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 · Series B · Jan 2023

Qvantum develops and supplies heat pump generation technology tailored for urban apartment buildings and district systems. Its core product adapts heat pump configurations to specific building interiors and external thermal-transfer capacity. The systems include a connected control platform that reports to Qvantum's operational centre and enables data extraction and publication to support building operators or residents. Qvantum positions its technology as a decarbonisation solution for densely populated district networks that have historically favoured cheaper gas-fired heating. The article cites strong Nordic activity in large heat-pump projects and high Swedish uptake of heat pumps as market context for Qvantum's expansion. Qvantum announced an SEK 460 million (€41.2 million) fundraise backed by Thomas von Koch and IKEA's investment arm Ikeasfaren.

Participated · Series C · Oct 2021

N!CK'S develops lower‑calorie, no‑added‑sugar ice cream, snack bars and confectionery using a proprietary blend of sweeteners and ingredients rooted in its R&D. The company was founded in 2017 after its founder, Niclas Luthman, sought better‑for‑you food solutions following family diabetes diagnoses. N!CK'S entered the U.S. at the end of 2019 and launched direct‑to‑consumer in 2020, where it has led the DTC ice cream delivery category since July. Between 2020 and 2021 the brand expanded from 4,500 to 6,700 U.S. stores and extended in the U.K. via a partnership with WHSmith. Product innovation includes a vegan dairy line using Perfect Day’s animal‑free dairy proteins and a Keto protein bar line that launched on DTC and Amazon with retail expansion planned. The company highlights strong per‑store velocity in U.S. ice cream and is investing further in R&D and new product development.

Led · Series A · Jun 2017

Trine operates a crowd-financing platform dedicated to funding solar energy projects across rural areas, primarily in Africa. Founded in 2015 by CEO Sam Manaberi, the company has catalyzed more than €1m in crowd-investments for thirteen off-grid projects in six Sub-Saharan countries, reaching over 120,000 people. The platform allows retail investors to participate with a minimum investment of €25. Trine maintains a local office in Nairobi, Kenya, and lists a leadership team including a COO, CTO, CFO and regional manager for East Africa. It is supported by an advisory panel featuring industry figures such as Palle Stenberg, Lena Apler, Niklas Adalberth and Lars Jacobsson. The company plans to use new funding to scale operations in East Africa and Europe and to expand the platform’s funding capacity.