Category Archives: News

ABB invests in generative AI energy manager startup Edgecom

ABB Ventures
  • BB extends partnership with Edgecom, winner of its 2024 Startup Challenge
  • Edgecom and ABB will collaborate on AI solutions for large industrial customers

ABB is investing in a strategic partnership with Edgecom Energy, the Toronto-based energy management startup. The company’s unique energy management platform uses artificial intelligence to help industrial and commercial users manage and reduce peaks in their power demand. It is the first in the market to use a generative AI copilot to optimize the user experience.

The partnership involves a minority investment in Edgecom through ABB Electrification Ventures, the venture capital arm of ABB Electrification. ABB Electrification Ventures is part of the group-wide ABB Ventures framework, investing in transformative technology companies that advance ABB’s vision of a more sustainable, electrified, and automated world. Edgecom was a winner in ABB’s 2024 Startup Challenge.

The International Energy Agency has stated that the world must double the pace of energy efficiency progress in the next decade to meet net zero targets. It highlights the key role digital energy management must play. Innovation teams at ABB’s Smart Power division will collaborate with Edgecom to develop new AI-enabled solutions to help customers in North America save energy and reduce costs.

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “Partnerships are key to ABB Electrification’s artificial intelligence strategy for energy management. Edgecom shows how gen AI can create business value from complex data sets with an easy-to-use interface. The company also has the scalability and interoperability ABB is looking for as we grow our AI ecosystem for energy management.”

Artificial intelligence can be a game-changer for energy management. ABB’s digitalised electrification solutions collect data from across a site’s power network; Edgecom’s AI Energy Copilot can turn complex dataset into energy saving opportunities. Adapting to the customer’s goals, the AI Energy Copilot suggests small adjustments to lower bills or smart ideas to reduce environmental footprint.

Behdad Bahrami, CEO and Co-Founder of Edgecom, said: “ABB’s commitment to our vision underscores the transformative impact we’re bringing to energy management. Together, we’re empowering large energy users to achieve significant cost savings and emissions reductions through innovative solutions that deliver real world cost savings and emissions reductions. As the energy transition accelerates, innovative partnerships like this are key to creating a more efficient and sustainable future for industries worldwide.”

Mehdi Parvizi, CTO and Co-Founder of Edgecom, added: “Generative AI is transforming energy management by enabling tailored strategies that unlock savings across energy-intensive assets and facilities. This technology optimizes asset performance, integrates operations with energy market programs and price tariffs, improves energy efficiency, and guides operator behavior toward more effective energy decisions.”

The investment in Edgecom brings the total portfolio of ABB Electrification Ventures to 15 companies, with investments totalling €80 million since 2021. It is part of ABB Ventures, which has invested more than $450 million in 70 startups across electrification and automation sectors since 2010.

Edgecom Energy's unique energy management platform uses generative AI to help users reduce power demand peaks
Edgecom Energy’s unique energy management platform uses generative AI to help users reduce power demand peaks

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are ‘Engineered to Outrun’, and we are passionate about helping our customers and partners do the same. go.abb/electrification

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Novo Holdings Participates in €90 Million Series A Financing Round for Orbis Medicines to Support Development of Oral Macrocycle Drugs

Novo Holdings
  • Financing to support the development of Orbis’ pipeline of next-generation macrocycles, nCycles, with an initial focus on validated blockbuster biologic targets
  • Orbis’ nGen platform systematically explores oral macrocycle design with automated chemistry and machine learning
  • Novo Holdings Partner, Morten Graugaard, to lead Orbis as CEO

COPENHAGEN – January 6, 2025 – Novo Holdings today announced its participation in a €90 million Series A financing for Orbis Medicines. The round was led by New Enterprise Associates (NEA), with participation from new investors including Eli Lilly and Company, Cormorant, the Export and Investment Fund of Denmark, alongside existing investors Novo Holdings and Forbion. Morten Graugaard, Partner at Novo Holdings, has been appointed the Chief Executive Officer of Orbis Medicines following nearly three years serving as Executive Chair of its Board of Directors.

Orbis was founded in 2021 by the Seed Investments team of Novo Holdings to pioneer a new era for oral macrocycle drug discovery and build on the ground-breaking science developed by Professor Christian Heinis and Sevan Habeshian at the Swiss Federal Institute of Technology in Lausanne (EPFL). João Ribas, Principal, Novo Holdings, and Morten Graugaard provided highly collaborative operational management and strategic guidance, exemplifying the team’s active, hands-on approach to venture creation.

