Our thesis
The hard things are the big things.
The next century runs on electrons and the networks that move them. We back the founders building the hardware, the grids and the materials that get us there, and we stay through the build.
01
Energy
Generation, storage and the software that dispatches it. We look for teams who can bring a new technology to a utility contract, not just a pilot.
02
Infrastructure
Transmission, interconnection and the permitting that slows it. The grid is the bottleneck; we back the people widening it.
03
Frontier tech
Materials, chemistry and hardware still in the lab, where the science is real and the market is years away. We are patient with these.
How we invest
Four rules we do not bend.
01
Lead or co-lead
We take a board seat or a board observer seat on every cheque we write.
02
Reserve for the build
Half of every fund is held back for the companies already in it.
03
Hardware is welcome
We underwrite plants, pilots and supply chains, not just software margins.
04
Ten days to an answer
Every pitch gets a partner’s yes or no within ten working days.
Pitch us