Participated · Series B · Jul 2026

Quaise Energy develops superhot geothermal power systems and the millimeter wave drilling technology to access deep, high-temperature rock. Its drilling approach, developed after research at MIT, ablates rock and aims to reach temperatures of roughly 300–500°C at depths beyond what conventional drilling can economically access. The company has demonstrated field progress, drilling more than 100 meters through granite in 2025 and is approaching one kilometer of depth at its Central Texas site. Quaise is both a technology innovator and project developer and is constructing Project Obsidian on federal geothermal leases in Oregon with construction underway. The company says Project Obsidian has gigawatt-scale potential and plans to deliver first electrons to the grid by 2030. Quaise has raised $230 million to date, with the recent $134 million Series B serving as the initial equity component of a broader capital program that includes project-level equity and debt.

Participated · Series A · May 2026

Shizen Connect builds and operates a VPP energy management system that integrates batteries, EVs, heat pumps (eco-cute) and other devices using IoT and AI to enable aggregated control and market transactions. The company develops its own IoT devices, AI-based optimization, and a digital platform for large-scale VPP and DR services, and sells related hardware. Its platform has been adopted by major utilities and energy companies (including Tokyo Gas, Tokyo Electric Power Energy Partner, Hokkaido Electric Power, Hokuriku Electric Power, Osaka Gas, JERA, Tokyu Fudosan and others) across household DR and grid-scale battery control. Independent market research (Fuji Keizai) cited Shizen Connect as No.1 by corporate contract count in DR/VPP platforms and No.1 in AC/RA system corporate contract counts. The company aims to scale via capital-business alliances with 16 partners to become the de facto standard VPP platform. Shizen Connect was founded on October 2, 2023 and is headquartered in Tokyo; it plans to use newly raised funds to hire engineers and invest further in R&D.

Participated · Series C · Sep 2025

Kyoto Fusioneering develops engineering systems for fusion energy plants, including gyrotron plasma-heating systems, fusion heat-cycle systems, and fusion fuel-cycle systems. The company is advancing integrated test plants UNITY-1 and UNITY-2, with UNITY-1 in the final stage of demonstrating liquid-metal loop power-conversion technology and UNITY-2 slated to begin integrated fuel-cycle demonstration in Canada in 2026. It is a 2019 spinout leveraging Kyoto University research and is actively partnering with research institutions and industry globally. Kyoto Fusioneering also participates in Japan’s FAST commercial-scale fusion demonstration project aimed at power demonstration in the 2030s. The company recently expanded its R&D hub adjacent to its headquarters to test individual fuel-cycle devices and systems. On the business side, it has commercial adoption of its gyrotron system in countries including the UK, US, Germany, and Czechia. Financially, the company reported a new combined equity and debt raise totaling ¥9.38 billion and a cumulative equity financing total of ¥16.26 billion. Kyoto Fusioneering develops fusion-plant equipment and systems including plasma heating devices, heat-extraction blankets, high-performance heat exchangers, and hydrogen-isotope transport pumps. The company is advancing UNITY-1 and UNITY-2 projects, including a UNITY-1 power-test plant now installing major equipment and planning a simulated-environment power demonstration around summer 2025. It has formed a joint company with Canadian Nuclear Laboratories (Fusion Fuel Cycle Inc.) and added industry experts to accelerate a fusion fuel-cycle roadmap. The firm is also developing gyrotron systems with industry–academia collaboration to test high- and multi-frequency oscillation, and is expanding operations through a new European subsidiary (Kyoto Fusioneering Europe Gmb). As of the press release it employed 133 people across headquarters, research centers, and overseas offices. Financially, the company has raised significant capital to date and is directing funds toward technology development, global expansion, hiring, and working capital for large contract execution. Kyoto Fusioneering develops fusion‑energy plant equipment and engineering solutions, including plasma heating systems (gyrotrons), thermal‑cycle and fuel‑cycle systems, high‑performance heat exchangers, and hydrogen‑isotope transfer pumps. Since its 2019 founding based on Kyoto University research, the company has advanced R&D projects such as UNITY‑1 in Japan and UNITY‑2 in Canada (with CNL) to mature its Thermal Cycle and Fuel Cycle technologies. It has strengthened partnerships with public research bodies and academic institutions including UKAEA, CNL, KIT, ORNL, SRNL, and Tsukuba University, and recently won a new gyrotron order from General Atomics in the U.S. The company operates from Tokyo (headquarters), a research site in Uji (Kyoto University Uji campus), and offices/subsidiaries in Reading, UK and Seattle, U.S., and had 124 employees as of April 1, 2024. Kyoto Fusioneering aims to accelerate technology development, build supply chains, and commercialize fusion components globally by leveraging investor expertise. Financially, the company has completed multiple fundraises: the Series C extension added ¥1.56B (15.6億円), bringing Series C cumulative proceeds to 120.6億円 and total cumulative fundraising to 137.4億円. Kyoto Fusioneering is a Japan-based nuclear fusion startup. The company was reported to have raised $79 million in an oversubscribed Series C funding round. The article does not provide details on the participating investors or the breakdown of the financing. No operating metrics, use of proceeds, or future-product plans are described in the coverage. The financing was announced in an Asia Digest that also noted other regional startup rounds. Beyond the Series C amount and its oversubscribed status, no additional financial particulars were included. Kyoto Fusioneering is a fusion energy startup based in Japan that develops plant engineering technologies for fusion reactors, including plasma heating (gyrotrons) and heat extraction (blankets). The company raised 1.33 billion yen ($11.7M) in a Series B and has now raised 1.67 billion yen ($14.7M) to date. It also secured 800 million yen ($7M) in debt financing from Bank of Kyoto, Sumitomo Mitsui Banking Corporation and MUFG Bank. The Series B was supported by existing investors including Coral Capital Co., with participation from Daiwa Corporate Investment, DBJ Capital, JAFCO Group, JGC MIRAI Innovation Fund and JIC Venture Growth Investments. Kyoto Fusioneering will use the funds to accelerate research and expand the business, developing its plant engineering technologies needed for fusion reactor projects. The company has been awarded several contracts to support the U.K. government's STEP prototype reactor program, a development the article describes as key to its future as it expands abroad.

