Led · Series B · Mar 2025

Equilibrium Energy builds EQ Mission Control™, a flagship software platform that unifies fragmented data and systems for power companies, independent power producers, and corporations. The platform uses a unified enterprise data model and code frameworks to enable real-time insights, granular forecasting, and dynamic decision-making support. Agentic AI and embedded AI copilots are integral to the product, intended to multiply expert capacity, speed, and strategic synthesis. EQ Mission Control™ is already applied to use cases including battery energy storage and renewables optimization to maximize performance and profitability. The company plans to deepen the platform, expand commercial offerings, and scale its reach to serve more customers. Equilibrium positions itself as a market leader in managing large, diverse, and dynamic energy portfolios. Equilibrium Energy combines AI, power‑systems fundamentals, and modern software to manage grid‑scale batteries and orchestrate network‑wide optimization of flexible resources. The company operates battery tolls and has signed offtake tolls with Ormat for two 60 MW / 120 MWh ERCOT projects and a 40 MW / 40 MWh operating battery in California, giving it 260 MW / 380 MWh of contracted tolls across ERCOT and CAISO. Equilibrium reports a 6 GW and growing battery tolling pipeline and began operating its first grid‑scale battery in Texas in 2023. In 2024 it earned more revenue per MW than any other similarly sized grid‑scale 1‑hour battery in Texas, a performance the company attributes to its software, machine‑learning techniques, and grid modeling. The company is expanding into the California market and aims to support developer and corporate partners’ deployment and sustainability goals while growing its commercial businesses. Equilibrium was founded in 2021 and is based in San Francisco. Equilibrium Energy combines deep energy expertise and technology to build a Climate Generation power company focused on accelerating society’s transition to clean energy. Its core commercial product is tolling agreements for grid-scale battery developers, offered in partnership with Hatch Renewables, which provide contractual offtake to help projects secure financing. The company describes its tolling offering as a “PPA-for-batteries.” Equilibrium operates a power volatility‑centric technology platform that leverages AI and power‑grid fundamentals to optimize battery operation in increasingly volatile markets. It recently began operating a 100 MW West Texas battery under a tolling agreement with Jupiter Power. The firm emerged from stealth with $33M in venture funding to support commercialization and deployment efforts.

Led · Series B · May 2024

Ndustrial is a Raleigh, NC-based provider of an AI-powered platform that unifies production and energy data from nearly any industrial system to deliver real-time understanding of energy intensity. Its dashboard offers facility- and production-line-level insights to enable active load management, production optimization, and next-generation carbon intensity measurement and verification. The platform integrates more than 60 data sources and has helped global industrial sites avoid over $100M in energy spend in the past decade. Customers named in the article include W.L. Gore, Novonesis, and US Cold Storage. Led by founder and CEO Jason Massey, the company is focused on scaling its technology and expanding deployments to help industrial companies reduce costs and decarbonize faster. ndustrial delivers a technology platform and services that aggregate, analyze and optimize real-time, streaming data across discrete and process manufacturing supply chains. The company applies integrations, advanced analytics and machine learning to help customers identify and automate efficiency improvements in energy usage and production. ndustrial’s platform is used at scale by customers such as Lineage Logistics (deployed across more than 200 of its 350+ facilities) and a leading biotech customer that achieved up to 30% more revenue annually through improved yields. The company emphasizes turning digitization efforts into actionable insights and automations that impact the customer’s bottom line. CEO and founder Jason Massey says the Series A funding will support moving the technology into broader market areas and additional industrial use cases. ndustrial was founded in 2011 and is headquartered in Raleigh, North Carolina.