Macrocycles are a large and diverse family of compounds with highly desirable therapeutic properties. However, developing these compounds as oral drugs has historically been a significant challenge. Orbis is focused on using its leading nGen platform to generate high-value oral alternatives to blockbuster biologic drugs and targets to maximize value for patients.

“The benefits of an oral format include dose control, convenience, ease of dosing, and feasibility for much larger populations of patients. Orbis is leveraging macrocycles to unlock these benefits in major areas validated by existing biologics, and we are proud to have played an integral role in shaping the company from its earliest stages,” said João Ribas, Principal, Novo Holdings. “The combination of automated chemical synthesis, high-throughput assays, and machine learning ignited our enthusiasm and drove us to start collaborating to build Orbis before its first financing round. We congratulate Morten on his appointment and the team on their successes to-date and look forward to advancing the future of macrocycles.”

About Orbis Medicines
Orbis Medicines is pioneering a new era for oral macrocycle drug discovery. Its nGen platform systematically delivers macrocycle candidates, termed nCycles. These are optimized for oral bioavailability, which has historically hindered therapeutic development of this versatile class of molecules. Orbis’ pipeline is initially focused on nCycle candidates against targets validated by blockbuster biologic drugs delivered by injection. In 2024, Orbis raised a EUR 26 million series seed round co-led by Novo Holdings and Forbion. Proof-of-concept of Orbis’ work has been published in Nature Communications and Nature Chemical Biology. The company is located in Copenhagen, Denmark and Lausanne, Switzerland. For more information, please visit: www.orbismedicines.com.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

Further information

Christian Mostrup
Head of Public Relations
+ 45 306 74805
cims@novo.dk

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Advent International to Acquire Sauer Brands, A Scaled Platform of Leading Condiments & Seasonings Brands

Advent

BOSTON, MA and RICHMOND, VA, January 6, 2025 – Advent International (“Advent”), a leading global private equity investor, today announced that it has signed a definitive agreement to acquire Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

Sauer Brands is a portfolio of leading brands, including Duke’s Mayo, Mateo’s Gourmet Salsa, and Kernel Season’s, among others. The Company is best known for Duke’s Mayo, a beloved mayonnaise brand with a rich history dating back to its founding in 1917. Today, Duke’s is the fastest growing scaled player in the mayo category and the seventh fastest-growing brand in the center of store.

“With a more than 135-year history, Sauer Brands has established itself as a standout player in the highly attractive condiments and seasonings categories. Despite its long history, we believe that the Company is still in the early innings of growth,” said Tricia Glynn, a Managing Partner at Advent International. “It’s easy to see why consumers have long been drawn to Duke’s differentiated taste profile and we are excited to share this well-loved brand with a growing consumer base. We believe that Advent’s extensive experience investing in growth consumer brands at scale will enable us to partner with Sauer Brands on an ambitious growth strategy, and we’re thrilled to welcome the Company to our portfolio.”

“I am thrilled to be joining a Company with a long history of delighting consumers with great tasting products and one-of-kind consumer favorite brands like Duke’s and Mateo’s,” said Todd Lachman, incoming board chair of Sauer Brands. “With their commitment to outstanding quality, the Sauer Brands team has delivered exceptional performance, and we are excited to partner with the team to support Sauer Brands’ continued growth.”

“Today represents another milestone moment for the evolution and future of Sauer Brands,” said Bill Lovette, Chief Executive Officer of Sauer Brands. “I share this achievement with our entire team, which has continuously raised the bar for our industry. With Advent’s strong industry track record, global network and operational support, Sauer Brands is in a position to thrive in its next chapter.”

“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth,” said Chip Johnson, Partner at Falfurrias Capital Partners. “We are confident that the Company is strategically positioned for further success under Advent’s ownership.”

Advent has developed significant expertise investing in the global food space, and this investment demonstrates its continued enthusiasm about this category. Prior Advent investments include Sovos Brands (sold to The Campbell’s Company), Grupo CRM (sold to Nestlé), IRCA, an international leader in chocolate, creams, and high-quality semi-finished food ingredients, and Indian snack food producer DFM Foods.

