Participated · Series A · Mar 2025

Founded in 2020, Supercritical Solutions has built what it says is the world’s first high-pressure, ultra-efficient electrolyser, capable of delivering hydrogen and oxygen at pressures above 220 bar. The system achieves full-system efficiencies at energy consumption levels as low as 42 kWh per kilogram of hydrogen while maintaining 99 % product purity. By eliminating PFAS, membranes, iridium and other rare earth materials, the company seeks to drive green hydrogen production costs below £1 per kilogram within this decade. Management reports “several key commercial commitments” and has opened a waiting list to meet growing demand. The technology is positioned to help heavy industry shift from grey to green hydrogen and support national initiatives such as Morocco’s “Morocco Offer” for green hydrogen. Supercritical’s differentiated approach is framed as both scalable and cost-effective, aiming to accelerate the global energy transition.

Participated · Equity · Mar 2017

Primus Power is a Hayward, California-based provider of stationary energy storage systems that develops the EnergyPod® 2, a long-duration electrical energy storage system. Its flow batteries are shipping to U.S. and international commercial/industrial, data center, microgrid, utility, and military customers. The company holds technical innovations protected by 34 patents across nine countries/regions. Primus Power secured $32M in equity financing and has raised $94M in equity plus $20M in government grants since its founding in 2009. The company will use the funds to accelerate its commercial efforts. Led by CEO Tom Stepien, Primus Power is advancing commercial deployments with support from both new and existing strategic investors. Primus Power, founded in 2009 and based in Hayward, California, develops grid-scale stationary energy storage systems. Its products include EnergyCells and EnergyPods®, a distributed, multi-hour system intended to economically serve multiple storage applications. The company holds 22 patented innovations in chemistry, cell design and system engineering. Led by CEO Tom Stepien, Primus Power has raised $60m in equity since its founding and received $20m in strategic government grants from the DOE, ARPA‑E, BPA, CEC and DOD/ESTCP. The technology targets utilities and large-scale storage deployments. In September 2015 it completed a $25m Series D round. Primus Power develops low-cost, grid-scale energy storage systems built around its distributed, multi-hour EnergyPod® platform that serves multiple storage applications. The company is led by CEO Tom Stepien and was founded in mid-2009. It plans to use the recent financing to fund 2014 customer shipments and to expand its sales and customer support organizations. In the coming year the company will ship systems to investor-owned utilities, municipal utilities and microgrids at military bases. Financially, Primus has secured a $20m first close of a Series C and, to date, has raised $35m in equity funding. It has also received strategic government grants totaling $20m from the DOE, ARPA-E, BPA and the CEC. Primus Power develops low-cost, power-dense flow battery systems (EnergyCell and EnergyPods) for grid-scale energy storage and multiple utility applications. Its technology targets transmission capacity, renewable integration and frequency regulation with patent-pending chemistry, cell design and system engineering. The company says its systems offer high power density, portability and industry-low prices. Primus has received government grants from the U.S. DOE, ARPA-E and the California Energy Commission, which complement its private financing. The recent funding will support development of a full-scale demonstration system and accelerate commercialization. Primus emphasizes rapid deployment to support the growing share of renewables on the grid.