Decarb Weekly 5/14/2026

Decarb Weekly, by Industria Partners, is a collection of articles focusing on trends and transactions in industrial decarbonization and climate tech. 

Chart of the Week: 

Clean electricity expanded by an average of 7.6% per year in 2024 and 2025. Under these trajectories, fossil generation is set to plateau before entering a more consistent decline in the early 2030s. – EMBER

Recent Market News:

• S2G Investments closed Solutions Fund I, a $1 billion growth-stage investment fund to scale growth-stage companies across food & agriculture, energy, and oceans. – S2G Investments
• Fervo Energy, a geothermal energy developer, raised ~$1.9 billion in an upsized initial public offering of 70 million shares at $27 per share, bringing the company valuation to ~$7.7 billion at the IPO. – Fervo Energy

Transactions:

• 5/13/2026: Goldman Sachs Asset Management acquired QScale, an operator of sustainability-oriented computing infrastructure powered by hydroelectric energy. – Goldman Sachs
• 5/12/2026: Apollo-managed funds acquired a majority interest in Noble Environmental, a waste management platform with a growing renewable natural gas business. – Apollo
• 5/12/2026: Nextpower entered a definitive agreement to acquire the power conversion assets of Zigor Corporation and its subsidiary Apex Power, a manufacturer of utility-scale power conversion technology for solar and battery storage, for ~$80.5 million. – Nextpower
• 5/8/2026: FH Capital entered a definitive agreement to acquire a ~75% majority stake in Jinko Solar Industries, a 2 GW solar module manufacturing and battery storage business. – FH Capital

In-Depth Read:
A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public – New York Times

Podcast:
What’s Truly Baffling About the Strait of Hormuz Energy Crisis – Shift Key

Industria Partners provides focused strategic advisory services to industrial, climate, infrastructure, and energy companies at every point across the business cycle. Through industry connectivity, transaction experience, and expert execution, Industria delivers superior outcomes to its clients. Visit our website: Industria Partners