Why S2G Is Joining the All Aboard Coalition

One of the biggest threats to advancing the energy transition is not a lack of ideas or entrepreneurial ambition, but a failure of funding allocation. Too many growth-stage companies find themselves stuck in the ​“Missing Middle” — too advanced for venture, yet too unproven for infrastructure-scale investors. Without new models of capital deployment, companies capable of reshaping global energy markets risk stalling before they ever reach commercial scale.

That is why S2G is joining the All Aboard Coalition: a collective of investors committed to bridging this critical funding gap through co-investment and collective action, aimed at aligning check size and risk structures with the needs of these companies.

Capital Allocation Is Failing Energy Transition 

In S2G’s report, ​“The Missing Middle: Capital Imbalances in the Energy Transition,” authors Francis O’Sullivan and Gokul Raghavan found that of the $270 billion of energy transition-focused private capital raised between 2017 and 2022, venture capital accounted for 43%, while private equity and infrastructure-focused funds raised 37%. This leaves a significant gap for growth-stage companies right when they need $50 – 100M+ rounds to scale production and prove economics.

Without sufficient growth equity, breakthrough solutions risk dying on the vine. The market has plenty of money to drive the energy transition forward, but our perspective is that capital allocation must be redirected to where it’s most urgently needed.

Collective Approach Matters

By bringing together more than a dozen venture and growth equity investors that collectively report managing more than $40 billion*, the All Aboard Coalition aims to pool expertise and resources to help promising clean energy companies scale from innovation to commercial reality.

This collective approach matters. Instead of fragmented bets, the All Aboard Coalition will drive co-investment, collaboration, and alignment around the companies it believes are capable of transforming sectors like long-duration energy storage, geothermal, nuclear, carbon capture, and clean hydrogen. The goal is to create the next generation of market leaders that can anchor a more resilient, energy-secure economy.

S2G is joining the All Aboard Coalition because no single investor can solve this challenge alone. We’ve seen how many high-potential companies hit capital roadblocks at the very moment when they need to prove scale. Through our involvement in the coalition, we can help ensure those companies access the growth equity and project financing needed to bridge the Missing Middle.

* as of 9/3/25