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.

Led · Equity · Dec 2024

Intersect Power is a clean energy company that develops, owns, and operates grid‑tied solar PV and battery storage assets and co‑located facilities for large industrial loads including data centers and e‑fuels. The company focuses on transformative projects that decarbonize the existing power grid and bring new loads to clean generation without the need for new transmission. Intersect reports a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of battery storage in operation or construction, representing roughly $4 billion in capital investments. It plans to break ground on an additional 4 GW of solar PV and 10 GWh of battery storage representing about $9 billion of assets in 2025. Intersect announced a strategic partnership with Google and TPG Rise Climate to provide scaled renewable power and storage solutions to new data centers, and is financing the partnership’s first co‑located clean energy project. That project is expected to be operational in 2026 and fully complete by 2027. Intersect Power is a San Francisco-based clean energy company that develops clean energy resources to deliver low‑carbon electricity, fuels, and related products to customers in retail and wholesale energy markets. Led by CEO Sheldon Kimber, the company focuses on scalable low‑carbon solutions including solar PV and co‑located storage. It has an 8.5+ GWp and 8+ GWh mid-to-late stage pipeline and a base portfolio that includes 2.2 GWp of solar PV and 1.4 GWh of co‑located storage slated to be in operation by 2023. In June 2022 Intersect raised $750M in growth equity to fund scaling of its renewable energy portfolio and new product pipeline. The company intends to use the funds to accelerate entry into new markets and technologies, including plans for nearly 1 GW of green hydrogen production. Proceeds will support continued development across the United States of its mid-to-late stage portfolio totaling more than 8.5 GWp and 8+ GWh. Intersect Power develops utility-scale renewable energy projects, focusing on solar and energy storage and offering development, design, engineering, finance and operations services. The company has developed 3.7 GWDC of solar assets with a portfolio value of more than $8 billion and has developed and sold over 1.7 GWDC of contracted solar projects across California and Texas. It also reports a late-stage pipeline of 3.2 GWDC of solar and storage projects expected to be in operation by 2023. Intersect says it will use new capital to more quickly scale its core solar and storage business and to expand into emerging clean infrastructure classes, including green hydrogen. The company positions itself as a scalable independent power producer that leverages connectivity between capital markets, supply chains and technology to deploy low-carbon infrastructure. Founded in 2016 and based in San Francisco, CA, Intersect emphasizes experience across all phases of utility-scale project delivery.

Participated · Series C · Oct 2024

BETA Technologies designs and manufactures electric vertical take-off and landing (eVTOL) aircraft and electric propulsion systems and components. The company supplies propulsion systems to customers in the U.S. and international markets and has expanded into flight controls and classified defense contracts. BETA says its commercial aircraft backlog has grown from roughly $1 billion to $3.9 billion since its initial EXIM financing. Recent milestones include unveiling the hybrid-electric MV250 for defense logistics, partnerships with GE Aerospace, NASA and Boeing, operational flights under the FAA’s eVTOL Integration Pilot Program, and a commercial order from Loganair. The company plans to expand domestic manufacturing and vertical integration, aiming to roughly double throughput across its facilities and create additional advanced manufacturing and engineering jobs. To support those plans, BETA is pursuing a proposed EXIM financing package of up to $1 billion to scale production of aircraft and electric propulsion systems.

Led · Equity · Sep 2024

Twelve develops technology to convert captured CO2, water and renewable energy into chemicals, fuels and other products, including sustainable aviation fuel (SAF) branded E-Jet®. The company’s AirPlant™ One SAF plant in Moses Lake, Washington is expected to begin production in 2025. Twelve says its E-Jet fuel, made from biogenic CO2, can achieve lifecycle emissions up to 90% lower than conventional fossil jet fuel. The company is focused on defossilizing manufacturing processes with an initial emphasis on aviation customers such as Alaska Airlines and International Aviation Group (parent of British Airways). Led by CEO Nicholas Flanders and based in Berkeley, Twelve is advancing deployment of multiple AirPlants across the U.S. to scale supply of its products. Recent financing is intended to accelerate those buildouts and commercialization plans. Twelve converts captured CO2 into building blocks for materials, chemicals, fuels and consumer products, and says these products match the quality of fossil-derived alternatives. Internally developed products include CO2-derived sunglasses (priced at $495) and carbon-neutral fuels, and the company plans to integrate its technology into partner supply chains and operations. Twelve intends to build an industrial-scale carbon-transformation platform by installing reactors at partnered manufacturing locations to convert emitted CO2 directly into usable products. The company has partnerships with Mercedes‑Benz, Procter & Gamble, Shopify, NASA and the U.S. Air Force, and cites potential partners among CO2-capture firms such as Global Thermostat and Shell. Twelve declined to disclose how many products it has sold or any revenue figures. The company acknowledges a carbon footprint from manufacturing that it says is paid back quickly once running, though it is unclear whether that accounting includes Scope 3 emissions. Twelve develops proprietary catalyst and electrolysis technology that transforms CO2 into critical chemicals, materials and fuels conventionally made from fossil feedstocks. Its carbon transformation devices are designed to drop into existing manufacturing processes and integrate at any scale to produce CO2Made products. The company is partnering with brands and organizations including Mercedes‑Benz, Procter & Gamble and NASA to replace petrochemical feedstocks across automotive, household, apparel and other industries. Twelve says replacing fossil feedstocks in its target applications could address nearly 10% of global carbon emissions. The company raised $57 million in a Series A to expand its team, partnerships and scale its technology. Twelve is taking pre-orders for an industrial-scale carbon transformation module as it prepares to commercialize its devices.

Led · Series A · May 2024

Syre develops textile-to-textile recycling technology that produces circular polyester with quality comparable to virgin polyester while delivering improved sustainability performance. The company’s core solution targets hyperscale recycling starting with polyester to reduce emissions and waste in the textile supply chain. Syre acquired a patented recycling technology developed over more than nine years by North Carolina–based Premirr, which demonstrated energy-efficient conversion of post-consumer waste into circular polyester that can be rapidly scaled. The company plans to finance and commission a blueprint plant in the U.S. later this year and to build its first two gigascale textile-to-textile recycling plants. Syre was founded in 2023 and is led by CEO Dennis Nobelius. The company raised significant equity capital in the round described below to fund plant construction and technology acquisition.