitive technology,” said Sam Yagan, Co-Founder & Managing Director of Corazon Capital. “CFX Labs has the potential to reshape the multi-trillion dollar global payments market through its vertically integrated platform that empowers everyone to easily access and take control of their payment transfer needs.”

CFX Labs partners with both emerging brands and established retail leaders to monetize the movement of money with a unique revenue share model.

About CFX Labs
Established in 2021, CFX Labs Inc. is a U.S.-based fintech innovator enabling 350 million global users leverage state-of-the-art blockchain within a secure closed-loop system, to significantly reduce traditional international remittance costs, fraud, and settlement times. Projected to expand its network to over 1.2 billion individuals by the end of Q2 2024, CFX integrates with key payment infrastructures in the United States, Mexico, Brazil, India, Nigeria, and additional African countries. The platform ensures transactional security and compliance through robust AML / KYC measures, thereby offering a secure, efficient, and user-centric experience for global money movement. MoveMoney.com and MoveMoney.mx are brands operating under CFX Labs Inc. CFX Labs’s offering is available at major national retailers in the U.S., with more than 90,000 locations including Walmart, CVS, Walgreens, and Rite-Aid as part of the Green Dot network. To learn more about CFX Labs, please visit www.cfxlabs.com.

SOURCE CFX Labs

Banking Giant Joins Growing Roster of Top-tier Banking Groups as a Transcend Client

NEW YORK, Nov. 15, 2023 — Transcend, a leading provider of liquidity, funding, and collateral optimization solutions, welcomes Citi as their latest investor.

The investment was made through Citi’s Strategic Investments arm, which invests in innovative fintech companies globally that are strategically aligned to Citi’s institutional businesses.

Citi’s funding will continue to support Transcend’s global roll-out of its solutions including its groundbreaking optimization technology. Citi is the third global bank to invest in Transcend, which was formed in 2013 by Bimal Kadikar, along with other institutional investors.

Additionally, a long-term business agreement will enable Citi as a client to significantly enhance the efficiency of how it deploys cash and collateral across its global network.

The Transcend solution harmonizes and integrates activity across Bi-lateral, Cleared, and Triparty collateral requirements and allows allocation of the best collateral.  

“The industry-wide solutions that Transcend is developing have the promise to dramatically shift the efficiency and profitability of the entire industry and we’re glad to play our part in facilitating these advances,” said Alain Verdickt, Head of collateral optimization at Citi. 

In the last two years, Transcend has seen significant growth across the global banking community. The company has added additional board members, expanded their European branch, and added a number of industry & technology experts to its global team.

“Transcend is excited to welcome Citi as an investor and a client,” said Bimal Kadikar, Founder and CEO of Transcend. “Additionally, we are delighted that Citi’s funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”

The use of collateral has moved beyond operations and is now being seen as a strategic enterprise-wide business opportunity. The streamlining of collateral and funding is already helping financial institutions save tens to hundreds of millions of dollars annually. Transcend continues to be at the forefront of these industry innovations with its cross-triparty collateralization and other solutions for institutional market participants.

About Transcend
Transcend is on a mission to help global market participants achieve next-level performance results through innovative solutions that enhance liquidity, funding, and collateral decisions. With a growing roster of world-class banks, broker-dealers, asset managers, and custodians as clients, the firm is quickly becoming the gold standard for inventory analytics, optimization, and automation within a business line or across the enterprise. Led by a team of 145+ domain experts, Transcend addresses an array of complex financial, operational, and regulatory concerns challenging the capital markets industry. For more information, visit transcendstreet.com and follow us on LinkedIn and Twitter.

About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

SOURCE Transcend

Funds to fuel Kinto’s network-native KYC and investor accreditation checks, allowing institutions offer traditional financial services on-chain and access capital in Ethereum

ORLANDO, Fla., Nov. 15, 2023 — Kinto, the first KYC’ed Layer 2 blockchain capable of supporting both financial institutions and decentralized protocols, announced today it has raised $5 million in two funding rounds to power its future as a secure and compliant network for financial apps on Ethereum.

Of the $5 million, $1.5 million came from a pre-seed round led by Kyber Capital Crypto, a SALT family venture fund. A second $3.5 million round was led by Kyber Capital Crypto, Spartan Group, and Parafi, with additional investors including Skybridge, Kraynos, Soft Holdings, Deep Ventures, Modular, Tane, and Robot Ventures. The funds will go toward team expansion and network development.

“We believe that a fully KYC’ed Layer 2 on top of Ethereum is an inevitability, and we have extremely strong conviction that Kinto is the right team to execute this vision. We are excited about the opportunity to invest, partner, and support them as they grow,” said Alex Klokus, Co-Founder and Managing Partner at Kyber Capital Crypto.

