S2G’s Growth Equity Strategy for the Physical Economy

Across the physical economy, rising energy demand, shifting supply chains, industrial modernization, and the infrastructure needs created by AI are reshaping capital needs and operating priorities.

For S2G, that creates a growth equity opportunity. We invest in companies with established revenue, paying customers, and solutions that can improve efficiency, resilience, and long-term value. These businesses have moved beyond proof of concept and reached a point where additional capital can help expand distribution, enter new geographies, pursue M&A, or accelerate deployment.

Commercial traction does not always translate into a natural source of capital. They may be too mature or capital-intensive for traditional venture investors, while still too early or too small for conventional infrastructure funds. We call this the ​“Missing Middle.” Solutions Fund I is designed for that gap, with investments typically ranging from $25 million to $100 million.

We closed Solutions Fund I at $1 billion in May 2026, and as of June 30, the fund had deployed more than $360 million across 11 investments. The strategy is deliberately cross-sector, giving us the flexibility to invest across food & agriculture, energy, and oceans, as well as opportunities that sit between those systems. We are building a concentrated portfolio to be an active partner to management teams as they grow.

Our 2025 Annual Report highlights several Solutions Fund I investments that show the breadth of the strategy.¹

• Aerones uses robotics and AI to tackle one of wind power’s persistent operating challenges, turbine maintenance. In 2025, its technology eliminated 78,600 hours of turbine downtime, contributing to 216,600 MWh of additional wind energy generation.
   
• Echandia builds heavy-duty battery systems for ferries, tugboats, and other vessels that operate in demanding conditions with little tolerance for downtime. More than 120 vessels have been delivered or are on order.
   
• Oxzo is improving productivity and resilience in aquaculture through onsite oxygenation. Its active systems supported more than 321,000 tons of fish biomass in 2025, with deployments demonstrating biomass increases of 5% to 10% and field data showing 24% lower fish mortality.
   
• Sojo Industries is bringing robotics and mobile manufacturing directly to food and beverage facilities. Its Sojo Flight platform can deploy a fully operational packing line in an hour or less, giving brands more flexibility without requiring a new fixed production line. Hear Sojo CEO Barak Bar-Cohen discuss the company’s approach to mobile manufacturing and automation on the S2G Podcast.

These companies operate in different markets, but each solves tangible problems for customers with a business model designed to scale.

The pressures reshaping these markets are not confined to a single sector. They are changing how essential goods and services are produced, moved, and powered, creating room for companies that can deliver better performance at scale. That is the kind of opportunity we are focused on finding and backing through Solutions Fund I.