The Venture Codex

Participated · Equity · Apr 2025

Forge Nano develops Atomic Layer Deposition (ALD) technology via its Atomic Armor platform, a scalable nano-scale coating system intended to improve performance of semiconductor devices and battery materials. The company is positioned to serve AI-era chip manufacturing and defense battery applications and has described its offerings as advanced surface coatings that unlock peak performance. Forge Nano is based in Denver and has entered into a merger agreement with Archimedes Tech SPAC Partners II to pursue a NASDAQ listing. The company recently closed a $97 million Series D and secured $123 million in PIPE commitments (including a recent $23 million tranche), with strategic participation from Samsung SDI and Horizons Ventures. Upon closing the proposed business combination, Forge Nano would have substantial pro forma cash (over $367 million assuming no redemptions) to fund commercialization and domestic manufacturing expansion. The company intends to use the proceeds to accelerate deployment of its ALD semiconductor equipment platform and expand production of advanced lithium-ion battery materials.

Led · Equity · Dec 2024

Nexus W2V develops waste-to-value infrastructure and integrated services that divert organic waste into renewable natural gas (RNG), compost products, and biochar. Its flagship Kingsbury Bioenergy Complex in La Porte, Indiana will process about 200 tons of source-separated organics daily and inject RNG into the local pipeline. The company offers end-to-end waste remediation for haulers, producers, and utilities and also plans full-scale municipal solid waste sorting and recovery systems. Nexus W2V says the Kingsbury project is the first of a series of nationwide projects and will serve as a blueprint for future facilities across North America. The facility is expected to be fully operational by the end of 2026 and to create roughly 35 local jobs. The company is led by industry veterans in industrial design, bioenergy development, and regenerative agriculture and has secured new capital to move construction forward.

Led · Equity · Feb 2024

VEMO provides an integrated clean mobility ecosystem combining electric vehicles, public charging infrastructure, and tech-enabled fleet management solutions. The company hosts public charging clients and operates complementary business lines, including VEMO Impulso and VEMO Conduce. VEMO Impulso is a lease-to-own EV product run in partnership with Uber and DiDi. The company intends to use recent funding to accelerate deployment of public charging infrastructure and electric vehicles across Mexico. VEMO also plans to further develop its fleet management technology to support its EV deployments and customers. VEMO was founded in 2021 and is led by CEO Roberto Rocha and COO Germán Losada. VEMO integrates vehicles, charging infrastructure, technology, and a data intelligence platform to manage the clean mobility ecosystem. Founded in Mexico City in July 2021, the company focuses on high-utilization transportation markets in Latin America where clean mobility can be cost competitive. VEMO operates light vehicles, trucks, and buses and reports having operated over 75 million electric kilometers across Latin America. It has also installed more than 55 MW of chargers for corporate and residential clients across Mexico, building a robust charging-center network. The company aims to accelerate clean mobility adoption by optimizing total cost of ownership and generating high utilization demand on its charging network. VEMO's model couples fleet operations with charging infrastructure and data intelligence to drive scale and operational efficiency.

Led · Equity · Nov 2023

Carbon Revolution focuses on improving automotive efficiency, extending EV range and enhancing overall vehicle performance. The company announced it entered into a Structured Equity Facility with OIC and received initial funding of $70 million under that facility. Management described the funding as a key pillar to support the company’s long-term strategy to further expand its global footprint among leading OEMs. Carbon Revolution completed a business combination and listing on Nasdaq and effectuated a 10-to-1 share consolidation (NYSE: TRCA to Nasdaq: CREV) in connection with the closing. The announcement references total capital available in connection with the closed business combination but does not provide a consolidated total in this communication. Company and OIC statements indicate the capital partnership is intended to support continued growth and innovation in automotive efficiency and EV performance. Carbon Revolution designs, commercializes and industrializes advanced carbon fiber composite wheels that weigh up to 50% less than comparable aluminum wheels and can provide up to a 5–10% increase in EV range. The company has supplied high-performance and premium vehicles (including programs for Ford, Ferrari and GM) and currently holds 11 lightweight wheel programs awarded by four global automakers plus three additional programs under engineering contracts. Carbon Revolution is focused on expanding its footprint in the growing electric vehicle market and scaling production through further Mega-line automation and capacity expansion. The company announced a US$60 million four-year debt financing to support automation, capacity growth and working capital and to repay key existing lenders. That financing is secured by the group’s assets, including its intellectual property, and is structured to avoid equity dilution. Carbon Revolution is pursuing a US listing via a proposed SPAC merger with Twin Ridge Capital Acquisition Corp., which would result in a newly formed MergeCo whose shares are expected to trade on Nasdaq and delist CBR from the ASX.

Participated · Debt Financing · Sep 2023

Heliene is a North American solar PV module manufacturer that has served the market through multiple cycles over the past 14 years. Its core product is domestically produced solar PV modules, and the company is expanding manufacturing with a new 550MW production line in Rogers, MN that will create 150+ full-time jobs. The MN #3 line will boost Heliene’s total U.S.-based manufacturing capacity to about 1.5GW per year. Heliene has secured long-term supply agreements (2.0GW with Excelsior Energy Capital and 1.5GW with Nexamp) and partnered across the domestic supply chain with Suniva, SOLARCYCLE, OMCO Solar, Premier Energies and NorSun. The company is leveraging the Inflation Reduction Act—including a 45X production tax credit and the Domestic Content Adder—to drive customer value and support its domestic supply-chain strategy. Financially, Heliene recently closed a strategic equity investment of up to $54 million from Transition Equity Partners and a consortium including affiliates of Hamilton Lane, following a $170 million raise in 2023 from Orion Infrastructure Capital and several key customers. Heliene manufactures North American-made solar PV modules and serves utility-scale, commercial and residential customers with in-house logistics and support to deliver modules when and where needed. The company closed a $170M financing package comprising $20M in equity and a $150M credit facility. The debt facility was provided by Orion Infrastructure Capital; the equity tranche included participation from Orion (OIC), 2Shores Capital and two existing customers, Valta Energy and Bullrock Renewables. Heliene plans to use the proceeds to expand manufacturing capacity, add two new 300MW lines at its Mountain Iron facility and bolster workforce development. The company expanded North American capacity in 2022 with an additional 500MW plant and aims to grow US capacity from 1.1 GW to 2.0 GW by the end of 2024. Heliene projects hiring roughly 300 team members in Minnesota and 200 in Ontario to support growth. Heliene is a manufacturer of high-efficiency solar photovoltaic modules with production in Canada and the USA and installations across North America, Europe, Asia and the Caribbean. The company, established in 2010 and based in Sault Ste. Marie, Ontario, is pursuing product and service diversification through proprietary technology development. Heliene is developing an intelligent photovoltaic module branded iPV — a “module with a brain” — that integrates a specialized string-optimization inverter and control system to optimize energy harvesting, generate reactive power, and provide real-time grid communication. The iPV product targets utilities and local distribution companies by offering real-time data visibility and voltage control, and it is designed as a plug-and-play system that also corrects power factor. To support this shift into the Smart Grid market, Heliene will receive $1.45 million in funding through Sustainable Development Technology Canada as part of a $3.3 million iPV project. The company says the iPV program is intended to meaningfully diversify its business model beyond manufacturing and service streams.