Morgan Stanley & Co. LLC is serving as lead financial advisor and McGuireWoods LLP is serving as legal advisor to Sauer Brands. William Blair & Company, L.L.C. is serving as co-financial advisor to Sauer Brands. Centerview Partners LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent. McGuireWoods LLP is serving as legal advisor to Falfurrias Capital Partners.

About Sauer Brands

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts. The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California. The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s. Sauer Brands Inc. also produces high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Falfurrias Capital Partners

Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has raised $3.4 billion across seven funds and invests in growing, middle market businesses in sectors where the firm’s operational resources, relationships, and sector expertise can be employed to complement portfolio company executive teams in support of growth objectives. Falfurrias Capital Partners employs a proprietary, research-based process called “Industry First” to identify markets with durable growth trends, construct a thesis based on research findings, and partner with management teams and companies to create strategic value. For more information, visit www.falfurrias.com.

Media Contacts

For Advent International
Leslie Shribman, Head of Communications
lshribman@adventinternational.com

For Sauer Brands and Falfurrias Capital Partners
Steve Hirsch
Steve@hirschleatherwood.com

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Hologic Completes Acquisition of Gynesonics, Inc

MARLBOROUGH, Mass.–(BUSINESS WIRE)– Hologic, Inc. (Nasdaq: HOLX), a global leader in women’s health, has completed its previously announced acquisition of Gynesonics, Inc. (Gynesonics®), a privately held medical device company focused on the development of minimally invasive solutions for women’s health, for approximately $350 million.

“We are excited to complete the acquisition of Gynesonics and to increase access to their Sonata® System, which complements and expands our range of minimally invasive solutions for heavy periods and fibroids,” said Brandon Schnittker, President of Surgical Solutions at Hologic. “As global champions for women’s health, we are dedicated to empowering surgeons with diverse, cutting-edge treatment options as we strive to transform women’s lives for the better.”

The Sonata System is a technology intended for diagnostic intrauterine imaging and transcervical treatment of certain symptomatic uterine fibroids, including those associated with heavy menstrual bleeding. The technology combines real-time intrauterine ultrasound guidance with targeted radiofrequency ablation in an incisionless procedure.

“As we embark on this new phase with Hologic, we are excited to see the continued success of the Sonata System, which has already made a difference in the lives of thousands of women,” said Skip Baldino, President and Chief Executive Officer of Gynesonics. “Hologic’s commitment to women’s health and their leadership in innovation make them a perfect fit for our organization.”

About Hologic

Hologic, Inc. is a global leader in women’s health, dedicated to developing innovative medical technologies that effectively detect, diagnose and treat health conditions and raise the standard of care around the world. For more information on Hologic, visit www.hologic.com and connect with us on LinkedIn, Facebook, X (Twitter), Instagram and YouTube.

Forward-Looking Statements

This news release may contain forward-looking information that involves risks and uncertainties, including statements about Hologic’s plans, objectives, expectations and intentions. Such statements include, without limitation: financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; strategies, positioning, resources, capabilities and expectations for future performance; and financial outlook and other guidance. These forward-looking statements are based upon assumptions made as of this date and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated.

Risks and uncertainties that could adversely affect Hologic’s business and prospects, and otherwise cause actual results to differ materially from those anticipated, include without limitation: the possibility that the anticipated benefits from the transaction or products cannot be fully realized or may take longer to realize than expected; the possibility that costs or difficulties related to the integration of Gynesonics’ operations with those of Hologic will be greater than expected; the coverage and reimbursement decisions of third-party payers and the guidelines, recommendations, and studies published by various organizations relating to the use of products and treatments; the ability to successfully manage ongoing organizational and strategic changes, including Hologic’s ability to attract, motivate and retain key employees; the development of new competitive technologies and products; regulatory approvals and clearances for products; the anticipated development of markets in which products are sold into and the success of products in these markets; the anticipated performance and benefits of products; estimated asset and liability values; anticipated trends relating to Hologic’s financial condition or results of operations; and Hologic’s capital resources and the adequacy thereof.

The risks included above are not exhaustive. Other factors that could adversely affect Hologic’s business and prospects are described in Hologic’s filings with the SEC. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements presented herein to reflect any change in expectations or any change in events, conditions or circumstances on which any such statements are based.

Hologic, The Science of Sure, Gynesonics and Sonata are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.

Source: Hologic, Inc.

