DevEngine announced its official launch as a platform connecting sustainable infrastructure developers with early-stage capital and expertise. The company secured $20 million in anchor funding from Spring Lane Capital, a sustainability-focused private equity firm.
The platform targets the early "missing middle" of energy transition investing by offering development capital paired with hands-on support. DevEngine initially focuses on e-mobility, microgrids, solar storage, waste-to-energy, and energy efficiency sectors, with plans to expand into industrial decarbonization technologies.
"The race to decarbonize our critical energy infrastructure is on. However, we see too many good projects that are stuck in the development stage."Tim Callahan, CEO, DevEngine
Spring Lane Capital's investment enables DevEngine to provide development capital, create innovative climate platforms, build developer capacity, and acquire strategic equity stakes in projects.
Based in New York City, DevEngine expected to close its first investments in the first half of 2024. The company actively seeks partnerships with sustainable infrastructure developers seeking predevelopment capital and support.