Participated · Series A · Aug 2023

Caelux develops proprietary perovskite technologies designed to boost the performance of new crystalline silicon PV modules, with its flagship product Caelux™ One integrating into existing module manufacturing processes. The technology aims to reduce installed costs and accelerate solar adoption by improving module performance. The company is building a manufacturing facility in Baldwin Park, California, and is ramping production to reach 100MW of perovskite-coated glass. Led by CEO Scott Graybeal, Caelux plans to use new funding to support its factory ramp, research and development, and product launch. Financially, the company has raised additional capital to support commercialization efforts, bringing total funding to date to $23M.

Participated · Convertible Note · May 2023

NexWafe is a German deep-tech manufacturer engineering ultra-thin, high-efficiency silicon wafers aimed at both ground-based solar panels and space-sector satellite constellations. Its proprietary wafer technology targets space-grade requirements, including superior material quality, long-term performance stability, and radiation tolerance. The company is constructing its first industrial facility in Bitterfeld, Germany, which will launch with an initial 50 MW annual production capacity. Commercial operations from this plant are planned for 2027, representing NexWafe’s transition from pilot to volume manufacturing. By eliminating several traditional wafer-production steps, NexWafe aims to lower costs and carbon footprints relative to conventional wafers while improving performance. Growing interest from next-generation satellite operators underscores the dual-use potential of its products. The forthcoming Series D financing will finance this Bitterfeld ramp-up and scale the company toward full commercial rollout.

Participated · Series A · Feb 2022

Altigreen Propulsion Labs manufactures electric two-wheelers, three-wheelers, and four-wheelers targeted at the transportation and last-mile delivery sectors. The company holds a patent portfolio spanning 60 countries with 26 global patents covering electric motors and generators, vehicle and motor controls, EV transmissions, telematics/IoT and battery management. The recent funding will be used to boost EV manufacturing, launch new products, strengthen a pan-India presence, accelerate R&D, and drive faster EV adoption. Co-founders Amitabh Saran and Shalendra Gupta have articulated a roadmap focused on rapid EV adoption in the commercial segment driven by e-commerce and last-mile demand. Financially, Altigreen announced a Series A totaling ₹3 billion (~$40 million), with a sizeable investment from Reliance New Energy Limited included in the round.

Led · Equity · Aug 2021

Ambri develops and is commercializing a liquid-metal, long-duration battery technology for grid-scale and large industrial energy storage. Its systems use calcium and antimony electrode-based cells and containerised systems designed to deliver 4–24 hour durations, tolerate any climatic condition, and last over 20 years with minimal degradation. The company says its systems are more economical than lithium-ion for high-usage applications such as shifting daytime solar generation to peak periods, and can scale from 10 MWh to over 2 GWh. Ambri plans to use the $144M financing to commercialize its daily-cycling, long-duration systems and to design and construct high-volume manufacturing facilities in the U.S. and internationally, including a domestic manufacturing facility. Reliance New Energy Solar Ltd. has been selected as a strategic partner to develop and manufacture Ambri’s batteries in India. The company has also signed a long-term antimony supply agreement with Perpetua Resources to secure its supply chain. Ambri began as a liquid metal battery project at MIT in Professor Donald Sadoway’s lab and was formed in 2010; it is led by Executive Chairman Dan Leff. Ambri is based in Cambridge, MA and develops the Liquid Metal Battery for grid-scale energy storage. Its technology aims to facilitate full integration of variable renewable generation like wind and solar and to reduce electricity costs. The technology was invented in the MIT lab of Dr. Donald Sadoway; Dr. David Bradwell is CTO and co-founder and Phil Giudice is CEO. Ambri closed a $35M Series C equity financing and intends to use the funds to accelerate commercialization, deliver commercial systems to customers, build its initial commercial-scale manufacturing plant, and continue technology development. Since its founding in 2010 Ambri has raised over $50M in equity financing and announced the opening of a prototype cell manufacturing facility in Marlborough, MA in fall 2013. Liquid Metal Battery Corporation (LMBC) is commercializing a liquid metal battery technology invented at MIT in Dr. Donald Sadoway's lab for grid-scale energy storage. The company’s technology is designed to increase power supply and power demand to enable wider use of sustainable energy sources and create more efficient power systems. Led by CEO Phil Giudice and based in Cambridge, MA, LMBC aims to bring its solution to market. It intends to use new funding to accelerate its development efforts. The company is focused on commercializing the MIT-invented technology for grid-scale applications. Liquid Metal Battery Corporation is commercializing liquid metal battery technology intended for large, grid-scale energy storage to smooth intermittent power from wind and solar. The company plans to use proceeds from a recent financing and acquired MIT patent rights to scale up engineering and commercialization efforts. The financing was provided by Total and Bill Gates; the amount was not disclosed. LMBC was founded in 2010 and is based in Cambridge, Massachusetts. Its technology was developed by MIT-affiliated inventors Donald Sadoway, David Bradwell and collaborators, and received early sponsorship from the Deshpande Center, the Chesonis Family Foundation and DARPA. In 2009 the technology was a recipient of an ARPA-E grant in the program's first round.