Investment Profiles

Impact and Investment Thesis

The Company is the largest intermediary in environmental certifications, with the broadest suite of products and widest geographic reach across the value-chain. Carbon offsetting programs promote improved climate change management and reduce environmental impact. The Company is supported by strong industry tailwinds driven by increasingly stringent global regulatory environmental policy and enhanced voluntary offsetting actions from organizations.

Recent Activity 

• In April 2023, ACT signed its first add-on acquisition, Green Project Technologies, a U.S.-based carbon calculator business, which is expected to provide access to the U.S. small-medium enterprise market and allow the Company to provide a more holistic offering. 

• ACT is on track to outperform its 2023 budget, and therefore generate enhanced impact, due to favorable market conditions, such as accelerated demand for environmental certificates and notably strong demand in the U.S.  

Investment Profiles

Impact and Investment Thesis

Sleep dysfunction is a chronic widespread issue, with 50 million to 70 million Americans reporting dysfunctional sleep and an estimated 54 million adults suffering from sleep apnea. The CDC has labeled insufficient sleep as a “public health epidemic.” Accessibility is key to ensuring positive patient outcomes, and when combined with a more affordable and comprehensive solution, BetterNight is better able to serve customers than competitors. 

Recent Activity

• In March 2023, NewSpring, with participation from Hamilton Lane and HCAP Partners, led a growth funding round for BetterNight, totaling $33 million that will be used to continue the Company’s nationwide expansion through partnerships with physician practices, health systems, and insurers and to invest in technology to support increased patient engagement and remote patient monitoring.  

• In August 2023, BetterNight announced the addition of Dr. Marc Benton as a Staff Doctor, bringing 35 years of experience in sleep medicine. Dr. Benton is expected to expand the Company’s footprint in New Jersey.

Investment Profiles

Impact and Investment Thesis

Envision Energy promotes renewable energy adoption by producing and maintaining wind turbines equipped with efficiency-increasing technology, aiming to ultimately achieve net-zero emissions. Strong secular tailwinds such as carbon-neutral pledges from both companies and countries, as well as accommodative public policy, align with the renewable energy transition facilitated by the Company. Envision Energy is well-positioned to continue scaling and contributing to the renewable energy transition as the #4 ranked wind business by volume globally and #2 domestically, with the highest growth rate compared to other leading players in 2020.

Recent Activity

• Envision Energy achieved carbon neutrality in its global operations by 2022 and will achieve carbon neutrality throughout its value chain by 2028.

• In June 2023, the Company announced it had signed a contract to supply 1.67 GW wind turbines for NEOM Green Hydrogen Company, the world’s largest utility-scale hydrogen plant powered entirely by renewable energy. The mega plant is located at Oxagon, Saudi Arabia’s region of NEOM. 

• Envision Energy has installed a total of 50GW of wind power, saved 181M metric tons of CO₂, and generated capacity of 270TWh. 

• The Company joined the global ‘RE100’ initiative and became the first company in mainland China committed to 100% renewable electricity by 2025.

Investment Profiles

Impact and Investment Thesis

Laboratory plastic waste accounts for 1.8M metric tons of waste in the U.S. alone. Grenova provides the life sciences industry with the only patented and scientifically proven green technology capable of washing and reusing plastic consumables to make labs sustainable, efficient and resilient to supply chain disruptions. Grenova exhibits a high-growth, high-margin profile and operates in a market with demonstrated strong demand for green solutions and international whitespace.

Recent Activity

• In November 2022, the Company won Startup of the Year by Sales and Marketing Professionals in Science and Sustainable Product of the Year by Lab Innovations. 

• In December 2022, Grenova earned the International Organization for Standardization (“ISO”) 9001:2015 certification, which provides guidelines for creating comprehensive, process-based quality management systems, and the ISO 13485:2016 certification, which establishes quality guidelines related to medical devices.   

• In February 2023, the Company expanded its product offering with the launch of Purus, an automated microwell plate cleaning system that removes chemical and biological contaminants, creating plates that can be used for new purposes. 

• Grenova continues to make material progress through the value creation plan and experience positive responses to its product’s cost- and waste-savings benefits.

Investment Profiles

Impact Thesis

• Intersect Power will directly contribute to the U.S. energy transition, one of Hamilton Lane’s core impact theses, by generating renewable power from utility-scale solar projects that will then feed into both California and Texas, as well as battery storage assets in California.

• Climate change and the transition to renewable energy is one of the most prominent issues for developed nations. Intersect Power’s solution provides utility-scale solar generation and storage capacity that is already producing, with more generation capability expected in the near term. 

• The successful funding and construction of the assets (set to finish in 2023) will directly allow for ~2.3 GW of solar assets as well as 1.4 GWh of storage. In turn, these operating assets will directly contribute to the CA and TX grids, supplying both states with renewable energy. 

