Rubicon Carbon announced that it will receive $1,000 million in a round of funding on November 29, 2022. The transaction will included participation from TPG The Rise Fund, a fund managed by TPG Growth, LLC, and TPG Rise Climate LP, a fund managed by TPG Capital, L.P., NGP Energy Capital Management, LLC,JetBlue Ventures, Bank of America Corporation. The company will issue equity in the transaction. The transaction is expected to close by the end of Q4 2022.
On the same day the company received $300 million in its first tranche. The transaction included participation from TPG The Rise Fund, a fund managed by TPG Growth, LLC, and TPG Rise Climate LP, a fund managed by TPG Capital, L.P.