Second Foundation

By combining proven expertise, strategic industry partnerships, and innovative capital structures, Montauk Capital is building solutions across the full stack of the Electron Economy. Montauk Capital is an investment platform spanning venture capital and venture studio strategies. We back technology companies powering the Electron Economy, the generational shift to electrified, intelligent businesses and technologies reshaping how the world grows and competes. Our investment thesis centers on software-driven solutions to unlock venture-scale returns. Montauk Capital brings deep expertise across the entire business-building ecosystem: from emerging technologies and business model innovations to capital markets and sustainability. This broad understanding helps us identify and support founders building the next generation of transformative companies. Our KEY INVESTMENT THEMES Energy Abundance Adaptability & Resilience Resource & Energy Efficiency

The value of environmental attributes should rise as the energy transition takes hold. Emissions reductions and economic returns do not need to happen in isolation. Markets help internalize externalities, and pricing negative environmental outcomes is a key mechanism to drive investment into lower-emissions technologies and processes. STRATEGY Command of supply and demand. Molecule Ventures' deep understanding of policy design and supply/demand balances enables the firm to build conviction in the asymmetric potential of the markets in which it participates. Financially aligned and impact-driven, Molecule Ventures aims to deliver compelling returns alongside climate-positive outcomes. TEAM Built to execute in environmental markets. Advantaged by its deep financial and energy sector experience plus professional and academic evaluation of market-based mechanisms to cut emissions, Molecule Ventures brings a highly complementary and focused skill set to the space. The founding team shares a history of working together to implement successful asset management businesses and a demonstrated commitment to the social and environmental gains delivered by participation in these markets.

Shell Ventures works with startups and companies from their early stages to their scale and growth phases. We make minority investments that help to develop new technologies and disruptive business models that work to accelerate the energy and mobility transformation. Investing in venture funds and incubators is also critical to expanding our scanning capabilities, making introductions to great companies and potential investment opportunities. Investment domains Our investment focus is a mix of power, mobility, emission management, resources and digital: Power: We look for models that support commercial and industrial customers, help residential customers better manage their personal energy use, and commercial opportunities to bring power to remote communities. We invest in renewable power generation, which includes wind and solar, innovations in distributed energy solutions and novel storage solutions for renewable energy. Mobility: We invest across the transport industry in technologies and business models that are revolutionising the way we move the world’s growing number of people and goods, while balancing efforts to reduce CO2 and local emissions. Emission management: We invest in startups that help companies decarbonize across sectors. We look for emissions management solutions, negative emission -- both engineered carbon capture and nature-based solutions -- and innovations that empower the carbon market. Resources: We look for technologies or companies that create value to Shell’s core business. We invest in solutions that can help improve efficiency, make our operations safer and bring value to our customers. Digital: We are looking at new ways to analyse and interpret data, connect customers with new business models for mobility and energy services, and optimise technologies in the decentralisation of energy systems. How we support our portfolio companies Shell Ventures is more than a route for capital: we specialise in deployment and scaling-up, and have a team dedicated to implementation and deployment. We can offer companies access to technical and scientific expertise, research and development facilities, and can assist with field trial pilots to further develop and demonstrate concepts. We also provide unique access to a global customer base and to an extensive supplier and contractor network. Our investment strategy is to be a significant minority investor – a typical initial investment is $2-5m, with a total of $15-22m over the lifecycle of an investment. We will lead or follow funding rounds, which means we actively form syndicates with other venture capital funds and corporate venturing teams. Maintaining excellent relationships with leading venture capital firms is paramount to our success, as they are an important source of high-quality deals. We continually build and activate our network to create the best opportunities for our portfolio companies.

