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.

Led · Debt Financing · Jan 2024

Kyoto Group commercializes Heatcube, a thermal energy storage (TES) product designed to capture and store variable energy from sources such as solar and wind to electrify process heat. The company targets 40–60 Heatcube sales during 2024–2026 through direct and partner channels and cites validated Heatcube performance from recent projects. Kyoto reported successful commissioning at Norbis Park in Denmark and a signed commercial contract at KALL Ingredients in Hungary. The company has a funding roadmap and aims to secure a two-year cash runway as part of its long-term funding plan. Kyoto was founded in 2016, is headquartered in Oslo, Norway, has subsidiaries in Spain and Denmark, and its share is listed on Euronext Growth (ticker: KYOTO). KYOTO Group develops molten-salt Heatcube thermal batteries that capture excess wind and solar power and deliver heat to industrial customers. The company plans to operate and sell Heatcube units with capacities from 5 MW and upwards and is focused on the Nordic market with plans to expand. In H1 2021 KYOTO moved from start-up to scale-up, ordering its first full-scale Heatcube for commercial installation as a demonstration unit. Management and governance were strengthened with a new board and appointments of a CEO, CFO and interim CTO, while the organisation was scaled by 14 additional FTEs. Financially, KYOTO raised NOK 183.8 million of new equity in four private placements in the first half of 2021 and listed its shares on Euronext Growth in March. At 30 June 2021 the company held NOK 158.9 million in cash; the raised funds are earmarked for continued investments in technology, commercialisation and the organisation. KYOTO Group was founded in 2016 and reported from Oslo.

Participated · Series C · Mar 2023

Norsepower develops Rotor Sails™, wind-assisted propulsion systems that augment ship propulsion to reduce fuel consumption and emissions. Its fully mechanical auxiliary system operates with zero emissions and achieves average fuel savings of 5–25%, with some installations showing up to 50% depending on vessel and route. As of the article, Norsepower has 32 Rotor Sails™ installed across 18 vessels for operators including IINO Lines, Oldendorff, and Union Maritime. The company opened a dedicated rotor sail factory in Dafeng, China in 2023 and plans to scale production capacity to 100 units per year by 2027. Norsepower integrates physical wind propulsion with digital tools such as Norsepower Sentient Control™ and Norsepower Cloud to monitor and optimise thrust in real time. Since its founding in 2012 it has raised €70 million to date and is preparing a further €30 million raise to support increased manufacturing capacity, expanded commercial operations, and continued digital development. Norsepower develops mechanical Rotor Sails that provide auxiliary wind propulsion for large ships to improve fuel efficiency and cut emissions. The Norsepower Rotor Sail™ uses rotating cylinder-shaped rotors that require a minimal amount of the ship’s electric power to operate. The product has been in customer use for over eight years and has 250,000 operating hours of verified performance data. Installations and collaborations include customers such as Bore, Sea-Cargo, Scandlines, Vale, CLdN, Nippon Marine, and Socatra. Led by CEO Tuomas Riski, the company intends to scale production and expand the reach of its fuel-saving and emissions-reducing technology. Norsepower recently raised €28M in a Series C to support those plans. Norsepower is a Finland-based cleantech startup that develops software-operated wind propulsion systems (Rotor Sail) for large ships. Founded in November 2012, the company focuses on auxiliary wind propulsion to reduce maritime emissions. It has completed installations including the Rotor Sail onboard Viking Line’s M/S Viking Grace in April 2018 and has worked on projects with Maersk Tankers and Viking Line. Norsepower has raised more than €13 million to date prior to this round, with its most recent previous funding in 2016 from the European Commission and Finland’s Tekes. The company has just raised €3.6 million in a funding round led by Korkia. Proceeds will be used to drive expansion in Asia, invest in sales and marketing to raise market awareness, and to optimise and streamline manufacturing to improve cost efficiency. Norsepower develops the Rotor Sail Solution, a modernized Flettner rotor that uses the Magnus effect to harness wind power and cut fuel use for cargo vessels. The system can be retrofitted to existing ships or specified for newbuilds and is intended to allow main engines to be throttled back when conditions permit. The company recently installed a second rotor sail on Bore’s Ro‑Ro vessel MS Estraden as part of testing and piloting. Norsepower was established in November 2012 and is led by CEO Tuomas Riski. The firm has raised more than $6m to date, supporting development, testing and piloting of its technology. The recent financing will further support deployment and commercialization of the Rotor Sail Solution.