Media Contact
Bridget Perry
Senior Director, Corporate Communications
(+1) 508.263.8654
bridget.perry@hologic.com

Investor Contact
Michael Watts
Corporate Vice President, Investor Relations
(+1) 858.410.8514
michael.watts@hologic.com
Source: Hologic, Inc.

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AE Industrial Partners Completes Sale of CDI Engineering Solutions to Tata Consulting Engineers

Ae Industrial Partners

BOCA RATON, Fla.–(BUSINESS WIRE)–AE Industrial Partners, LP (“AE Industrial”), a private equity firm specializing in National Security, Aerospace, and Industrial Services, today announced that it has completed the sale of CDI Engineering Solutions (“CDI”), a leading multi-discipline engineering, procurement, and construction management (“EPCM”) firm to Tata Consulting Engineers (“TCE”), India’s largest EPCM firm with a global presence.

Founded in 1950, CDI is a Houston-based design and engineering firm with over 600 employees and has a network of eight engineering centers. CDI provides technical design and engineering expertise for complex projects in the energy, chemicals, semiconductors, and battery manufacturing industries. Recognized by the Engineering News-Record as one of the Top 20 Firms serving the Industrial/Oil & Gas Markets, CDI specializes in conventional and energy transition projects, including battery materials, carbon capture/sequestration, and low/zero carbon fuels. CDI also provides flexible staffing solutions through its Technical Resourcing division to meet the needs of capital-intensive projects.

“We have appreciated the opportunity to partner with CDI’s management team to enhance their offerings and technical expertise, expand their footprint, and build on their market leadership position,” said Jon Nemo, Managing Partner at AE Industrial. “We wish their team continued success as they begin the next stage of their journey with TCE.”

“We are grateful for the guidance and expertise that the AE Industrial team has provided us over the past seven years,” commented Steve Karlovic, President and CEO of CDI. “Together we achieved significant milestones, delivering strong, sustainable solutions for our customers amid rising demand for large capital projects and alternative energy initiatives.”

“We wish the team at CDI the best as they embark on their next phase of growth,” said Graham Kantor, Vice President at AE Industrial. “This transaction is a strong strategic fit, which will allow TCE to expand its presence in the U.S. market by leveraging CDI’s strong market position and engineering expertise.”

“The acquisition of CDI Engineering Solutions aligns seamlessly with Tata Consulting Engineers’ vision to deliver world-class engineering and sustainable solutions globally. By combining CDI’s strong expertise in the U.S. market with TCE’s global capabilities, we aim to unlock new opportunities and deliver exceptional value to our clients in critical industries such as energy transition and advanced manufacturing,” said Amit Sharma, Managing Director and Chief Executive Officer at Tata Consulting Engineers.

Capstone Partners served as financial advisor while Kirkland & Ellis served as legal advisor to CDI and AE Industrial on the transaction.

About AE Industrial Partners:
AE Industrial Partners is a private investment firm with $5.6 billion of assets under management focused on highly specialized markets including national security, aerospace, and industrial services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

About CDI Engineering Solutions:
CDI Engineering Solutions is a leading multi-discipline EPCM firm serving the chemicals, energy, semiconductors, and battery manufacturing industries. Recognized as one of ENR’s Top 500 engineering and design firms, CDI is known for its innovative and sustainable solutions to chemical and energy production. For more information, visit www.cdiengineeringsolutions.com.

About Tata Consulting Engineers (TCE):
Tata Consulting Engineers is India’s largest engineering consultancy firm, providing world-class engineering solutions for over six decades. With expertise across multiple sectors, TCE is committed to delivering sustainable and innovative projects that improve communities globally. For more information, visit www.tce.co.in.

Media Contact:
Matthew Conroy
Stanton
(646) 502-3563
mconroy@stantonprm.com

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Carlyle provides strategic capital for Jordanes

Carlyle

Oslo, Norway, 06 January 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a strategic capital package of NOK 2,750 million ($250 million) to Jordanes ASA (“Jordanes”), one of Norway’s leading brand houses. The financing will be used to finance a management buyout of Jordanes, led by co-founders Jan Bodd and Stig Sunde, as well as refinance the company’s existing indebtedness and fund its future growth.