Led · Equity · Feb 2022

H2scan manufactures hydrogen sensing products used for electrical distribution reliability, fuel cells, hydrolyzers, and hydrogen distribution pipelines. Its sensors are made in the USA, have no consumable parts, and certain models are self-calibrating for up to 10 years. The company recently launched its Gen 5 ASIC-based sensor package, designed to be small, low-cost, high-accuracy, and suitable for harsh environments; its validated sensors have been used in over 20,000 installations. H2scan holds 27 patents and sells products in more than 50 countries, with customers including ABB, Siemens, GE Energy, Qualitrol, DOD, ExxonMobil, Shell, Chevron, and Procter & Gamble. The business says its products require zero maintenance and aim to improve safety and monitoring across a wide range of industrial leak-detection and process-monitoring markets. H2scan closed a $70 million capital raise to support manufacturing expansion, enhanced auto-calibration capabilities, additional global sales offices, marketing, and further R&D for next-generation products, including a plan to launch over 20 new products in the next 30 months. H2scan develops proven, proprietary hydrogen sensors and monitoring technologies for utilities, petrochemical, refinery, and industrial customers. Its new Gen 5 product is an ASIC‑based hydrogen measuring sensor that is smaller, lower cost, high‑accuracy, operates at high temperature, and requires no maintenance or calibration. The Gen 5 system targets real‑time, on‑line monitoring of hydrogen in distribution transformers and is up to 80% less expensive and three times smaller than existing systems; ABB and other transformer industry leaders have tested prototypes and it is now in retail production. H2scan plans to use new funding to accelerate Gen 5 production, expand product offerings built on the Gen 5 platform, and scale manufacturing capacity. The company is building a proprietary automated sensor manufacturing capability and an automated calibration system to cut calibration time to less than one‑third of current requirements. H2scan holds 27 patents and sells products in over 60 countries to large industrial customers including ABB, Siemens, GE Energy, ExxonMobil, Shell and NASA. Founded in 2002 and operating near Los Angeles, H2Scan has developed a unique hydrogen-sensing technology and holds more than 20 patents worldwide. The company specializes in analyzers that measure hydrogen concentration in oil and mixed gases, serving the power industry, petrochemical, and oil refinery markets with leading applications for power transformers. H2Scan sells private-label systems, subassemblies, and fully integrated sensors to global multinational OEM customers and has distributor representation in over 65 countries. The company markets the only low-cost semiconductor solid-state hydrogen sensor available on the market and positions H2 measurement as a multi-billion-dollar opportunity tied to transformer health. Altran has made a minority equity investment in H2Scan and will act as its strategic development partner and take a board seat. The partnership will support custom system-design work, development of a new lower-cost sensor and ASIC, and production-efficiency initiatives. H2Scan develops hydrogen leak detection systems used in process analysis and safety industries. According to a regulatory filing, the company raised $5.5M in a funding round that first opened in April 2011 and included 34 investors. Details on the new funding have not been announced by the company. H2Scan has previously raised capital from investors including Chrysalix Energy, H5 Capital, Pasadena Angels, Ravinia Venture Fund, Tech Coast Angels, HGB Partners and Tri-Strip Associates. The company recently moved to a larger facility in Valencia. The filing and article do not disclose revenue, user metrics, or the financing instrument and terms. H2scan is a Valencia-based company that develops hydrogen leak detection and monitoring technology. The company focuses on sensors and systems to detect and monitor hydrogen leaks. In July 2008 H2scan completed a $4M Series D financing. The proceeds are earmarked to upgrade its production and R&D facility and to purchase additional equipment. H2scan also plans to use the funding to expand sales and marketing efforts. No operating metrics were disclosed in the article.

Participated · Series B · Nov 2021

Titan Advanced Energy Solutions develops ultrasound-based diagnostics and sensing/management technologies that provide real-time insight into a lithium-ion battery’s state of health, state of charge and safety profile at any stage of its life. Its core product applies proven ultrasound science to deliver battery intelligence for automotive, stationary storage and consumer electronics applications. The company is co-developing solutions with global automakers, multinational energy storage integrators and consumer electronics manufacturers in the United States and Europe. Titan raised $33M in a Series B to support its growth. The firm intends to use the proceeds to accelerate industrial-scale deployments of its battery diagnostics and sensing/management technologies. Titan was founded in 2016 by Shawn Murphy and Sean O'Day. Titan Advanced Energy Solutions develops advanced battery management systems that use patented ultrasound technology to measure and monitor the State of Health (SoH) and State of Charge (SoC) of Li-ion batteries with speed and precision. Its molecular-level, in-situ ultrasound measurements enable increased usable capacity, longer cycle life and early detection of outgassing and other critical failure modes to improve safety. The company plans to use new funding to accelerate product development, launch solutions to repurpose second-life batteries, recruit engineering talent, and expand sales into the automotive and consumer electronics markets. Titan is headquartered in Boston and was founded by Shawn Murphy and Sean O'Day. Murphy previously founded Shell TechWorks and was Head of Science and Technology for Space Systems at Draper Laboratory, while O'Day led the Future Solutions Group at Sonnedix focused on utility-scale energy storage.

