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In this Research Note, we examine the role of Keyframe Capital Partners, L.P., a New York-based SEC-registered investor in the smart buildings space, reviewing 10 target companies in its portfolio. To date, Keyframe Capital has invested in financing the energy transition, across transportation, buildings, and energy infrastructure markets. Founded in 2019, the firm invests across various business models and capital structures. It seeks to build long-term partnerships with management teams and leverage its flexibility to help solve their complex asset and corporate financing requirements. The company has internal expertise in structured and off-balance sheet financing. LinkedIn reports 17 employees. Keyframe Capital currently manages a portfolio of 30+ investments. As of January 31, 2024, Keyframe had discretion over $684,447,000 in regulatory assets under management. KeyFrame Capital’s Investments in Smart Buildings Since 2020, Keyframe has developed a strong conviction that technology will unlock operational, energy, and cost efficiency in the built environment, and has constructed a portfolio of […]

Belimo, a listed company on the Swiss Stock Exchange, hosted its Capital Markets Day 2024 on 4th September 2024. This Research Note focuses on the building automation device manufacturer’s perspective on its growth targets. This is an update to our previous coverage of Belimo’s growth strategy and our latest Examined article. At Capital Market Day (CMD) 2024, CEO Lars van der Haegen and CFO Markus Schürch announced a new Data Centers strategic initiative, which addresses opportunities driven by recent developments in data center cooling and AI, and provided an update on the RetroFIT+ initiative, aimed at unlocking renovation potential of existing buildings. Data Centers Strategic Growth Initiative Belimo Capital Markets Day Presentation, 4th September 2024 The Group’s long-term growth strategy consists of six initiatives to increase customer value and advance solution leadership. The Data Centers vertical market has been added to replace Digital Customer Experience. Belimo’s strategy for data centers focuses on addressing the increasing […]

In this Research Note, we examine Haltian, the Finnish developer of IoT hardware and software solutions for the built environment. This analysis, updating our June 2022 article on Haltian, focuses on the company’s recently launched products and solutions, its financial performance between 2020 and 2023, funding, and deployments. Founded in 2012, they are headquartered in Oulu, Northern Finland, and currently employs 145 people globally. Products and Solutions Haltian addresses three vertical markets with its IoT hardware and software solutions – offices, warehouses & logistics, and hospitals.  With three product launches in 2023, they have accelerated its product development capability in the following areas: In June 2023, Haltian announced the launch of Empathic Building for Offices, their new smart office solution for hybrid working. The major features of the new solution include desk and room booking, search and navigation, as well as workspace usage analytics. The software allows users to plan and communicate the work week, […]

This Research Note examines Wago Group, a German supplier of electrical interconnection technology and automation products for buildings and factories. We analyze their 2023 financial highlights and growth strategy in building automation solutions and cloud services. Wago Profile Wago Group is a German manufacturer of over 25,000 products, systems, and solutions for electrical interconnection technology and automation. The company addresses various market segments and applications, including industry, railway and energy technology, the marine and offshore sector, and building and lighting technology. Founded in 1951 and headquartered in Minden, Wago has around 9,000 employees (of which 4,300 are based in Germany), 9 production sites, 20 sales companies, and representatives in over 80 countries. 2023 Financial Highlights The group has grown for the third year in a row, achieving 1.37 billion euros in revenue in 2023, representing 2.2% year-on-year revenue growth. Overall, sales have doubled in the last ten years. Wago Facts & Figures, https://www.wago.com/de/daten-fakten “In view of […]