We back ambitious management teams at the forefront of the Energy Transition

Based in Aalborg, Denmark, Inopower is a leading provider of E-Boilers and Power-to-Heat Solutions. With installations across a number of European countries, Inopower’s technology is supporting the electrification, digitisation and decarbonisation of district and industrial heating, which today is highly dependent on fossil fuels.

Inopower has deployed over 2,000MWs of heating capacity across Europe – equivalent to more than 4.5 terawatt-hours of heat and enough to satisfy the annual heating demand of 460,000 homes. By electrifying the production of heat, Inopower is able to drive down the consumption of fossil fuels, which currently accounts to over 60% of the total energy used for heating. In 2023, Inopower’s systems will reduce greenhouse gases by 1.3 million tonnes of CO2e.

Inopower’s digital offerings and control solutions are used by utilities and energy traders across Europe to provide ancillary services to the electricity grid, resulting in additional revenues and increased grid stability. As the installed capacity of distributed renewable energy continues to increase, Inopower’s flexibility solutions will play an even more important role in maintaining a balanced grid.

Funds advised by Magnesium signed an agreement to acquire a majority of Inopower A/S in April 2023. Transaction closed in August 2023.

Denmark-based Opoura, is the leading provider of mission-critical software and control systems for the renewable energy sector. Through its solutions, Opoura is enabling the shift to a decentralised, decarbonised and digitized energy system.

Opoura supports its customers across the full lifecycle of their assets, from grid connection to power plant controls and power trading. Its products and systems sit at the heart of the operational functionality of renewable energy power plants, making it a ‘mission-critical’ technology supplier to thousands of wind, hydro, solar PV and BESS plants around the world. The Company’s products are deployed in more than 50GWs of renewable energy assets globally and trusted by over 150 customers including some of the largest and most sophisticated TSOs, power traders, OEMs, asset owners and operators globally.

Funds advised by Magnesium signed an agreement to acquire a majority of SCADA Holdings A/S, the parent company of Opoura in April 2022. Transaction closed in January 2023.

Oslo-based Embriq helps its customers digitise their physical infrastructure and offers advanced management and analytical capabilities to the Nordic electricity system through its software and managed service offerings.

The deployment of millions of smart meters in residential and commercial premises is transforming the way electricity consumption is monitored and reported, providing utilities with new and novel ways to analyse, control and balance the electricity grid. Embriq’s software suite Quant provides utilities across the Nordic region with powerful tools to organise, direct and analyse smart meter data which, when taken with Embriq’s mission-critical IT services, provides a robust and leading-edge solution for utilities to actively manage their networks.

Processing data from millions of end-points and serving more than 200 customers across Scandinavia that include utilities, power generators, TSOs, and other industrials, Embriq is a leader in industrial IoT applications across a number of data-intensive verticals.

Funds advised by Magnesium Capital acquired Embriq in September 2020.

Industry-leading provider of wind turbine blade inspection, repair and maintenance services.

Based in Santa Cruz, California with operations across North America and internationally, Rope Partner provides highly specialised services to the wind energy industry. Over the last two decades the company has built an unrivaled reputation for quality, safety and reliability. Providing a broad range of services across a wind farm’s lifecycle, Rope Partner’s services range from inspections to complex repairs and upgrades designed to extend the life of blades and increase energy production from these renewable sources. The company currently serves more than 40 North American and international blue chip customers including every major wind OEM and the world’s largest wind power asset owners and operators.

Funds advised by Magnesium acquired Rope Partner in January 2020.

The world leader in delivering drone inspections and asset visualisation software for critical energy infrastructure.

Edinburgh-based Cyberhawk delivers high precision inspections of energy assets globally using unmanned aerial vehicles (UAVs). With international bases in Abu-Dhabi, Kuala Lumpur and Houston, Cyberhawk has flown more than 30,000 commercial missions in more than 30 countries around the world.

Through iHawk, its proprietary AI-enabled visual asset management software platform, Cyberhawk assists energy companies to digitally manage their assets enabling a number of solutions ranging from condition monitoring and 3D visualisation to monitoring site construction progress.

Funds advised by Magnesium Capital acquired Cyberhawk in March 2019.

California-based, Stem, Inc. provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena™, a world-class AI-powered analytics platform, Stem enables customers and partners to optimise energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, carbon reduction and environmental responsibility.

Magnesium Capital invested in Stem in 2018 alongside other leading investors including Activate Capital, Ontario Teachers’ Pension Plan and Temasek. In April 2021, Stem completed a business combination with Star Peak Energy Transition Corp. to create the first publicly-traded pure-play smart energy storage company and resulting in over $600 million in gross cash proceeds to Stem. Stem began trading on the New York Stock Exchange on April 29, 2021 under ticker symbol “STEM.”

Stem is a great example of a company whose technology is supporting the transition to a distributed, digitised and decarbonised electricity grid.

As the leading UK virtual power plant operator, Limejump provides virtual power plant services through its network of demand response, storage and smart grid assets. Using machine learning and big data technology, Limejump partners with demand and supply side participants of the energy grid. On the demand side, the company works with commercial and industrial customers to help them earn revenue by being flexible with their energy use. On the supply side, Limejump typically collaborates with small-scale energy generators to bundle flexibility that is then sold into the grid. Combined with the largest portfolio of batteries in the UK, Limejump is shaping the virtual power plant of the future.

Limejump has won multiple awards, including the prestigious Bloomberg New Energy Finance (BNEF) New Energy Pioneer 2018 award.

Magnesium Capital invested in Limejump in 2016 and 2017 alongside other investors including Passion Capital and Statkraft Ventures.

Limejump was acquired by Shell New Energies in February 2019.