Jordanes is an established Scandinavian brand house, focused on everyday products and services, with a diverse portfolio including more than 20 brands, spanning across foods, fitness and beauty, casual dining, as well as international brands. Since its inception in 2007, the company has continued to expand its portfolio to include iconic regional brands such as Sørlandschips, Synnøve, Peppes Pizza and Bodylab.

This strategic investment, led by Carlyle Credit Opportunities, will further consolidate the ownership of Jordanes’ co-founders, strengthen the company’s financial foundation by refinancing and extending certain existing indebtedness, and provide additional growth capital to accelerate Jordanes’ ongoing expansion through both organic growth and M&A.

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “We are delighted to provide this strategic capital package to Jordanes, and support the company’s ambition to continue expanding its well-diversified suite of iconic Nordic brands, which benefit from high levels of brand loyalty among its regional customer base. The transaction demonstrates our ability to provide flexible capital solutions for strong entrepreneur-owned businesses to accelerate their growth trajectory.”

Jan Bodd and Stig Sunde, Co-founders of Jordanes, said: “We are grateful for the support of Carlyle, which enables Jordanes to continue driving growth through its unique consumer offering and diversified portfolio of “local champion” brands. This transaction marks a significant milestone in Jordanes’ growth journey.”

This transaction follows the final close of the third Carlyle Credit Opportunities Fund (“CCOF III”) in December 2024, with $7.1 billion in investable capital.

Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Jordanes

Jordanes was founded in 2007 by Jan Bodd and Stig Sunde and is today an established Scandinavian brand house focusing on everyday products and services. Jordanes owns and operates a diverse portfolio of iconic brands, including Synnøve, Sørlandschips, Peppes Pizza, Bodylab, and Backstube. In 2023, the Group had Revenue of NOK 6,466 million, approximately 2,700 employees, and 9 factories across Scandinavia.

 

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

Jordanes: 

Nikolai Steinfjell (CFO)

Tel: +47 975 44 712

Email: nikolai.steinfjell@jordanes.no

 

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NextDecade Announces $175 Million Senior Secured Loan

Fsn Capital

Proceeds Will be Used to Repay Existing $50 Million Revolving Credit Facility and $12.5 Million Interest Term Loan and for Working Capital and General Corporate Purposes

HOUSTON–(BUSINESS WIRE) –January 6, 2025– NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit’s (“GA Credit”) Atlantic Park Fund that provides for a $175 million senior secured loan (the “Senior Loan”).

Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company’s existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.

On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share.

Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest proposed carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About General Atlantic Credit

General Atlantic Credit (“GA Credit”) is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic’s more than 40 years of domain expertise and company-building capabilities. GA Credit’s Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company’s specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. Additionally, any development of subsequent trains at the Rio Grande LNG Facility or CCS projects remains contingent upon execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Contacts

NextDecade

Investors
Megan Light
mlight@next-decade.com
832-981-6583

Media
Susan Richardson
srichardson@next-decade.com
832-413-6400

General Atlantic
Emily Japlon / Sara Widmann
media@generalatlantic.comRe

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Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Accel

Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Sixteen years ago, Accel embarked on a journey to partner with visionary founders across India—continuing the firm’s decades-long history of partnering with founders on a global scale. Today, we are announcing our eighth early-stage fund, a $650 million commitment to empower the next generation of category-defining startups; companies that will set new benchmarks in innovation and aim to transform industries. This fund underscores our belief in the secular India growth story and the transformative power of bold ideas, innovative technology, and founders who truly understand their markets.

The startup ecosystem in India has reached a critical inflection point. India’s GDP is expected to be approximately $8tn over the next decade, fueled by rising incomes, digital adoption, and sustained investments in public infrastructure. This growth opens new doors for entrepreneurs to build solutions with global relevance while addressing local challenges—and we can’t wait to meet them.

