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We back exceptional founders solving India's hardest energy challenges and building highly profitable businesses in the process.
Our Portfolio
Emo Energy
Why They Exist:
Battery packs have become commercially viable as lithium cell prices fell 60%+, but pack reliability, thermal stability, and lifecycle performance remain the weakest link across mobility and storage. India depends on architectures not built for high ambient temperatures or heavy-duty usage.
What They Do:
EMO designs and manufactures immersion-cooled battery packs with in-house Battery Management Systems, Thermal Management Systems, and smart liquid-cooling architecture. Their system doubles lifecycle performance while maintaining high safety, predictable degradation, and lower total cost of ownership.
Why We Invested:
Battery reliability is a national bottleneck. EMO brings a defensible tech stack—liquid cooling, AI-driven health prediction, and fully integrated pack engineering. Their approach solves a real engineering constraint, not a cosmetic one, and positions them to become the backbone of India’s mobility and stationary storage markets.
Fitsol
Why They Exist:
Scope 3 emissions make up the majority of corporate footprints but are the hardest to measure and meaningfully lower. Reporting platforms alone cannot drive reduction outcomes, especially in operationally complex markets like India.
What They Do:
Fitsol combines a carbon accounting SaaS platform with on-ground decarbonisation services - logistics optimisation, waste solutions, and sustainability interventions that deliver measurable reductions.
Why We Invested:
The monetisable opportunity lies not in dashboards but in executed reduction. Fitsol’s hybrid software-plus-operations model is built for the realities of India’s industrial and logistics sectors.
Protonas
Why They Exist:
Backup power markets, especially in North America, face rising outage durations and lack cost-effective, clean alternatives to diesel. Fuel cells remain expensive and proprietary, limiting adoption.
What They Do:
Protonas develops PEM fuel cells using unique stack design and manufacturing processes that drive down cost by 50% while improving durability. Their 2 kW air-cooled prototype is a stepping stone toward modular, long-duration backup systems.
Why We Invested:
Fuel cells will become essential infrastructure as grid fragility increases. Protonas is building cost-down, manufacturable stacks - not lab curiosities - giving them a credible path to scale in a market with significant tailwinds and supply gaps.
Matel Motion
Why They Exist:
Motors consume almost half of global electricity. Yet most Indian sectors like mobility, pumps, industrial drives, depend on imported or inefficient motor-controller stacks. This erodes efficiency, reliability, and cost competitiveness.
What They Do:
Matel develops complete drive systems (PMSM motors + controllers), fully designed and manufactured in India. Their technology improves drive cycle efficiency by up to 12%, while reducing cost, improving robustness, and enabling scalability across solar pumps, industrial automation, and e-mobility.
Why We Invested:
High-efficiency drives are a massive, under-digitised, under-engineered market. Matel’s vertically integrated model provides cost advantage, IP control, and reliability uplift - all essential for scaling across multiple high-growth industries.
Comminent
Why They Exist:
Smart metering and IoT deployments in India suffer from unreliable connectivity, proprietary systems, and poor scalability. Utilities need an interoperable, high-throughput, cost-efficient communication backbone.
What They Do:
Comminent builds India’s first standards-based, device-agnostic RF mesh stack with high data rates, self-healing capabilities, and advanced security. Their platform powers smart meters and large-scale IoT infrastructure.
Why We Invested:
India is rolling out tens of millions of smart meters. A reliable RF mesh backbone is pivotal. Comminent’s architecture is robust, scalable, and already validated with multi-crore purchase orders—positioning them as the default connectivity layer in utilities.
CIMWare
Why They Exist:
Data centers are energy-intensive and reaching physical limits on compute density. Traditional ToR architectures cannot keep pace with the power and heat intensity of AI workloads.
What They Do:
CIMware engineers Composable Infrastructure Modules (CIMs), integrating memory and compute using a hybrid architecture. This enables higher compute density, lower power consumption, and reduced space requirements.
