Participated · Equity · Aug 2024

TS Conductor manufactures high-performance electric conductors based on Aluminum Encapsulated Carbon Core (AECC) technology, deployable for reconductoring and new-build projects to expand grid capacity and enhance reliability. The company’s TS Conductor can leverage existing infrastructure and is suitable for projects that increase transmission capacity. TS Conductor’s ISO-certified Southern California facility is operating at near-full capacity, and the company is considering increasing that facility’s output in the near term. The recently raised funds will primarily support opening a second U.S. production facility east of the Mississippi River to meet strong customer demand. Utilities across North America, including Montana‑Dakota Utilities Company, Arizona Public Service, and the Tennessee Valley Authority, have already deployed TS technology. The company is led by CEO Jason Huang, PhD. TS Conductor produces a new class of overhead conductors that combine a carbon composite core with aluminum encapsulation to improve capacity and efficiency while remaining compatible with ACSR installation tools and field practices. The conductors can double the capacity of existing lines, cut technical line losses roughly in half, and enable insulation upgrades that reduce wildfire risk without retrofitting structures. The company positions its product as a deployable, lower-cost alternative for reconductoring, energy-efficiency upgrades, and new lines with lower structure costs. TS Conductor is a Minority Business Enterprise and a public benefit company focused on sustainable development and GHG reduction. The company was accepted into the first cohort of Third Derivative, a climate-tech accelerator founded by Rocky Mountain Institute and New Energy Nexus. With the announced financing, TS Conductor plans to build its first state-of-the-art manufacturing plant in the United States.

Led · Series A · Feb 2024

Avnos is commercializing its proprietary Hybrid Direct Air Capture (HDAC) system, a water-positive approach that simultaneously captures atmospheric CO₂ and produces clean water, eliminating two major cost barriers—external heat and water consumption—found in conventional DAC systems. HDAC’s efficiency and geographic flexibility allow deployment across diverse industries and locations, and the technology is now being scaled through Project Cedar, a flagship U.S. facility slated to be operational by the end of 2026. The plant will deploy four HDAC modules capable of removing 3,000 metric tons of CO₂ and generating over 6,000 tons of water annually. Backed by partnerships with Shell, Mitsubishi Corporation, the Office of Naval Research, and the U.S. Department of Energy, Avnos has secured more than $100 million in combined private and public funding to date. The company is headquartered in Los Angeles and positions its water-generating, energy-efficient process as a repeatable blueprint for global carbon-removal infrastructure.

Participated · Equity · Jul 2022

Monolith Materials, based in Lincoln, Nebraska, operates a proprietary plasma pyrolysis process that electrifies production of carbon black and hydrogen using clean energy. Its existing facility (OC1) produces low-emission carbon black that goes into tires across North America and is also used in plastics, inks, and paints. The company plans to produce clean hydrogen at its expansion facility (OC2); that hydrogen will be converted to ammonia and is expected to be supplied as fertilizer to farmers in America’s Corn Belt. Led by CEO Rob Hanson, Monolith positions itself as a cleantech supplier targeting decarbonization of industrial inputs. The company received additional funding of an undisclosed amount to support commercial growth and the expansion of operations. Named backers include Azimuth V Energy Evolution Fund, Azimuth Capital Management’s Development Company Platform, Cornell Capital, Decarbonization Partners, TPG Rise Climate, and Warburg Pincus. Monolith develops and manufactures clean hydrogen, carbon black and ammonia via a proprietary commercial-scale methane pyrolysis process. Led by co-founder and CEO Rob Hanson, the company was founded in 2012 and is headquartered in Lincoln, Neb., with its first commercial-scale production facility in Hallam, Neb., and offices and R&D facilities in Lincoln, San Carlos, Denver and Kansas City. Monolith was the first U.S. manufacturer to produce clean hydrogen using methane pyrolysis at scale. The company raised more than $300 million in its latest funding round led by TPG Rise Climate and co-led by Decarbonization Partners, with participation from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. Proceeds will be applied toward further technological development, next-generation product capabilities, corporate-level expansion and continued development of a deep backlog of clean hydrogen, ammonia and carbon projects with industry partners. Its newest production facility, Olive Creek 2, is expected to be completed in 2026.