Participated · Series A · Aug 2021

NuScale Power develops modular light-water reactor technology including the NuScale Power Module (NPM) and scalable VOYGR power plants for electricity, district heating, desalination, hydrogen production and other process heat applications. The NPM is a 77 MWe pressurized water reactor and NuScale offers VOYGR configurations such as the VOYGR-4, VOYGR-6 and the VOYGR-12 (924 MWe). The company aims to commercialize America’s first SMR and to replicate public-private partnerships—citing collaboration with Fluor and the U.S. Department of Energy—to accelerate global deployment. NuScale has a definitive business combination agreement with Spring Valley Acquisition Corp. that, upon closing, would make the company publicly traded under the ticker "SMR." Fluor Corporation remains the majority investor and continues to provide engineering, procurement, project management and construction expertise. Recent strategic investments from Japanese partners, now including JBIC via JNI, strengthen international support for NuScale’s deployment and decarbonization plans. NuScale Power develops a small modular reactor (SMR) design built around the factory‑fabricated NuScale Power Module, each capable of generating 77 MW. Its scalable plant designs can house up to four, six, or 12 modules and target electricity, district heating, desalination, and other process‑heat applications. The company reported $152 million in recent private capital that closed out its A‑5 round and roughly $192 million total funding year‑to‑date, including a prior $40 million from JGC Holdings. NuScale has received cost‑sharing awards from the U.S. Department of Energy and congressional support that have accelerated its NRC Design Certification process. The SMR design received NRC design approval in August 2020 and the Commission published a proposed rule to certify the design in July 2021—important steps toward commercial deployment. NuScale is advancing supply chain development, standard plant design, plant delivery planning, and startup and commissioning activities. The company is headquartered in Portland, OR, and Fluor Corporation is its majority investor. NuScale Power has developed a modular light-water small modular reactor (SMR) design built around factory-fabricated 77 MW NuScale Power Modules that can be combined into plants of four, six, or 12 modules. The design received U.S. Nuclear Regulatory Commission approval in August 2020 and NuScale is pursuing commercialization of the technology by the end of the decade. NuScale positions its plants for electrical generation, district heating, desalination, and other process-heat applications. The company is working with Fluor on the UAMPS project to bring the world’s first clean-energy, carbon-free SMR project to commercialization. NuScale recently secured a cash investment and commercial relationship with IHI Corporation, which will be a preferred supplier of certain manufactured components for NuScale Plants globally. Fluor is the majority investor in NuScale, and the IHI investment follows a prior Japanese agreement with JGC Holdings Corporation, reflecting growing international interest in NuScale’s SMR design. NuScale Power has developed a modular light water reactor design—the NuScale Power Module—capable of generating 77 MW of electricity per module and intended for electricity, district heating, desalination, and process heat. Its factory‑fabricated, scalable design allows plants to house up to four, six, or 12 modules, aiming to deliver carbon‑free energy with lower upfront commitments than gigawatt‑scale plants. NuScale’s SMR design received U.S. Nuclear Regulatory Commission approval in August 2020 and the company says it is maintaining momentum toward commercialization by the end of this decade. NuScale is working with Fluor Corporation (its majority investor and U.S. EPC partner) and with Utah Associated Municipal Power Systems (UAMPS) to advance the world’s first commercial SMR project. The company reports growing domestic and international customer interest and has signed agreements with entities in the U.S. and abroad. NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. NuScale Power designs a modular, scalable light water reactor system composed of individual integral PWR modules, each producing 45 MW and configurable up to 12 modules (540 MW) per plant. The design emphasizes inherent safety, combined containment for each module, and the ability to take individual units offline for maintenance or refueling without affecting others. The initial concept was developed at Oregon State University from 2000–2003 with U.S. Department of Energy support. NuScale is an Oregon corporation with more than 70 employees and maintains a customer advisory board of 11 major U.S. and Canadian utilities, including MidAmerican Energy. With Fluor's recent investment and contractual support, NuScale expects to accelerate commercialization and market entry. The company will continue to operate independently while leveraging Fluor's EPC capabilities and industry experience.