Billionaire Chamath Palihapitiya announced on January 19 that he’s working on private funding for a climate investment. He shared the news on Twitter and followed up with specifics in another tweet on January 25th.

He said that his firm “powers a lot of progress in an area that is very important to me and they partner with some great companies to do it.” The investment will be a PIPE, or private investment in a public entity. In this scheme, an investor can buy shares of publicly traded stock at a price lower than the market value.

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He said on Twitter, “My latest climate investment: $SPRQ Excited to partner with Apollo and @plaffont to lead the PIPE in Sunlight who is a leader in the residential solar boom. 2023E GMV $4.27B 2023E EBITDA margins of 56% EV today is $1.26B Buying at: 0.29x 2023E GMV 11x 2023E EBITDA

Palihapitiya is the CEO of Social Capital, a part-owner of the Warriors, and the Chairman of Virgin Galactic. He tweeted ahead of the announcement the seven areas of climate change investment he’s been focusing on. Those areas include recycling, electrification, grid-level storage, batteries, materials and mining, resiliency, and project finance lending for the areas.

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Source: Invest in Yourself/YouTube

In the past, Social Capital aquired a mental health startup and invested in various climate-related startups including, Aclima, UrbanFootprint, and DroneSeed.

Palihapitiya has also advocated for other social issues in the past, such as housing inequality and the need for subsidized housing for lower-income families.

Read more recent news on emissions and climate change, including the G20 report on energy use and Biden’s environmental plans.

Sign this petition to demand that U.S. legislators come together to unanimously support a Green New Deal so that we can finally address the climate crisis.

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