Participated · Series G · Aug 2026

Form Energy develops iron-air long-duration batteries capable of delivering up to 100 hours of discharge. Its chemistry relies on iron oxidation and reduction, enabling lower-cost storage by avoiding higher-priced minerals like lithium, cobalt, and nickel. The company has secured large commercial customers including Google, Crusoe, Xcel Energy, and FuturEnergy Ireland and reports a commercial project backlog of about 80 gigawatt-hours. About 80% of the company’s materials supply is sourced from the U.S., with the remainder from Europe and Asia. Form is expanding manufacturing capacity in West Virginia following its recent financing. The company’s positioning and technology aim to address growing demand for long-duration storage as U.S. electricity demand rises and renewable generation expands.

Participated · Series C · Jun 2026

PhysicsX offers an AI-based engineering platform that predicts physical behavior in seconds rather than hours or days, enabling engineers to test many more design variations. Its platform is used across aerospace and defense, semiconductors, industrial machinery, automotive, energy and materials. The company plans to expand its platform capabilities, develop larger pre-trained "Large Physics Models," and grow its geographic presence including the U.S. and a new office in Singapore. Recent financing will fund that expansion and product development. Financially, PhysicsX reported rapid commercial momentum: it doubled recognized revenue and tripled booked revenue in the past year while more than doubling its customer count. The company has grown its team to over 300 employees in the last 12 months.

Participated · Series A · Feb 2026

Cambridge-based Alva Energy is productizing nuclear plant upgrades, or “uprates,” turning what are normally bespoke retrofit projects into repeatable, turnkey packages. By replacing steam generators and installing a second turbine generator, the company can boost output from existing reactors by 200–300 MWe each, targeting a cumulative 10 GWe of new capacity for the U.S. grid. Its approach leverages technologies with more than 100 reactor-years of operating history, allowing deployment on timelines and costs competitive with new gas turbines yet without carbon emissions. Alva manages the full lifecycle—including NRC compliance, procurement, installation, and commissioning—to reduce risk and shorten schedules. The firm plans to bring its first upgraded reactors online within five years and works with hyperscalers and utilities to finance projects without raising residential rates. This standardized model is positioned to meet surging electricity demand from AI data centers and other industrial loads. The recent $33 million Series A provides the capital to advance multiple uprate projects, scale engineering teams, and secure regulatory pre-approvals, laying the groundwork for gigawatt-scale expansion through the 2030s.

Participated · Series D · Nov 2025

X-energy’s core product is the Xe-100, an 80-megawatt, high-temperature, gas-cooled SMR that uses billiard-ball-sized, carbon-coated uranium fuel pebbles and helium coolant to generate steam for electricity. The company is focused on establishing a supply chain capable of delivering these reactors at scale and has already secured orders for 144 SMRs totaling 11 gigawatts of capacity. Early customers include Amazon, Dow, and British utility Centrica; Amazon alone has committed to more than 600 MW of capacity in the Pacific Northwest and Virginia, with the potential to deploy up to 5 GW by 2039. X-energy is positioning its technology to meet surging demand from tech companies and data-center operators seeking reliable, zero-carbon power. Financially, the startup has raised $1.8 billion to date, with $1.4 billion of that coming in the past year through its Series C and Series D rounds. The fresh capital will be used to build out the manufacturing and supply infrastructure required for large-scale SMR deployment.

Participated · Series A · Nov 2025

ElectronX is building the first U.S.-regulated, direct-access exchange and clearinghouse for electricity derivatives. In August 2025, it secured both Designated Contract Market and Designated Clearing Organization status from the CFTC, enabling it to list fully collateralized, centrally cleared power products. The platform will launch next month with 1 MWh hourly futures and binary options for the ERCOT market, giving traders and asset owners intraday hedging tools that mirror physical power strategies. Additional contract suites for PJM, CAISO and other RTOs/ISOs are planned for 2026. Headquartered in Chicago with an office in New York, the company aims to address short-term price volatility as electrification and renewable penetration accelerate. ElectronX has raised more than $55 million to date, capital that supports technology development, regulatory compliance and market rollout.