With Fund VIII, we aim to back founders operating in:

  • Artificial Intelligence: Enterprise AI (Platforms that enable enterprise AI use cases using agentic technologies, LLMs and SLMs), Services as Software (AI startups taking advantage of India’s large IT services capabilities to provide better automation offerings), Vertical AI (Startups taking advantage of India’s large AI talent pool to integrate AI in vertical specific use cases).
  • Consumer: Bharat (Startups catering to the top 30% of households in India’s tier 2+ regions), India Native (Startups catering to the increasing demand by Indian consumers for higher service levels), and Aspirational Brands (Startups aiming to capitalize on the increasing discretionary spending of India’s consumption-first Gen Z demographic).
  • Fintech: Wealth Management (Startups catering to affluent consumers seeking personalized wealth advisory services through digital channels), Fintech Infrastructure (Startups bringing banks and fintechs together to enable best-in-class digital experiences for consumers and businesses), and Digital Distribution (Startups acceleratingthe distribution of financial products by leveraging India’s digital public infrastructure)
  • Manufacturing: India To Global (Startups catering to global demand for diversified supply chains), India Native (Startups focused on high-quality production and IP-driven, value-added manufacturing), and Industry 5.0 (Next-gen digital technologies transforming every factory floor leading to more efficient operations, higher-quality output, and sustainability)

India’s benchmark equity index Nifty 50 has tripled over the past decade, and public markets are embracing technology-led businesses. Companies like BlackBuck and Swiggy, where Accel was an early backer, are recent examples of creative and relentless founders and what’s possible when innovation meets execution.

While venture-backed companies currently represent less than 5% of India’s market capitalization, the opportunity ahead has never been bigger. With strong public and private markets, founders today have a once-in-a-generation chance to build transformative businesses that shape the economic landscape.

What excites us about the future is how we can closely collaborate with founders to realize their vision. Over the past 16 years, we’ve supported companies that have reimagined industries—from e-commerce and SaaS to manufacturing and logistics. With our early partnerships in companies like Acko, BlackBuck, BrowserStack, Flipkart, Freshworks, Swiggy, UrbanCompany, and Zetwerk, we’ve had the privilege of watching them grow into category leaders.

Beyond investment, some of our key initiatives, which reflect our commitment to making the founder’s journey as frictionless as possible while fueling the growth of the broader ecosystem, are:

  • SeedToScale: An open-source platform delivering company-building insights from successful founders, operators, and industry leaders.
  • Accel Atoms: Our early-stage scaling program, now in its fourth iteration, has supported 36 startups that have collectively raised over $200 million.

As we embark on this next chapter with Fund VIII, we are grateful for the trust of our founders, LPs, and the broader ecosystem. The opportunities ahead are as vast as the ambition of the founders we back.
‍

— The Partners at Accel

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Digital Edge DC raises over US$1.6 billion in new equity and debt capital to fund continued platform expansion

Stonepeak

SINGAPORE, 6 January 2025 – Digital Edge (Singapore) Holdings Pte Ltd. (“Digital Edge”), a leading developer and operator of interconnection and hyperscale edge data centers across Asia and portfolio company of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced it has raised over US$1.6 billion in new capital through a combination of equity and debt financing to fuel its next phase of growth.

The capital raise includes approximately $640 million of equity investment from both existing and new investors as well as $1 billion of total debt financing across multiple campus expansions. The equity raise was significantly oversubscribed, and welcomes some of the world’s largest institutional investors and sovereign wealth funds as new co-investors.

The growth capital will accelerate Digital Edge’s expansion to meet the increasing and nuanced cloud and AI demands of its customers across the region. Digital Edge was established in early 2020 and now owns and operates 21 data centers with over 500 MW of critical IT load in service and under construction and development, with another 300 MW held for future development, across strategic locations in Japan, Korea, India, Malaysia, Indonesia, and the Philippines.

This past October, Digital Edge opened its third data center in Korea, known as SEL2. The 36MW SEL2 facility is the first building in its 100MW Incheon campus in Seoul. This followed the expansion of Digital Edge’s Jakarta footprint with the opening of its 23MW EDGE2 facility earlier in the year. Looking forward, Digital Edge is set to open the first facility in its 300MW campus in Navi Mumbai in Q2 of 2025, as well as a hyperscale edge facility in downtown Tokyo known as TY07, its ninth data center facility in Japan.

“The level of interest received from existing and new investors is testament to Digital Edge’s proven track record, expansion capacity, and relentless focus on delivering for our customers across the Asia Pacific region,” said Andrew Thomas, Chairman of Digital Edge and a Senior Managing Director at Stonepeak. “Since making the founding investment in Digital Edge in 2020, Stonepeak has been proud to support the platform’s expansion into six countries and a truly pan-APAC footprint.”

Samuel Lee, Chief Executive Officer of Digital Edge commented, “This is a major milestone for Digital Edge and an affirmation of the quality of this platform and our team. We are very proud of what we have achieved and are excited to deliver on the next phase of AI-ready data center developments.”

