Private Equity
Private Equity Energy Transition Investment Focus
Venture Capital
- Capital light specialist energy transition venture backed businesses, many of which are solving for higher levels of energy efficiency. Software ahead of hardware.
- Other venture businesses where a path to economic viability is provable without government subsidies or carbon taxation. Few clean hydrogen, nuclear, or carbon capture businesses meet this criteria.
- See ET VC sector focus framework >
Growth Equity/Buyouts
- Growth equity investments made alongside strategic corporate partners who can derisk much of the growth phase through offtake agreements and technical support.
- Mature businesses providing “picks and shovels” to the renewables and electric vehicles businesses– e.g., software, services, components that are critical to the build out of renewables, electricity transmission, electric vehicles, charging stations, etc.
Infrastructure
- Infrastructure investments in the “first 10%” of renewable energy infrastructure development (pre-construction).
Where we do not invest
- Not investing in mature commodity businesses such as solar panels, wind turbines, heat pumps, operational renewables facilities, mining & materials, etc., unless these are turn-around opportunities, roll-ups or similar strategic situations.
- We will generally avoid capital intensive businesses at a point where significant technology, regulation and commercial scaling risk remains.
- Businesses without a clear pathway to attractive exits.
Private Equity Investments
Segue
Solar and Storage Infrastructure (NGP Co-investment)
Cloverleaf
Infrastructure Datacenters (NGP Co-investment)
CO280 Pulp and Paper CCS
(NGP Co-investment)
EV Reality
Commercial Fleet Charging (NGP Co-investment)
Solar Panel Efficiency Software (Merlin I co-investment with Vista)