Capital must be managed with great care, particularly as investors move from the mature landscape of oil & gas assets to the burgeoning world of clean energy. There are an abundance of clean energy opportunities in a market that’s moving ever-faster, with valuations often based on demand rather than fundamentals. As a result, investors can struggle to separate what’s real from what isn’t. As seasoned venture capitalists, we are no strangers to such market dynamics. We navigate these waters with a tested and consistent process: making decisions from fundamental analysis and first-principles.

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Technologies are the toolset for the energy transition, and the form factor of technology assets is intellectual property that protects the value of products and services. Our in-house IP experts have built, commercialized, and asserted two of the most powerful patent portfolios in existence (Sonos and TAE), creating tens of billions of dollars of direct value. We manage technology assets that deliver viable solutions for the energy transition and strong techno-economic fundamentals, and we manage the corresponding IP to protect shareholder value.

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Infrastructure is where the rubber meets the road. Realizing the energy transition requires that clean energy solutions compete at scale against their hydrocarbon equivalents. Our central KPI for benchmarking clean energy solutions against each other and hydrocarbons is Levelized Cost (“LCOx”), where x is the commodity we are providing, such as electricity, hydrogen, storage, or heat. Our techno-economic analysis of infrastructure projects and the technologies that enable them is conducted by subject-matter experts with deep knowledge of best-practices and market alternatives.

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