Participated · Series A · Jan 2025

XtremeX Mining Technology (XMT) develops a patented hybrid AC-electric automated coiled-tubing and electric top-drive diamond-core drilling rig that adapts oil-and-gas technology for the mining sector. The rig is built to perform diamond core, rotary, and coiled-tubing drilling while delivering faster, safer, and more sustainable operations with improved drilling speed, core recovery and high-fidelity drill chips. XMT will use its $11M Series-A financing, led by GoGreen Partners, to build and field-deploy its first hybrid rig. The initial deployment is a funded field trial with Ivanhoe Electric at the Santa Cruz copper project in Arizona, targeting depths up to 2,000 meters by twinning historic holes. Under the trial agreement, Ivanhoe Electric secures exclusivity on up to three XMT rigs for contracts lasting up to five years. GoGreen has assembled a consortium to support manufacture and launch that includes Precision Drilling, preferred supplier Baker Hughes and the Mines Venture Fund 1, LP. The XMT team cites an earlier prototype and roughly 28 years of experience developing coiled-tubing drilling systems as the basis for the hybrid platform.

Participated · Series B · Sep 2024

Baseload Capital is a Swedish company scaling geothermal energy worldwide by developing and commercializing a global portfolio of projects. Its core offering is a geothermal energy platform and project pipeline that targets underutilized resources to deliver stable, carbon‑free baseload power. The company and its Baseload Power subsidiaries operate in mature markets such as Iceland, the US, and Japan, and in emerging markets like Taiwan. Baseload aims to unlock a broadly unexploited global potential estimated at 200 GWe and 5000 GWth using existing technology. The recently closed funding will be used to commercialize the company’s current portfolio of projects and advance its development platform. Breakthrough Energy Ventures’ participation is noted as a quality mark given BEV’s investment criteria tied to large emissions reductions. Baseload Capital is a Swedish backer of geothermal projects with a portfolio spanning Iceland, Taiwan, Japan and the U.S. The company focuses on developing and financing geothermal assets across various development phases. It signed a €25 million convertible debt facility agreement with UK-based SDCL Energy Efficiency Income Trust plc (SEEIT) to refinance operational assets and assets in construction or late-stage development and to finance future pipeline projects. The facility carries a 10-year duration after each drawdown and funds become eligible when the bond is redeemed. CEO Alexander Helling said the financing enables Baseload to roll out projects faster and provide project financing to assets under development and construction. SEEIT is listed on the London Stock Exchange, is a FTSE 250 constituent, and has a strong focus on sustainability and ESG. Baseload Capital develops low-temperature geothermal and heat power projects focused on harnessing geothermal and waste heat for affordable renewable heat and power. The company recently took on strategic investment partners to accelerate deployment in key markets. Chevron, Breakthrough Energy Ventures and Gullspang Invest AB are participating, with financing provided via CTV’s Core Venture fund. Financial terms of the deal were undisclosed; Baseload said it had been seeking a strategic investor to help accelerate deployment. Baseload and Chevron are planning pilot projects to test the technology and could leverage Baseload’s current operations in Japan, Taiwan, Iceland or the United States. CEO Alexander Helling said Chevron’s expertise in drilling, engineering and exploration is expected to accelerate deployment and strengthen their way of working. Baseload Capital was formed by Swedish parent company Climeon about a year ago to invest in special purpose vehicles that build geothermal power plants using Climeon’s modules. The firm takes equity stakes in those SPVs and also provides debt financing to develop projects. Climeon’s modules stand around two meters cubed and produce about 150 kilowatts of electricity, roughly enough for 250 European households. Modules list for EUR350,000 and customers pay EUR5,000 per-module per-year for Climeon’s power plant management software. Baseload and Climeon target geothermal as well as shipping and heavy industry applications. The company reports an order backlog of roughly $88 million and is developing projects globally, including SPVs in Japan.

Participated · Equity · May 2024

HIF Global develops projects to convert hydrogen produced with low-cost renewable power into carbon neutral liquid eFuels that can be transported and used in existing infrastructure. The company is already producing eFuels at its Haru Oni facility in Magallanes, Chile. HIF intends to begin construction of the commercial-scale HIF Matagorda eFuels Facility in Texas in 2024. Led by CEO and President Cesar Norton, the company is using low-cost renewable hydrogen as the feedstock for its products. HIF plans to use recent funding to develop eFuels markets in Japan and to create CO2 supply chains to support production and distribution. The company is headquartered in Santiago, Chile. HIF Global develops eFuels — synthetic, low‑carbon fuels produced from hydrogen and carbon dioxide using renewable energy — as a complement to vehicle electrification. The company operates the Haru Oni eFuel pilot plant in Punta Arenas, Chile, and is working with partners including Siemens Energy and ExxonMobil to begin production. Porsche has invested in HIF Global, reflecting commercial interest from automakers in zero‑emission fuel substitutes. HIF Global confirmed plans to begin construction on an eFuels plant in the U.S. next year, followed by additional facilities in Chile and Australia in 2024. The company positions eFuels as a solution for reducing emissions across automotive, shipping and aviation sectors and to support motorsport and Porsche Experience Center use cases. No operating metrics or prior financing rounds are disclosed in the article.

Participated · Equity · Apr 2024

Founded in 2001, Elcogen develops proprietary solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology to enable efficient production of green hydrogen and electricity. Its systems are intended to support heavy‑industry decarbonisation and wider energy‑transition goals. The company manufactures in Estonia and Finland and has served about 160 customers across 30 countries. Elcogen is continuing a development program while expanding manufacturing capacity to meet rising demand. Planned capital will support construction of a new factory in Tallinn with up to 360MW of manufacturing capacity. Strategic partnerships, including collaboration with Baker Hughes and HD Hyundai, are positioned to help commercialise SOEC‑based green hydrogen solutions.

Participated · Equity · Mar 2023

ExerGo builds compact thermal networks that transfer heat and cold using CO₂ in a closed system, targeting high-density urban areas. Its CO₂-based approach makes systems up to nine times denser than water-based networks and can cut network installation costs by up to 60%. By harnessing renewable resources and waste heat, ExerGo says customers can save up to 80% in primary energy versus fossil-fuel systems. The startup operates an all-year pilot plant in Sion (Valais, Switzerland) and has multiple commercialization projects in the pipeline. It is expanding services into the real estate market and will present its compact thermal network at RENT to reach industry professionals. Financially, ExerGo completed a €3.2M seed round last year and has secured an additional €1M to accelerate commercialization and market expansion.