S2G’s Structured Finance Strategy: Flexible Capital for Asset-Backed Growth

Previously known as Special Opportunities, S2G’s Structured Finance strategy provides bespoke, asset-backed financing to energy and infrastructure businesses operating across the energy transition.

For many energy and infrastructure companies, the path from early growth to larger scale does not fit neatly within traditional capital markets. These businesses may already have revenue, assets, and commercial traction, but remain too early for conventional infrastructure capital and outside the typical profile for growth equity.

Our approach starts with the business’s assets, contracts, cash flows, and risk profile, then builds financing around what the business can support. Depending on the opportunity, that can include senior secured debt, mezzanine loans, or structured equity.

Capital needs can vary significantly even among businesses addressing similar markets. A battery storage developer with contracted cash flows should not be financed the same way as a software company. A fleet electrification platform that owns or leases physical assets brings another set of considerations. For asset-oriented businesses, relying entirely on equity can create unnecessary dilution, while waiting to reach the scale required by traditional infrastructure investors can inhibit efficient growth.

The strategy supports businesses with a range of asset and deployment models, but focuses on businesses with limited technology risk. Several companies featured in S2G’s 2025 Annual Report illustrate the growth opportunities we see across the portfolio.¹

• Formic provides robotic automation to U.S. manufacturers as a fully managed service, removing the significant upfront capital expense that can keep small- and midsized manufacturers from adopting automation. In 2025, its systems reached 500,000 production hours, packed and palletized 468 million pounds of product, and maintained 99.3% uptime across hundreds of robots. Hear Formic CEO Saman Farid discuss the company’s Robotics-as-a-Service model on the S2G Podcast 
   
• Goshe Energy Storage develops, owns, and operates utility-scale battery energy storage systems. Rather than taking early-stage development risk, Goshe acquires construction-ready projects and applies financing and execution capabilities to bring storage capacity online. The company has raised more than $460 million for its initial portfolio and reached 280 MW of operating capacity. Watch S2G’s portfolio spotlight for a closer look at Goshe’s model and growth strategy.
   
• Mitra EV combines vehicle leasing, charging, and access to shared fast-charging infrastructure into a managed offering designed to give small- and midsized fleet operators access to the operating benefits of EVs without requiring significant upfront capital. Hear Mitra EV CEO Galina Russell discuss the economics and infrastructure behind fleet electrification on the S2G Podcast. 

As more asset-oriented businesses move toward larger-scale deployment, we expect demand for flexible financing to grow. For S2G, that creates an opportunity to invest where sector depth and capital structuring can help businesses move from commercial traction to scaled execution.