Participated · Equity · Jan 2025

Advanced Ionics is a Milwaukee, WI-based developer of a new class of green hydrogen electrolyzers aimed at accelerating decarbonization. Its core product, the Symbion™ Electrolyzer Technology, works with process and waste heat and water-vapor electrolysis to produce lower-cost decarbonized hydrogen. The company says the platform enables industrial hydrogen producers and users to achieve greater sustainability. Advanced Ionics intends to use the $6.7M funding to accelerate development of its water-vapor electrolyzer technology and to build out manufacturing and research and development facilities. The funding round brought in new backers JERA, Lummus Venture Capital and the Argosy Foundation alongside existing investors Clean Energy Venture Group and bp Ventures. The board has appointed Ignacio Bincaz as chief executive officer to lead the next phase of development. Advanced Ionics develops electrolyzers that operate in the 200°C–600°C range to produce hydrogen for industrial feedstocks such as ammonia, petrochemicals, steel and glass. By targeting mid-range temperatures, the company avoids exotic materials and reduces both electricity and steam-generation energy compared with low- and very-high-temperature designs. Its electrolyzer can produce 1 kg of hydrogen with about 35 kWh of electricity, materially below today’s commercial electrolyzers that require just over 50 kWh per kg. The approach is intended to match heat profiles already present at many industrial sites, lowering integration costs. Advanced Ionics is running pilot projects that cover equipment and manufacturing, and plans to expand its team as it scales. The company is based in Milwaukee and was part of TechCrunch’s 2022 Startup Battlefield 200, where it became a finalist. Advanced Ionics develops SymbioticTM Electrolyzer Technology that integrates with industrial facilities and pre-existing processes to produce low-cost green hydrogen. Its electrolyzers leverage process and waste heat to reduce electricity usage by up to 40% versus power-intensive alkaline and membrane systems, enabling hydrogen production for less than $1/kg in many industrial locations. The company targets decarbonization of heavy industry—including ammonia and other energy‑intensive chemicals, steel and machinery, and oil refining—reducing reliance on natural gas. Advanced Ionics is headquartered in Milwaukee and is based in the U.S. Midwest, near manufacturing and industrial customers. With the new financing, the company plans to accelerate its product development roadmap, scale-up, and implement pilot and demonstration projects over the next year. Longer-term plans include deploying larger-scale projects and building a large-scale electrolyzer manufacturing facility to serve markets such as Europe and North America.

Participated · Series A · Aug 2024

Power to Hydrogen develops AEM (anion exchange membrane) electrolysis technology that converts renewable electricity and water into high‑pressure hydrogen using earth‑abundant materials. Its core product enables high current density and high‑pressure green hydrogen production while meeting industry durability requirements. The company is completing development of an industrial‑scale electrolysis stack and system for what it calls the largest AEM electrolysis stack installment in the world. Funding will support global expansion of R&D, manufacturing, sales, and marketing and growth of its U.S. team in Columbus, Ohio, plus new offices in Belgium. Rev1 Ventures and corporate partner Worthington Enterprises are backing the company, and Rev1 provides strategic services and customer collaborations alongside capital. To date Power to Hydrogen has secured over $18MM in total funding to advance commercialization of its technology.