The Venture Codex

Participated · Series G · Aug 2026

Form Energy develops iron-air long-duration batteries capable of delivering up to 100 hours of discharge. Its chemistry relies on iron oxidation and reduction, enabling lower-cost storage by avoiding higher-priced minerals like lithium, cobalt, and nickel. The company has secured large commercial customers including Google, Crusoe, Xcel Energy, and FuturEnergy Ireland and reports a commercial project backlog of about 80 gigawatt-hours. About 80% of the company’s materials supply is sourced from the U.S., with the remainder from Europe and Asia. Form is expanding manufacturing capacity in West Virginia following its recent financing. The company’s positioning and technology aim to address growing demand for long-duration storage as U.S. electricity demand rises and renewable generation expands.

Participated · Series B · Aug 2026

Mariana Minerals combines proprietary software and capital project execution to build and operate mines and refineries for critical minerals. Its MarianaOS platform integrates CapitalProjectOS, PlantOS and MineOS into a single AI and machine learning stack intended to compress multi-year project execution timelines and reduce commissioning time. The company operates active projects including Copper One, which is ramping toward 50,000 metric tons of refined copper per year, and Lithium One, a GWh-scale facility targeting commercial lithium production from oil & gas produced water in the first half of 2027. Mariana has raised roughly $400 million of parent and project capital to date, including the $310 million Series B. The company plans to scale to 10 commercial-scale projects in 10 years, using data from each project to improve its software and lower costs for subsequent builds.

Led · Series A · Jul 2026

Lydian has developed PIVOT™, a full‑stack, modular production platform that integrates proprietary reactors, catalysts, process design, software, and balance‑of‑plant into factory‑built modules for synthetic aviation fuel. The platform is designed to cut project capital costs by more than 50% versus competing technologies, operate flexibly with intermittent renewable electricity, and reduce lifecycle greenhouse gas emissions by up to 95%. Lydian produces ASTM‑approved, drop‑in sustainable aviation fuel from captured CO2 and hydrogen and is positioning PIVOT to enable faster, lower‑cost deployment of synthetic fuel projects. The company operates a tonne‑scale pilot plant at its Boston R&D Center of Excellence and plans a commercial demonstration facility targeted for 2028 with first full‑scale commercial deployment expected in 2030. Financially, the company completed a $43 million Series A to support commercialization and deployment activities.

Participated · Series C · Jul 2026

Antora Energy develops and deploys factory-built thermal batteries that store low-cost electricity as heat in insulated solid-carbon blocks and deliver that energy as heat or power on demand. The company says its systems can store energy for multiple days, avoid supply-constrained critical minerals, and be deployed faster than conventional multi-year projects. Antora recently brought one of the largest battery storage projects online—a 5 gigawatt-hour system in South Dakota that moved from construction to energy delivery in under 12 months—and expanded its San Jose factory into a three-building manufacturing campus. The company reports a growing pipeline of signed agreements with hyperscalers and industrial customers and states its deployments have created and supported hundreds of U.S. manufacturing and construction jobs. With the $550 million Series C, Antora plans to expand production capacity, establish a second U.S. manufacturing hub, and strengthen its domestic supply chain. The company positions its technology as a tool to deliver affordable, reliable energy at scale to industry, data centers, and the grid.

Participated · Series B · Jul 2026

Founded in late 2022 and headquartered in Singapore, Rize operates a rice supply-chain platform that provides agronomic support, technology tools, and market access to smallholder farmers. The company works with nearly 17,000 farmers across more than 50,000 hectares in Indonesia and Vietnam and has expanded operations more than tenfold over the past two years. Rize has exported 1,500 metric tonnes of low-emission rice to buyers in Europe, Canada, Australia, and Singapore and is pursuing further regional expansion. It is building a carbon business around sustainable rice cultivation; its projects have an A.pre ex-ante rating from BeZero Carbon and are undergoing Gold Standard certification, with the potential to generate over one million carbon credits in the next five years. Rize promotes the Alternate Wetting and Drying irrigation method to cut methane emissions, reduce water use, and increase farmer incomes while maintaining yields.