Participated · Series D · May 2022

SkySpecs offers autonomous drone inspections, blade and drivetrain software, and integrated asset-health analytics for the renewable energy industry. The company operates a fleet of autonomous drones and claims the largest blade data repository, having inspected over 270,000 turbines and serving 125 global customers. In 2024 SkySpecs reported its highest-ever number of onshore and offshore drone inspections and launched new autonomous blade-inspection technology for both internal and external inspections. The company has expanded through strategic acquisitions in performance monitoring, condition monitoring, and financial analytics, and is integrating diverse data streams including inspection, SCADA, CMS and financial data. SkySpecs says it will scale further in 2025, accelerating development of cutting-edge technologies and expanding its global impact. The business emphasizes driving predictive maintenance, operational streamlining, and cost savings for owner-operators. SkySpecs offers autonomous drone inspections, AI-based fault detection, and software solutions to help owners monitor and optimize renewable energy assets across the asset lifecycle. The company expanded from blade-inspection services to broader diagnostics and analytics for multiple wind asset components to enable earlier fault detection and prioritized maintenance. SkySpecs said the new funding will accelerate expansion of its software offerings and grow its geographic footprint to increase renewable performance and displace fossil fuel generation. The company closed an $80 million strategic capital raise led by Goldman Sachs Asset Management with participation from a NextEra Energy Resources subsidiary and existing investors. SkySpecs manages approximately 118 gigawatts of renewable assets across more than 30 countries, monitors about 45% of North American wind turbine blades, and has inspected over 300,000 blades. The company employs more than 200 people globally and positions its solutions to extend asset useful life, reduce operating costs, and simplify asset ownership. SkySpecs builds operations and maintenance solutions for the wind energy sector, using AI, machine learning, robotics and software to optimize repair decision-making and proactive planning. Its Horizon asset-management solution enables smart repair planning and supports autonomous wind-turbine inspections. The company offers autonomous inspection services and asset-management functionality intended to improve O&M efficiency. SkySpecs operates in 19 countries across five continents and maintains offices in Ann Arbor, Michigan and Amsterdam, Netherlands. Led by CEO Danny Ellis and CTO Tom Brady, the company plans to expand its team in the United States and Europe and continue developing Horizon’s functionality. SkySpecs is an Ann Arbor, Mich.-based automated infrastructure inspection company that provides a platform to enable customers to make more information-rich decisions about the condition of their energy assets and infrastructure. Co-founded by Danny Ellis and Tom Brady, the company combines robotics, artificial intelligence, and machine-based analytics to advance renewable infrastructure inspection. Its solution enables wind farm owners, ISPs, and OEMs to monitor and track the health of their wind turbines with a 15-minute automated robotic inspection. SkySpecs will use the Series B proceeds to scale international operations and develop inspection software. The company raised $8m in Series B financing led by Statkraft Ventures, with participation from UL Ventures and Capital Midwest and follow-on investments from Venture Investors, Huron River Ventures and other existing investors.

Led · Series B · May 2022

LandGate offers a data platform, analytics, and an online marketplace that values commercial land and its resources (solar, wind, minerals, water, and carbon offsets) and connects developers, investors, agents, and landowners. Its products include land resource valuations, lead-generation, a land CRM web app, and tools to run economic engineering studies and access MLS listings. The company says it has facilitated over $300 million of land resource deals as of Q1 2022 and expects more than 60% of U.S. land real estate agents to be using its analytics by year-end. Customers cited in the article include NextEra, Lightsource BP, Hannon Armstrong, and Kimmeridge. LandGate is launching a new dashboard targeted at capital markets users to show projected production, cash flow, and company net asset valuations updated live. The company plans to use new capital to enhance its product suite—especially solutions for financial institutions—and to expand marketing and sales to increase national market penetration.