The future of energy, beyond energy. Zero emission economies powered by 100% renewable energy. Smart cities, electric vehicles on the streets, large-scale energy storage, smart demand-side management, hyper-customised offers and self-sufficient homes will soon be a reality. Join us in making this new reality possible before the end of the decade. We see five megatrends driving the energy future.Smartgrids & storage: New energy value chains to accelerate the adoption of renewable energy Renewable generation: Cutting-edge technology to reduce renewable generation costs and increase efficiency Client-focused solutions: Next-generation customer experience with a hyper-personalized offer of value-added services beyond energy Digital & data-driven utility: Breakthrough technologies to optimize utilities’ operations and provide a superior service Sustainable mobility: New ways of transportation to increase flexibility and reduce carbon emissions Our unique approach.Invest Financial investment in early and late stage startups looking for strategic support and industrial ecosystem access We invest from 0.1M€ to 2M€ combining two strategies: Early stage: Up to 150k€ to develop an ecosystem of startups offering high added-value services to our utility customers Seed, A series & follow-ons: Tickets from 0.2M€ to 2M€ to fund the winners of each market category Build Design, launch and scale new energy companies together with top entrepreneurial talent We launch one startup per year from scratch focused on strategic business models for Capital Energy Partner Commercial agreements with market-driven startups to foster long-term relationships What makes us different.Deep industry knowledge Access to commercial customer channels Agile and transparent process Ecosystem-driven investment Access to assets and infrastructure About Capital Energy. Capital Energy is a 100% renewable energy utility company leader in promotion of greenfield wind and solar developments in the Iberian market, with the ambition to invest 10,000M€ in the next 5 years to expand along the entire renewable energy value chain: renewable energy generation, storage and commercialization, along with digital value-added services for the end-customer. As a key building block to this ambition, Capital Energy has launched Capital Energy Quantum, a Corporate Venturing vehicle with 20 M€ of initial funding to invest in the future of energy.

We are the venture capital arm of EDP, investing in early-stage startups working in the energy space and willing to impact the life of millions of people. We support and stimulate the open innovation process in the energy sector, challenging our own business units to continually look for bold solutions. Where we investClean Energy Centralized Renewable Energy | O&M | Assets Monitoring and Sensing Smart Grids Smart Grids Infrastructure | Energy Distribution Management | Demand Response | Energy Aggregation | Micro-Grids Client-Focused solutions New Pricing Models | Energy Efficiency | e-Mobility | Connected Homes | Distributed Solar Energy Storage Storage Systems | Storage Management And Control Digital Innovation Cloud Computing | Big Data and Advanced Analytics | IoT | Predictive Maintenance | Cybersecurity | AI | AR & VR | Automation What we offerEarly Stage Tickets: We invest from 0.5M€ to 2M€ seed & series A always assuming minority positions Access to Knowledge: We provide access to our assets, business units & industry experts worldwide Network Access: We connect founders to a wide network of co-investors and potential customers in the utility sector Worldwide Footprint: We invest worldwide and have investment teams in Lisbon, Madrid & São Paulo with over 70M€ of funds under management

Grok invests in technology enabled companies and projects that will decarbonise our planet. Lowering emissions, removing carbon, generating awesome returns - that’s our focus. We back teams in markets we understand - predominantly Australia and New Zealand, Singapore, North America, and Europe. At our core, we believe: Technology is the biggest lever we have to decarbonise the economy. Seeding and scaling climate tech into climate infrastructure is going to require trillions of dollars in private capital. We consider this the biggest economic opportunity of our lifetime. The funding requirements of climate tech and infrastructure are unique – the capital and capability needs to be flexible, focused and fit-for-purpose. SOLVING THE CLIMATE CAPITAL STACK: There is a major funding gap in climate tech. We solve this by investing equity early from our Venture team and when companies hit defined milestones our Infrastructure team can provide flexible forms of non-dilutive financing. We’ve been providing flexible funding since 2016. Our team brings specialist experience building technology businesses, investing across venture, infrastructure and debt, as well as owning and operating renewable infrastructure. We deploy this expertise to help our portfolio companies scale.