Investment and Financial Thesis 

• Intersect Power addresses a fast-growing, in-demand market backed by increasing regulatory tailwinds and evolving consumer preferences in favor of clean energy solutions. The Company maintains projects in markets governed by California Independent System Operator (“CAISO”) and Electric Reliability Council of Texas (“ERCOT”), representing attractive locations for new solar deployment.  

• Intersect Power is well-positioned within the solar development space as one of the top five planned solar installation companies and has more solar installations currently under construction than any other competitor. 

• Hamilton Lane is investing at an entry point where the Company has already made significant progress with several projects that are fully operational and EBITDA positive, with additional upside remaining. 

• Greenbelt and TPG Rise are highly experienced energy transition and traditional energy investors with accomplished track records and strong-performing funds. Intersect Power’s management team is a cohesive unit with a long history of working together at Recurrent Energy and has consistently demonstrated their ability to develop greenfield projects on or ahead of schedule.  

Investment Profiles

Impact and Investment Thesis

Level Access has an end-to-end SaaS solution for the development, testing and remediation of accessibility services, and a simpler and more complete value proposition than other piecemeal solutions. The market is at an inflection point (30% growth expected through 2025), with macro & regulatory tailwinds providing an attractive market opportunity.

Recent Activity

• The Partnership fully funded its investment in August 2022. 

• In November 2022, Essential Accessibility announced it had won the Enterprise category of Fast Company’s 2022 Next Big Things in Tech, which honors technology breakthroughs that positively shape the future for the industries they serve. 

• In January 2023, Level Access and Essential Accessibility completed the next step of their merger, announcing they have officially become one brand and will operate as Level Access. 

• In May 2023, Level Access announced it had earned five 2023 Top Workplaces Culture Excellence awards for Leadership, Innovation, Compensation and Benefits, Work-Life Flexibility, and Purpose and Values. The Company has also been rated as a 2023 Top Workplace for providing meaningful work. 

Investment Profiles

Impact and Investment Thesis

Behavioral health conditions are expensive, difficult to treat and often forgotten until health crises arise. NeuroFlow helps health systems identify, engage and treat patients effectively with a hybrid care model, where digital engagement reinforces in-person clinical care, presenting a unique opportunity to enhance the overall effectiveness of behavioral healthcare. The U.S. behavioral health market is expanding with a need to rein in costs and increase efficiency. NeuroFlow’s software has demonstrated its ability to address both of these pain points. 

Recent Activity 

• NeuroFlow continues to expand its blue-chip customer base through new partnerships with major insurers as well as contracts with large healthcare providers such as Aflac, Magellan, Trinity Health, Capital Blue Cross, U.S. Air Force, U.S. Army and U.S. Navy, among others. 

• The Company remains focused on strengthening relationships with its existing customer base and is currently exploring contract expansion opportunities with several clients.

• In March 2023, Prudential published a case study in partnership with NeuroFlow, which found that 19% of Prudential claimants had previously unidentified mental wellness needs. These results prompted immediate support for claimants via self-help resources and allowed clinical disability case managers to prioritize outreach and support based on claimant severity. 

• In July 2023, NeuroFlow acquired Capital Solution Design, a provider of measurement-based care solutions for the U.S. Department of Veteran Affairs (“VA”) and other healthcare organizations. The acquisition expands NeuroFlow’s operational footprint as well as relationships in the federal government, service fields, and select academic medical centers, including the VA and University of Pennsylvania. 

Investment Profiles

Impact and Investment Thesis

Penn Foster is a market leader in an industry backed by tailwinds as the shift to online education and increased demand for middle-skill workers is expected to continue, with a current lack of labor supply creating future enrollment demand. Penn Foster addresses the high financial and lifestyle costs associated with higher education by offering a low-cost, high-value, flexible solution that allows students to graduate debt-free and develop skills that are in high-demand by employers. On average, a Penn Foster student only pays approximately 10-20% of tuition compared to similar two-year programs at a community college.

Recent Activity 

• As part of our initial investment in October 2021, Penn Foster acquired Carrus, a provider of online healthcare training and professional development, broadening the types of opportunities available to Penn Foster students and making it one of the largest skills-based training platforms in the country. 

• In February 2022, the Company was included in the GSV EdTech 150 List, identifying it as one of the most transformational private companies in the digital learning space. 

• In March 2022, Thrive Pet Healthcare partnered with Penn Foster, sponsoring its veterinary assistants in the completion of the Company’s Veterinary Technician associate degree. 

• In July 2023, Penn Foster celebrated its largest-ever group of high school and career program graduates at its 2023 commencement ceremony. 

Power TakeOff employs highly sophisticated artificial intelligence and machine learning algorithms to assist energy advisors to accurately and efficiently identify end customer energy savings opportunities.

Investment Profiles

For illustrative purposes only.
Source: Lime Rock New Energy, March 2023

Investment and Financial Thesis 

• The Company primarily addresses the growing $640 million U.S. energy efficiency market, which is expected to continue to expand as a result of regulatory tailwinds including many Energy Efficiency Resource Standard programs that require utilities to achieve specific energy efficiency goals each year.  