“We would like to thank our investors and financing partners for their continued support and confidence in Digital Edge’s strategy,” said John Freeman, President of Digital Edge. “This efficient and flexible funding will accelerate the continued execution of our vision, enabling us to further build-out our digital infrastructure to better meet our customers’ cloud, AI, and interconnection requirements.”

About Digital Edge

Headquartered in Singapore, Digital Edge is a trusted and forward-looking data center platform company, established to transform digital infrastructure in Asia. Through building and operating state-of-the-art, energy-efficient data centers rich with connectivity options, Digital Edge aims to bring new colocation and interconnect options to the Asian market, making infrastructure deployment in the region easy, efficient and economical.

Backed by leading alternative investment firm Stonepeak, Digital Edge has established itself as a market-leading pan-Asia data center platform. The company provides data center and fiber services across Asia, with a presence in Japan, Korea, India, Malaysia, Indonesia and the Philippines. You can visit the company’s website at www.digitaledgedc.com.

Media Contacts

Digital Edge
Dina Yang, Associate Director Corporate Communications
dina.yang@digitaledgedc.com
+82 10 9874 2655

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Rivean Capital to become major shareholder in Valcon

Rivean
  • Leading European transformation consultancy to partner with PE firm

Utrecht: Valcon, a leading European digital transformation service provider specialising in data, consulting and technology, is delighted to announce its partnership with Rivean Capital, a pioneer in European mid-market private equity, who will acquire a majority stake, subject to ACM approval (the Netherlands Authority for Consumers and Markets) and the advisory process with Valcon’s Dutch works council. This strategic collaboration is set to accelerate Valcon’s growth and the firm’s ability to help organisations across Europe achieve transformative business outcomes.

Rivean Capital’s investment underscores its confidence in Valcon’s ability to drive impactful transformation across different industries and will support Valcon to further expand its services, invest in cutting-edge solutions and strengthen its position as a trusted partner for organisations navigating complex business challenges. Rivean Capital will replace Waterland as the existing majority investor, with the latter continuing to invest as a minority shareholder.

Geert van den Goor, CEO of Valcon, commented: “We are thrilled to join forces with Rivean Capital in this exciting new chapter for Valcon. This partnership marks a significant milestone in our journey to become the benchmark for digital transformation in Europe. With Rivean’s support, we are well-positioned to amplify our impact and achieve our ambitious goals for organic and acquisitive growth. And Waterland’s re-investment as a minority shareholder is a testament to its continued belief in our business.”

Hidde Vedder, Partner at Rivean Capital, said: “We are delighted with the opportunity to partner with Valcon’s management team and contribute to Valcon’s further expansion in NorthWestern Europe. Valcon has a great reputation for delivering transformative results for its clients and we are excited to be working with them to provide support to further scale their operations and unlock new opportunities in the European market.”

Wouter Roduner, Managing Partner at Waterland, commented: “It’s been a great journey partnering with the Valcon team. The team has consistently delivered growth – it is always looking to develop its capabilities, such as the addition of AI, to meet client needs. Waterland is therefore committed to continue to support Valcon on the next stage of its growth cycle.”

—

Editors’ notes

About Valcon
Valcon is a digital transformation service provider which is the trusted partner for European enterprises to enable their competitive edge for tomorrow. Its 1600 skilled professionals have expertise in creating value for its clients by by providing profound data, business transformation and technology capabilities. Valcon works with large organisations across multiple industries, including financial services, retail, public, industrials and infrastructure. For more information, please visit www.valcon.com

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean Capital has assets under management in excess of €5bn and offices in Amsterdam, Brussels, Frankfurt, Zug and Milan. Since its inception in 1982, Rivean Capital has supported more than 250 companies in realizing their growth ambitions. For more information, please visit www.riveancapital.com

About Waterland
Waterland is an independent private equity investment company that supports companies in realizing their growth plans. With substantial financial resources and industry expertise, Waterland enables its portfolio companies to achieve accelerated growth both organically and through acquisitions. Waterland operates out of 13 offices across Europe and currently has approximately EUR 14 billion in equity funds. For more information, please visit www.waterlandpe.com

Contacts

Valcon
Lucy Clark
Lucy.clark@valcon.com
+44 (0) 7984184461

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

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