Why We Invested:
AI-driven compute requires new hardware paradigms. CIMware’s architecture offers a fundamentally superior scaling model—bridging the gap between virtual scaling (software) and physical scaling (infrastructure). The upside is enormous as AI data centers proliferate.
Promethean Energy
Why They Exist:
Industrial heat - especially low-grade heat - is one of the hardest sectors to decarbonise. Wasted thermal energy inflates OPEX and emissions across manufacturing, chemicals, food processing, and automotive.
What They Do:
Promethean builds modular waste-heat recovery and high-temperature heat pump solutions with IoT-enabled diagnostics. They retrofit seamlessly into industrial systems and deliver proven energy savings with fast payback.
Why We Invested:
Industrial heat is a multi-billion-dollar decarbonisation gap. Promethean already demonstrated commercial traction, profitability, and technical robustness. Their modular approach scales faster than legacy incumbents.
Dynolt
Why They Exist:
Power converters underpin EV charging, swapping, solar, storage, and fast-charging infrastructure. Most are imported, expensive, and not designed for Indian conditions. This creates a strategic and economic gap.
What They Do:
Dynolt builds software-defined power converters that deliver high efficiency and modularity across EV chargers, swapping stations, solar inverters, and BESS interfaces. Their architecture lowers cost and accelerates deployment.
Why We Invested:
Converters are a critical choke point in India’s EV and renewable buildout. Dynolt’s software-defined approach provides a scalable, cost-efficient alternative at a time when domestic manufacturing is a strategic imperative.
GreenFi
Why They Exist:
As climate shocks intensify, financial institutions must quantify ESG and climate risk with precision. Manual assessments are slow, error-prone, and incomplete, leaving banks and insurers exposed to hidden liabilities.
What They Do:
They aggregate ESG data across structured and unstructured sources, apply composite AI models to surface latent risks, and automate workflows for due diligence, screening, and reporting -dramatically improving the fidelity and speed of ESG evaluation.
Why We Invested:
ESG risk is becoming a central input in underwriting and investment decisions. As policies and capital markets embed climate risk into financial flows, institutions need infrastructure-grade analytics. This platform is technically differentiated and well-positioned to become the intelligence layer for climate-aligned finance.
Hydgen
Why They Exist:
Industrial hydrogen demand is rising, but conventional PEM and alkaline electrolysers remain expensive, precious-metal intensive, and poorly suited to intermittent renewable inputs. India needs a low-cost, high-efficiency, locally manufactured alternative to unlock green hydrogen at scale.
What They Do:
They develop AEM electrolysers for onsite hydrogen generation. Their membrane, catalyst, and stack IP delivers higher efficiency and lower cost—offering hydrogen production ~30% cheaper than PEM and ~20% more efficient than alkaline.
Why We Invested:
AEM is still nascent globally with only ~100 MW deployed. This creates a window for a focused, IP-led player to lead cost-down innovation in a strategically important category. Their technology targets the lowest Levelized Cost of Hydrogen and positions them ahead of a market inflection driven by industrial decarbonisation.
GreenTech MW
Why They Exist:
India’s wind fleet is aging. Over 50GW thats installed, much of it now moving beyond OEM warranty. Asset owners face higher downtime, rising O&M costs, and limited independent operators capable of managing multi-brand, post-warranty fleets without sacrificing performance or returns.
What They Do:
GreenTech MW is a technology-led independent O&M platform for wind assets. They provide end-to-end asset management across operations, predictive maintenance, major component repairs, and spares—using AI/ML-based failure forecasting, multi-brand SCADA, crane-less repairs, and robotic blade inspection to improve availability and reduce lifecycle costs.
Why We Invested:
The market opportunity is structural: ~20 GW of wind assets are transitioning out of OEM coverage as OEMs step back from long-tail O&M. GreenTech MW combines a clear market gap with a differentiated, technology-first operating model and a team with deep, hands-on experience across global wind OEMs and large-scale asset operations.
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