Our Energy North Star: A Cleaner, Cost-Effective and Resilient System

We see the energy transition as a defining opportunity to reshape our energy system to be more resilient, sustainable, and economically productive. Achieving this vision requires solutions that can scale in the real world, both financially and operationally. S2G invests in companies advancing the transition by pairing innovation with capital strategies tailored to accelerate adoption and market relevance.

Our approach reflects a systems-level understanding of where value can be unlocked. By supporting companies across clean power, mobility, industrial decarbonization, and the built environment, we work to strengthen the reliability and accessibility of cleaner energy across the economy. We collaborate with our partners to navigate structural frictions — market, policy, and financing — so their technologies don’t stall in the critical stages of commercialization but instead scale to deliver meaningful, long-term impact.

In 2024, our team deployed over $195 million and invested in four new portfolio companies ANA, Tract, Urbint, and XOCEAN. We are excited to support 23 portfolio companies across the energy value chain since our start four years ago. 

To build on our momentum and further our efforts to invest in innovation, we have introduced our Energy Theory of Change, a framework that seeks to guide new investments and map our portfolio to a shared ​“North Star” goal. 

Sector North Star

By 2035: Demonstrate market-rate returns by investing in accelerating the transition to a cleaner, cost effective, and resilient energy system.

Our energy interim outcomes align with long-term outcomes that support S2G’s overarching Theory of Change. The following case studies illustrate how portfolio companies are contributing to these interim outcomes as measured through defined impact indicators.¹

Increased Production and Storage of Cleaner Energy

Case Study: 38 Degrees North

400 MW aggregated, financed, constructed, and managed across 100+ projects.² 

38 Degrees North is a community solar and distributed renewables platform focused on accelerating the deployment of clean energy across the U.S. By developing and operating distributed generation and community solar assets, the company is expanding access to cost-effective, rapidly deployable sources of renewable power. These systems generate clean electricity locally while also contributing to grid stability and resilience. With a strong presence in states with supportive policy frameworks, 38 Degrees North enables communities and utilities to increase their share of renewable energy without large-scale infrastructure buildouts. The team’s deep experience, spanning over 5 GW of successful renewable project development and financing, ensures reliable execution from planning through operation.³ Through these efforts, 38 Degrees North is actively increasing the amount of clean energy produced and delivered to the grid.

Reduction in Price of Clean Energy

Case Study: Common Energy

5 – 15% savings on monthly electric bills for customers.⁴

Common Energy is an energy management platform that connects businesses and households to local community solar projects. In exchange for supporting the projects, these ​“subscribers” lower carbon emissions and receive energy credits on their bills, lowering their energy cost. By streamlining access to clean energy through its digital platform, Common Energy eliminates the need for on-site installation, thereby enabling renters, low-income households, and other properties with unsuitable roofs to benefit from clean energy. This innovative model increases participation in renewable energy, accelerates deployment of solar infrastructure, and drives economies of scale, ultimately reducing the cost of clean electricity. By working with developers and utilities nationwide, Common Energy improves project visibility and ROI, helping to fund and activate hundreds of megawatts of solar capacity. As more subscribers enroll, Common Energy’s platform helps scale adoption, cut emissions, and bring down the per-unit cost of renewable energy for all.

Increased Energy Supply Chain Resilience and Reliability

Case Study: LineVision

Up to 40% more capacity unlocked on transmission lines to support rapid load growth.⁵

LineVision is helping make the grid stronger and more flexible by giving utilities the tools and visibility to safely move more electricity through existing transmission lines. Using a combination of sensors, software, and hyperlocal weather forecasting, LineVision continuously monitors line capacity — unlocking more power on today’s infrastructure without costly upgrades. By detecting issues early, such as overheating or unusual movement, the system helps prevent outages and damage during extreme weather. And because the technology can be installed quickly, without taking lines out of service, utilities can boost capacity and reliability faster and at a lower cost. \

We are grateful to our portfolio companies, co-investors, and broader ecosystem for engaging with us in this work. By learning from one another and aligning around common goals, we believe we can strengthen the practice of investing in resilient, lasting businesses. 

For more details on our North Stars, download S2G’s Annual Report.