Participated · Equity · Nov 2024

eSmart Systems provides AI-based inspection and maintenance solutions for critical energy infrastructure, serving electric utilities and grid operators. The company offers the Grid Vision® portfolio for inspection management and asset information management, using AI, machine learning, and data analytics. Grid Vision enables a data-driven, condition-based approach to infrastructure inspections. eSmart Systems positions its products and services for global utility customers. The company recently raised €30 million and plans to use the funds to accelerate growth. Founded in 2012 and headquartered in Oslo, the business focuses on improving inspection and maintenance workflows for grid operators. eSmart Systems is a Norway-based firm that develops AI-driven inspection and asset-management solutions for utilities. Its core product, Grid Vision, provides inspection management and asset information management with a data-driven, condition-based approach to cut costs, improve safety, improve asset data quality, and extend asset life. The company has more than 20 years in the field and serves global customers, including Naturgy, Xcel Energy, and E.ON. Earlier this year eSmart acquired Stavanger-based Verico, an Enterprise Asset Management company, to strengthen its international presence and expand its platform. The company says the newly raised funds will accelerate commercial development and international growth. Management highlights investor strategic support and the company’s positioning to help grid operators address energy security challenges and increased infrastructure vulnerability from extreme weather. eSmart Systems, based in Halden, Norway, builds AI-powered software for inspections of powerlines, grid maintenance planning, and energy flexibility optimization. The company is led by CEO and founder Knut Johansen and delivers solutions that oversee electricity operations for 48 customers in seven countries, including Norway, Denmark, the United Kingdom, and the U.S. eSmart intends to use the recent funding to expand internationally across American and European markets. The firm is a Microsoft Partner, and its CTO, Erik Aasberg, has been appointed a Microsoft Regional Director. The product set focuses on asset health monitoring and analytics to support grid operators and utilities. eSmart Systems offers a Microsoft Azure–based scalable software platform that processes, analyzes and visualizes large amounts of data in real time to optimize operation and performance of applications. The platform is aimed at the digital energy industry and smart cities. The company serves customers in Norway, Europe and the United States. It is led by founder and CEO Knut H. H. Johansen. In 2015 the company reported a turnover of NOK 40m. Following the investment by Kongsberg Digital, eSmart entered into a partnership to deliver digital development and services for advanced analytics and machine learning to power-sector customers.

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.

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.