Kinto enables providers to conduct network-native KYC and investor accreditation checks compliant with U.S. Office of Foreign Assets Control (OFAC) requirements, allowing them to access the abundant capital in Ethereum by offering traditional financial services on-chain

Kinto protects both the privacy and assets of users. Its KYC mechanism encrypts all personal information and stores it with a third party, shareable only at user request. In addition, every app is insured on Kinto, shielding users from untraceable exploits and anonymous scams. Finally, Kinto offers developer incentives that make it the perfect place to launch new applications.

“With built-in insurance, KYC, and fraud monitoring, Kinto provides the ideal environment for finance to thrive,” said Ramon Recuero, CEO and Co-founder of Kinto. “Traditional finance users and institutions can finally access the wealth of liquidity available in the Ethereum ecosystem in a fully compliant and vetted environment.”

About Kinto

Kinto is the first KYC’ed Layer 2 capable of supporting both modern financial institutions and decentralized protocols. Safe, compliant, and decentralized, Kinto is a fast, low-cost, and secure network that meets the requirements of both DeFi and traditional finance. And with native-level KYC, built-in insurance, and developer incentives, Kinto provides attractive infrastructure for users, builders, and investors from both worlds. Learn more at https://kinto.xyz/.

SOURCE Kinto

The climate tech company’s innovation converts CO2 and water into sustainable platform molecules for use in agriculture, energy, and transportation

RICHLAND, Wash., Nov. 15, 2023 — Carbon conversion startup OCOchem has raised $5 million in Seed funding from lead investor TO VC. INPEX Corp. (IPXHF.NaE), the LCY Lee Family Office, and MIH Capital Management also participated in the round. These investors join Halliburton Labs, Halliburton Company’s (NYSE: HAL) energy and climate tech accelerator, which has been supporting OCOChem’s scaling since 2021. 

Using its proprietary technology, the Richland, Wash.-based company is commercializing a new way to make highly versatile carbon-neutral platform molecules by electrochemically converting recycled carbon dioxide (CO2), water and clean electricity into formic acid and formate chemicals. A wide variety of essential chemicals, materials, and fuels that are conventionally made from fossil fuel-based hydrocarbons can now be made more sustainably and more affordably using this building block molecule. 

OCOchem will use the newly raised funds to scale its modular carbon conversion technology to industrial proportions and build a pilot plant for commercial demonstration operations. Industry, energy, and agricultural producers can purchase formic and formates made using OCOchem’s technology to reduce the carbon intensity of everyday products from feed and fibers to fuels and fertilizers — at the same or lower cost as similar products made from petrochemicals.

“Using OCOchem technology and clean electricity, we can now do what plants and trees have been able to do for billions of years — convert CO2 and water into useful organic molecules using clean energy. But unlike photosynthesis, we can do it faster and more efficiently at a lower cost, using much less land,” said Todd Brix, co-founder and CEO of OCOchem.

Joshua Phitoussi, Managing Partner of TO VC, said, “We’re incredibly excited about the new industrial paradigm that is being opened by electrochemistry thanks to the relentless drop in cost of renewable energy. Finally, we can create a circular carbon economy, where recycled CO2 becomes the easier and most cost-effective feedstock to produce a myriad of chemicals that are crucial to the world economy. OCOchem is at the forefront of that transition, reframing the thinking around CO2 and producing something vital from it. As a first product, green formic acid is a very interesting molecule given its diverse use applications in existing agriculture and industrial markets, but also in future CO2 and hydrogen storage as well as transportation markets. TO VC is proud to be partnering with OCOchem to make its mission of keeping fossil fuels in the ground a reality.”

In addition to investing in the company, INPEX, Japan’s largest oil and gas exploration, development, and production company, has partnered with OCOchem to evaluate collaboration opportunities leveraging the company’s technology to transport CO2 and clean hydrogen.

“Using renewable energy, OCOChem’s technology enables the conversion of water and carbon dioxide into formic acid, which is stable under ambient conditions. The formic acid can also be converted to useful carbon and hydrogen components with minimal energy input. This is quite important as the world can leverage its existing global-scale liquid distribution infrastructure to move carbon dioxide and hydrogen as chemically bonded liquids at ambient temperature and pressure, ensuring a safer and more cost-effective approach,” said Shigeru Tode, General Manager for the New Business Development Unit of INPEX Corporation.

Brix said OCOchem is not just turning CO2 into something useful, it is reducing the added energy and emission expense of extracting fossil carbon from the ground, transporting it long distances, and processing it at high temperature and pressures. “Replacing fossil carbon with renewable carbon as a feedstock in our target applications could reduce global carbon emissions by more than 10 percent and enable more localized production of essential chemicals, fuels, and materials. The world relies on carbon for nearly everything made, consumed or done. The problem isn’t carbon, it’s extracted geosphere-sourced carbon, which disrupts the carbon balance in the atmosphere, oceans, and soil of the planet. By sourcing carbon from the air and captured emissions, we can create a circular carbon economy that lowers emissions while making the carbon-based products that our world needs to thrive.”

