Participated · Equity · Jul 2024

Eve is an Embraer-controlled electric aircraft maker developing an eVTOL "flying taxi" for short city trips. The company rolled out a full-scale remote prototype at Embraer's Gaviao Peixoto plant and expects to fly it by late 2024 or early 2025; the final aircraft is planned to seat four passengers plus a pilot. Eve plans five conforming prototypes next year and a pre-series eVTOL by 2026 as part of its certification process, having applied for certification in 2022 to Brazil's civil aviation regulator. Financially, Eve debuted on the NYSE in 2022, raising nearly $400 million, later secured a $92 million loan from BNDES, and announced a new $94 million fundraising with investments from Embraer and Japan's Nidec. The company says the new investment covers cash needs through 2027, extending its runway from prior coverage through 2025. Eve has amassed nearly 3,000 potential orders (letters of intent) from interested clients including United, Global Crossing and Azorra, while noting infrastructure and power‑grid readiness as deployment challenges.

Led · Equity · Jul 2024

Eve Air Mobility is building a fully electric vertical take-off and landing (eVTOL) aircraft alongside the software, services, and infrastructure required to operate an urban air mobility network. The company recently achieved the first hover flight of its full-scale engineering prototype at Embraer’s test facility in Brazil, validating fly-by-wire controls and energy-management systems. This milestone kicks off a comprehensive test campaign scheduled through 2026 as Eve works toward aircraft certification and commercial launch. Proceeds from its latest financing will fund further R&D, certification activities, and the scaling of partnerships with infrastructure providers and regulators. Management positions the platform to address global demand for sustainable, low-emission urban transport. Including the new financing, Eve’s cumulative capital base has reached $1.2 billion, placing it among the best-capitalized players in the emerging eVTOL sector.

Participated · Equity · Nov 2022

KORE Power develops battery cell technology and integrated solutions for utility, commercial, industrial and e-mobility customers, including EV manufacturers and fast-charging infrastructure companies. The company is constructing the KOREPlex, a 1,330,000-square-foot advanced battery cell manufacturing facility in Buckeye, Arizona, to house multiple production lines. The facility will produce both nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) cell chemistries and, with initial lines fully operational, will have an annual production capacity of 6 GWh with the ability to scale further based on demand. Civil works for construction began late last year and KORE expects the facility to begin delivering products by the end of 2024 or early 2025. KORE has announced an offtake for energy storage projects in Arkansas and Illinois and is working with local colleges and universities to establish workforce training programs. The KOREPlex is expected to create about 700 construction jobs and 1,250 direct jobs when operating at capacity. KORE Power develops lithium-ion battery cell technology and manufactures integrated battery solutions for energy storage and e-mobility customers. It serves energy storage, e-mobility, utility, industrial and defense markets as an integrated provider of cells, batteries and solutions. KORE plans to build the KOREPlex gigafactory in the Phoenix area, with groundbreaking scheduled for Q4 2022 and initial commercial production expected in Q4 2024. The KOREPlex is expected to have initial annual production capacity of 6 GWh, expandable to 12 GWh and beyond to meet expected market demand. KORE will use financing proceeds to commence construction and to purchase long lead-time items required for the facility; it has also launched KORE Solutions, a vertically integrated energy storage solutions provider based in Vermont. Demand for its domestically manufactured batteries is expected to benefit from electrification trends and domestic-content requirements tied to the Inflation Reduction Act, which can maximize energy storage investment tax credits. KORE Power is a leading US-based developer of battery cell technology serving energy storage, e-mobility, utility, industrial and mission-critical markets. The company designs and manufactures proprietary NMC and LFP cells, VDA modules and packs, and optimizes systems with its battery management system; through global partnerships it produces top-tier energy storage systems (ESS). KORE emphasizes direct customer access, service, and Tier 1 product availability while pursuing sustainable communities and green economic expansion. The company announced a strategic partnership with Cleanhill Partners, which has invested in KORE and whose founders Rakesh Wilson and Ash Upadhyaya joined as special advisors to CEO Lindsay Gorrill. Cleanhill's advisors will guide KORE's growth and investment strategy and support plans to expand the design and manufacturing of lithium-ion battery cells in the U.S. Evercore served as financial advisor to KORE Power and Kirkland & Ellis served as legal counsel to Cleanhill.

Participated · Series B · Jan 2013

Persimmon Technologies develops hybrid-field motor technology and 3D deposition processes to manufacture motor components and increase power density. Its first prototype increases stator effective area to deliver higher output with comparable size and material cost. The company also offers vacuum robotics products and is expanding that portfolio. Development has been funded largely by four National Science Foundation grants and recent investment activity. New funding will be used to expand the vacuum robotics product line and further develop the hybrid-field motor technology. ABB's investment will support joint development and the exchange of R&D information on Persimmon's industrial motors. Persimmon Technologies develops next-generation vacuum robotics and a disruptive Hybrid-Field electric motor technology for semiconductor, LED, flat panel display and solar equipment markets. Its vacuum robot technology emphasizes mechanical design, controls technology and advanced software and has over 20 patents pending. The Hybrid-Field motor approach replaces traditional stamped and laminated stator construction with spray deposition methods and was initially funded via an NSF SBIR Phase I grant (July 2011) with a follow-on Phase II award (September 2012). The company is also the exclusive U.S. sales representative for Nidec Sankyo atmospheric robotic products and highlights a management team with over 60 years of experience in robotics and automation. Persimmon is headquartered in Wakefield, Massachusetts. Recent financing will support expanding the vacuum robotics product portfolio, further developing Hybrid-Field motor technology, expanding global distribution and ramping manufacturing operations. Persimmon Technologies provides atmospheric and vacuum robotics, vacuum modules, and automation systems to the semiconductor, data storage, LED, OLED, solar, and flat-panel display equipment markets. The company is headquartered in Wakefield, Massachusetts. Its management team has over 60 years of combined experience in development, manufacture, and distribution of robotics and automation products. Persimmon is the exclusive U.S. sales representative for Nidec Sankyo atmospheric robotic products. The filing describes Nidec Sankyo as an $8 billion, publicly traded company headquartered in Nagano, Japan with manufacturing facilities in Japan, Taiwan, and China. In a regulatory filing the company disclosed a $2 million equity raise with a single investor participating.