• Given the nature of Power TakeOff’s contracts with utilities, the Company exhibits high revenue visibility and maintains a sticky customer base.  

• Potential for significant upside as the Company evaluates expansion opportunities into Europe as well as new service lines, such as greenhouse gas accounting.  

• Lime Rock New Energy has significant experience in the renewable energy and energy efficiency space and is well-positioned to execute on further geographic and service expansion opportunities.  

Impact Thesis

• Increased regulation, such as demand response requirements for minimum annual energy efficiency savings, continues to drive utility companies to seek more efficient solutions.  

• Power TakeOff directly contributes to reduced energy consumption by utility customers through its Utility Programming and Energy Management Information Systems, which utilize utility customers’ meter data to run proprietary algorithms that identify energy savings opportunities.  

• The Company helps reduce each utility customer’s strain on the grid as well as CO₂ production from power generation, providing a more sustainable solution while also providing savings for customers on their utility bills.  

• As Power TakeOff scales and includes additional utilities accounts, its proprietary algorithms will continue to improve and allow for greater, more efficient energy savings. 

Circular Economy:
The Future of Telecoms

The term “circular economy” has been gaining traction socially, politically and in business. At its core, the circular economy model is based on three principles: design out waste and pollution; keep products and materials in use; and regenerate natural systems. 

Investment Profiles

Investment and Financial Thesis 

• TXO operates in an underserved market that is expected to undergo significant growth as increased regulation shifts demand toward more sustainable practices within the telecommunications industry and a desire to maximize returns on existing infrastructure systems. Customers are looking to TXO and companies alike to provide a circular economy option in the space.  

• The Company’s operating model delivers tangible circular economy gains. TXO recovers 50k parts per month, repairs 12k parts annually, and recycles 2.4k tons of waste each year. Corporates’ increased focus on sustainability and environmental targets suggest an increase from refurbishing around 2% of their equipment to a target of 10-20%. 

• TXO’s diverse, repeat customer base speaks to the strength of its offering. 90% of revenue is generated from repeat customers.

• The value creation opportunity is substantial, and varied, with clear organic underpinnings and inorganic upside.

Impact Thesis

• TXO Systems addresses an underserved, growing market with a TAM expected to grow 12% per year. 

• The Company recovers 50k parts/month, recycling 2.4kT/year; every £ of revenue can be traced to CO₂/landfill averted, given the linear, wasteful basis the industry currently operates on. OEM/Telco services of this nature are highly specialized, and as such, TXO has a defensible moat of quality and track record in an area which either requires significant build out or M&A (e.g., for an OEM to internalize or a competitor to scale). 

• The Company has built a multi-decade reputation as a go-to circular economy resource with a full-suite of services averting a linear value chain ending in waste and landfill, to one aiming to ensure every material with further use is not wasted.  

Impact and Investment Thesis

Ubicquia’s technology leverages existing infrastructure to make cities smarter, safer and more connected by reducing energy costs and expanding public broadband, helping to bridge the digital divide. The Company is expected to undergo significant growth as it scales its 5G technology and leverages existing key partnerships with AT&T and Ericsson. 

Recent Activity

• In September 2022, Ubicquia announced a strategic partnership with Eco Partnering Innovations, a Florida-based Smart City and Connected Vehicle solutions provider, and Miller Alliance Group, a North Carolina-based Smart City technology provider, to provide better insights into traffic safety and the intelligence required to increase traffic efficiency.  

• Over the last 12 months, Ubicquia has been awarded: 

  • The ISO 27001 certification, a leading standard for information security management,  

  • The AWS GovCloud certification, enabling the Company to store sensitive information and regulated workloads in the cloud,  

  • The Industrial Design Excellence Award by the Industrial Designers Society of America and an iF Design Award for its UbiHub AP/AI product 

  • One of five winners of the 2022 America’s DataHub Innovation Challenge,  

  • The Overall Wi-Fi Network Infrastructure of the Year award for its UbiHub Smart City Platform at the Mobile Breakthrough Awards; and

  • The TALQ certification for its UbiVu product, allowing the Company to integrate and work with other TALQ-certified, lighting management systems.

• In March 2023, Ubicquia established partnerships with three new utility partners, Howard Agency, National Transformer Sales and Utility Sales Agents of South Texas, to expand its go-to-market strategy for its UbiGrid DTM+ product throughout the Eastern United States.  

• In March 2023, Ubicquia also partnered with MCA, an advisor for wireless communications, data and security solutions, further strengthening its UbiHub and UbiCell go-to-market strategy.  

• In July 2023, Ubicquia announced a distribution partnership with UrbanSP to expand the Company’s geographic reach throughout Latin America and the Caribbean. Ubicquia plans to continue to expand globally in 2023.  

Investment Profiles