Backing from a globally diverse group of industry-based investors and partners, Brix said, is a strong endorsement of the wide applicability of OCOchem’s technology to multiple industrial, energy, and agricultural sectors for decarbonization solutions. “Our goal is that the world adopts our technology not just because it’s greener, but because it’s the safer, healthier, and more affordable choice. This funding allows us to build out our team, scale our technology, and expand our partnerships to give more businesses a cleaner and less expensive way to reduce emissions.”

OCOchem’s new technology contributes to a decarbonized world by replacing extracted fossil fuels as a source of carbon and hydrogen with recycled, captured carbon and water, to make products. The company’s modular carbon conversion device, known as the OCOchem Carbon FluX Electrolyzer, can be built and deployed at any scale.

OCOchem is a clean tech start-up commercializing its proprietary technology to electrochemically convert carbon dioxide and water into sustainable platform molecules, which can then be used to make other less expensive and more environmentally friendly chemicals, fuels, and materials, including clean distributed hydrogen. Opened in late 2020, OCOchem operates its principal R&D laboratories and manufacturing operations in Richland, Wash. Last year it built the world’s largest CO₂ electrolyzer. Learn more at www.ocochem.com.

TO VC supports vital teams that are solving the world’s most urgent problems.
TO VC is an early-stage decarbonization-focused venture capital fund investing in climate technology companies through food systems, energy systems, and carbon removal. The TO VC managing partners, Arieh Mimran and Joshua Phitoussi, believe these are the three most powerful areas of innovation to get to net zero greenhouse gas emissions by 2050 and restore the balance between human and planetary health. TO VC is confident that the biggest companies of tomorrow will be climate companies, and the most attractive companies today are those whose mission it is to solve climate change. Learn more at to.vc.

SOURCE OCOchem

NEW YORK, Nov. 15, 2023 — GoldState Music (“GoldState” or “the Company”) today announced a significant investment and a new partnership with funds managed by Flexpoint Ford Asset Opportunities (“Flexpoint”) to accelerate its strategy of investing in music intellectual property assets, including full catalogs, influential copyrights, master recordings, and publishing rights. As part of the partnership, GoldState will source new catalog acquisitions and manage the licensing, synchronization, and administration for the existing and acquired copyrights.

GoldState was launched in 2022 by Charles Goldstuck, a music industry veteran who brings decades of music experience to the firm. GoldState was formed to create a diversified portfolio of music copyrights and sound recordings, with a differentiated strategy of acquiring rights from active, well-known artists, writers and producers. In its first year of operations, GoldState successfully acquired music rights from several artists and songwriters, spanning multiple genres, geographies, and asset types.

“GoldState aims to provide a home for active music creators looking to monetize their current music assets and focus on continuing their creative endeavors,” said Charles Goldstuck, Founder of GoldState. “The capital from Flexpoint will allow us to accelerate our strategy and create a diversified portfolio of music assets across various artists and genres.”

“Charles has a strong pedigree within the music industry that enables him and the GoldState team to identify and acquire music rights with attractive performance trajectories,” said Mike Morris, Managing Director of Flexpoint Ford. “We continue to see strong secular demand for music underpinned by increased penetration of streaming and expanding avenues for music consumption, and we believe GoldState has the expertise, experience and deep commitment to artists needed to develop a successful and differentiated business in this rapidly evolving space. We are thrilled to partner with Charles and the opportunities that lie ahead for GoldState.”

Flexpoint has approximately $7.7 billion of assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. The capital is being provided by Flexpoint Asset Opportunity Fund II, which leverages the firm’s institutional knowledge and relationships to complete opportunistic investments across the capital structure.

Reed Smith served as legal counsel to Flexpoint. Artisan One served as financial advisor and Alston & Bird served as legal counsel to GoldState.

About GoldState Music

GoldState Music is a private investment firm with a primary focus on the music sector. GoldState funds invest in music rights, enterprises in need of growth and expansion capital, as well as emerging music technology. The firm was founded in 2022 by Charles Goldstuck, and currently has offices in New York, NY and Lake Nona, FL (Orlando). The team consists of experienced industry professionals who are deeply rooted in the music ecosystem.

About Flexpoint Ford

Flexpoint Ford is a private equity investment firm that has approximately $7.7 billion of regulatory assets under management and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed investments across a broad range of investment sizes, structures and asset classes. Flexpoint Ford has offices in Chicago, Illinois, and New York, New York. For more information, visit www.flexpointford.com.

Media Contact

Prosek Partners on behalf of Flexpoint Ford

[email protected]

SOURCE GoldState Music