INSIGHTS

Where we see durable opportunity across the energy transition. Across all five themes, we apply the same discipline: real end-markets, proven technologies, credible scale-up and economics that can stand on their own.

BESS

Battery Energy Storage Systems

Why we like it

Grid-scale batteries provide fast, flexible capacity to power systems with growing intermittent generation. They can shift electricity across the day, support system balancing and ease network constraints, with multiple revenue streams available from the same asset.

We favour projects where grid position, route-to-market and revenue stacking are well understood, and where the investment case is not dependent on one unusually high ancillary-service price.

Market context

Battery storage was the fastest-growing power technology globally in 2025. The IEA estimates that 108 GW of new capacity was deployed during the year, up 40% from 2024, with around 80% of additions at utility scale.

Falling system costs are broadening use cases, but value is increasingly determined by location, grid access, duration and commercial optimisation rather than simply owning battery capacity.

108 GWglobal additions in 2025+40%year-on-year deployment growth80%utility-scale share of 2025 additions
Market context: IEA, Global Energy Review 2026

BIOGAS

Biogas & Biomethane

Why we like it

Biogas links energy production to waste management. Anaerobic digestion uses proven equipment, creates dispatchable energy and can produce a fungible gas product using feedstocks that often have an existing disposal cost or methane liability.

Strong biogas projects combine secure feedstock, efficient logistics, reliable plant operations and a clear route to market for the gas or power produced. When these elements are aligned, utilisation is higher, operating risk is lower and margins are more resilient.

Market context

Biomethane is increasingly valued as a locally produced, drop-in substitute for natural gas across power, transport, industry and buildings. The IEA's latest work maps significant sustainable potential across agricultural residues, manure and organic waste streams.

The opportunity is highly local: economics depend on feedstock density, transport radius, gas-grid access, waste policy and the value of avoided methane emissions.

50+new policies introduced globally since 2020~1,000 bcmesustainable production potential estimated by IEALocalfeedstock density drives project economics
Market context: IEA, Outlook for Biogas and Biomethane · 2026 update

BIOCARBON

Biocarbon

Why we like it

Many high-temperature industrial processes cannot eliminate carbon simply through electrification. That creates a practical role for renewable carbon products that can substitute fossil coal, coke or reductants while using familiar industrial equipment and established end-markets.

Our preferred model is straightforward: proven conversion technology, abundant residue feedstock, consistent product specification and customer-led qualification. Carbon pricing can improve the upside, but the base case should work on product economics.

Market context

Steel and other high-temperature industries use carbon directly in production, creating demand that electrification alone cannot fully address. Around 70% of global steel is still produced in coal-based blast furnaces, providing a large existing market for renewable carbon products that can substitute fossil inputs within established production processes.

Europe's CBAM definitive regime began on 1 January 2026, increasing the commercial relevance of embedded carbon in iron, steel and other covered industrial imports. That strengthens the incentive to find practical, scalable substitutes for fossil carbon.

~70%of global steel is still produced using coal-based blast furnaces2026EU CBAM definitive regime beganResiduescan create a low-cost renewable carbon feedstock base
Market context: IEA, Breakthrough Agenda Report 2025 — Steel · European Commission, CBAM

ARR

Afforestation, Reforestation & Revegetation

Why we like it

ARR projects combine established forestry and restoration practices with measurable carbon removal and a tangible underlying asset. Returns depend on land economics, project execution, permanence and the quality and value of the credits generated.

We focus on land rights, additionality, species and planting design, permanence, local delivery capability and conservative measurement. The investment case has to survive scrutiny on carbon quality as well as project economics.

Market context

The carbon market is increasingly differentiating between credits on quality rather than treating one tonne as interchangeable with another. In H1 2026, Sylvera reported that BBB+ ARR credits sold at more than three times the average price of lower-rated ARR credits.

That quality premium supports a market for well-structured projects, while reinforcing the need for strong MRV, credible baselines and long-duration stewardship.

$28.55/taverage H1 2026 price for BBB+ ARR credits>3×premium versus lower-rated ARR creditsIntegrityis increasingly reflected directly in pricing
Market context: Sylvera, Q2 2026 Carbon Data Snapshot · State of Carbon Dioxide Removal 2026

CCUS

Carbon Capture, Utilisation & Storage

Why we like it

CCUS addresses emissions that are difficult or expensive to eliminate through electrification alone, particularly in industrial processes. It also creates investable infrastructure across capture, conditioning, transport, terminals and permanent storage.

We are most interested where the chain is commercially joined up: contracted emitters, bankable transport and storage, credible liability allocation and policy frameworks that allow private capital to underwrite long-lived assets.

Market context

The sector has moved from announcements towards construction and financing. The IEA reports more than 30 final investment decisions in the past two years, with CCUS investment exceeding US$5 billion in 2025.

Successful CCUS projects depend on the full value chain being commercially aligned. Credible emitters, contracted transport and storage capacity, clear liability allocation and supportive policy frameworks are all needed to create bankable long-term infrastructure.

30+FIDs reached in the past two years>$5bnCCUS investment in 2025~2×operational capture capacity indicated by 2030 projects under construction
Market context: IEA, Financing CCUS at Scale 2026