LetterOne

LetterOne is a privately owned investment vehicle established in 2013 and based in Luxembourg. It focuses on making value-driven investments primarily in the Energy and Technology sectors through its business units, L1 Energy and LetterOne Technology. The company manages a substantial portfolio of assets, which includes significant investments in telecoms, credit, and equity securities. LetterOne aims for large-scale investments exceeding $1 billion and seeks to enhance value through operational excellence, strategic input, and capital provision, particularly in turnaround situations involving distressed assets. The firm actively participates in management and board-level roles to influence performance, strategy, and business development. Its investment approach does not adhere to fixed time horizons, with returns generated through dividend income and capital gains from asset disposals.

Edmund Packard

Managing Director, Funds

6 past transactions

Tigo Energy

Convertible Note in 2023
Tigo Energy, Inc. specializes in developing module-level power electronics and module optimizer technology for the solar industry. The company offers solar optimizers and comprehensive software solutions that include module-level monitoring for utility, commercial, and residential photovoltaic (PV) arrays, as well as a mobile application for solar management. Tigo Energy also provides communication solutions, such as gateways and a Maximizer Management Unit, which facilitate communication between optimizers and inverters. Its products cater to a diverse range of markets, including residential, commercial, utility, third-party finance, schools, and government sectors, and are distributed through various channels. Founded in 2007 and headquartered in Campbell, California, with an additional office in Tuscany, Italy, Tigo Energy operates globally across the United States, Europe, Japan, China, Australia, Brazil, and the Middle East. The company's focus is on enhancing safety, increasing energy yield, and reducing operating costs, ultimately improving the efficiency and reliability of solar installations.

H2scan

Venture Round in 2022
H2scan Corporation, established in 2002 and headquartered in Valencia, California, specializes in manufacturing and distributing hydrogen leak detection and process gas measurement products globally. The company offers two primary product lines: HY-OPTIMA for real-time hydrogen monitoring in industrial processes, and HY-ALERTA for safety-focused hydrogen leak detection in various environments. Their patented hydrogen sensing technology is designed to integrate into diverse industries such as electric power grids, petroleum, nuclear power plants, and chemical production facilities. H2scan serves these markets through a network of distributors across North America, Asia, Europe, South America, the Middle East, Australia, and Africa. The company's strategic partnership with WEIDMANN Diagnostic Solutions enhances its product offerings. Originally formed via an MBO with backing from Chrysalix Energy Limited Partnership and Ravinia Venture Fund, H2scan's technology is based on improvements to systems developed by Sandia National Laboratory.

Plastic Energy

Venture Round in 2021
Plastic Energy is a company focused on addressing plastic pollution by offering innovative recycling services. It specializes in converting end-of-life plastic waste, which is typically unrecyclable, into valuable resources such as clean recycled plastics or alternative low-carbon fuels. By transforming this waste into new feedstock, Plastic Energy provides a sustainable solution that helps clients manage plastic waste effectively. The company's operations not only contribute to reducing environmental impact but also promote a circular economy by turning waste into usable materials.

Qvantel

Venture Round in 2016
Qvantel is a developer of cloud-based business support system (BSS) software tailored for telecom operators. The company provides a no-code, cloud-native digital platform that enables communication service providers (CSPs) to effectively manage customer relationships, product offerings, and revenue streams. Qvantel's comprehensive tools facilitate the complete customer lifecycle, allowing CSPs to innovate services and streamline billing and financial management. By offering future-proof digital solutions, Qvantel empowers telecom operators to transition into digital-first entities, enhancing their ability to attract and engage customers.

Uber

Private Equity Round in 2016
Uber Technologies, Inc., established in 2009, is a global technology company that connects users with transportation and logistics services through its mobile application. It operates in over 300 cities worldwide, offering a range of services including ridesharing, food delivery, and freight transportation. Uber's core business is facilitating transportation by matching riders with drivers, providing safe, reliable, and convenient options at varying price points. Additionally, Uber Advanced Technologies Group, a subsidiary, focuses on developing self-driving car technology to enhance transportation safety and accessibility.

FreedomPop

Series C in 2016
FreedomPop is a telecommunications company established in 2011, focused on providing free wireless internet and mobile phone services globally. It aims to bridge the digital divide by offering high-speed internet access and mobile services without cost. FreedomPop's offerings include free international calling and texting, allowing users to communicate and access the internet without incurring charges. By delivering these disruptive mobile services, the company seeks to ensure that everyone, regardless of their location or financial situation, can benefit from essential connectivity.
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