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In this Research Note, we examine the IPO of Energys Group, a UK energy efficiency and decarbonization solutions provider, having completed a Nasdaq listing on 2nd April 2025. We highlight the strategic implications of the listing, positioning it for expansion and increased visibility. Energys Group Profile Energys Group Limited is a holding company headquartered in the Cayman Islands and operates primarily through its UK-based operating subsidiary, Energy Conservation Solutions Ltd (ECSL). Founded in 1998 as an energy conservation consultancy, ECSL has since transitioned into a vertically integrated energy efficiency and decarbonization solutions provider for the built environment. As of November 1, 2024, Energys Group reported 42 full-time employees. They serve organizations from both the private and public sectors, including schools, universities, hospitals, government departments and offices, primarily in the UK. The company’s vision is to deliver solutions that reduce carbon emissions, lower costs and support the Net Zero agenda, alongside improving the wellbeing of building […]

In this Research Note, we examine Stem’s energy storage and solar business and assess their revised strategic direction towards a software-centric model. This article is based on Stem’s Q4 2024 results, published on 4th March 2025, Q3 2024 results, published on 30th October 2024, and their latest 10K report. Stem Profile Founded in 2009, Stem originally offered commercial and industrial (C&I) customers a complete solution of integrated battery storage systems, network integration, and battery optimization via its Athena proprietary AI-driven software platform.  In April 2021, Stem became the first pure-play smart energy storage company to go public in the US through a business combination with Star Peak Energy Transition Corp., a special purpose acquisition company (SPAC). We previously wrote about the company in 2023. Following a change in strategic direction in October 2024, they provide AI-enabled solutions that transform how solar and energy storage projects are developed, built, and operated, including an integrated suite of […]

In this Research Note, we examine CarbonQuest, a US startup that has developed a decarbonization solution that captures CO2 from buildings before it is emitted to the atmosphere. CarbonQuest Profile Founded in 2015, CarbonQuest, (formerly NextWatts, Inc.) is headquartered in Spokane, Washington with a commercialization team in New York City. The startup has developed a solution that captures CO2 from buildings, which is then liquified and transported to local businesses that need carbon for their production processes. They use point-source carbon capture technology, capturing CO2 before it is emitted from natural gas sources like CHP systems, fuel cells, and boilers, enabling immediate and effective decarbonization. They claim their Building Carbon Capture technology captures up to 95% of CO2 emissions onsite. It is designed for commercial buildings, campuses, and industrial facilities, with modular systems that can be installed indoors or outdoors. The captured carbon, liquified onsite, contributes to the circular economy in the region by being […]