Erica Engle
Principal


This year has been about strengthening the foundation of the Ara platform. With a new strategic partnership from Liberty Mutual Insurance supporting both our infrastructure and energy strategies, alongside the build‑out of a diversified energy platform spanning power, biofuels, and fuel delivery and distribution, we are better positioned than ever to own, operate, and decarbonize essential industrial assets for the low-carbon economy.
Our portfolio companies are demonstrating that lower‑carbon solutions can compete head‑to‑head on cost, reliability, and performance. Utility Global announced a first close of $100 million in its Series D financing round, a milestone that will enable the deployment of Utility’s proprietary H2Gen® technology at industrial scale. Blue Whale Materials is scaling sustainable lithium‑ion battery recycling with processing capacity expected to grow by 3.5x in the coming years, supporting a more secure and efficient critical minerals supply chain.
We are also deepening our engagement with the stakeholders who are shaping the next phase of the transition. In January, Ara and portfolio management joined Canadian federal officials to explore new investment opportunities aligned with the country’s industrial and climate ambitions. In March, we hosted a networking reception during CERAWeek, bringing together leaders across energy, infrastructure, and industrial decarbonization. These touchpoints help ensure we are a central part of the ecosystems that matter most for long‑term value creation.
At the same time, we continue to sharpen our perspective on where the transition is headed. Through our Ara Insights work, we are focused on understanding the structural forces that will define the coming decade and using those views to guide where and how we deploy capital.
Finally, we continue to invest in the strength and durability of our firm. Promotions across Ara—including the elevation of James Chiu to Partner—reflect our conviction that people remain at the core of how we deliver for our investors, portfolio companies, and partners.
Thank you for your continued partnership as we build momentum toward a lower-carbon future.
Charles Cherington & Troy Thacker
Managing Partners
“LMI is proud to join Ara Partners as a long-term, strategic partner as they pursue transformative outcomes across the energy and infrastructure sectors to meet this demand,” said Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments.

These first three assets establish a diversified energy platform across power, biofuels, and fuel delivery and distribution, designed to deliver attractive risk‑adjusted returns while enabling economic decarbonization of critical energy infrastructure in North America and Europe.


In January, management teams from Continuum, Divert, GIDARA, Polar, Sedron, and Utility joined Ara in Ottawa to meet with Canadian government officials to explore investment opportunities in Canada. The meeting was led by Invest in Canda (IIC), Canada’s federal investment promotion agency.

In March, Ara hosted a networking reception during CERAWeek in Houston, TX, bringing together leaders across energy, infrastructure, and industrial decarbonization.
Continuum Powders, a company that produces sustainable metal powder for critical industries, announced the results of an independent Life Cycle Assessment (LCA) conducted by Oregon State University’s Industrial Sustainability Laboratory, quantifying the global warming potential (GWP) of nickel (Ni) powder production used in additive manufacturing.
Across multiple modeled scenarios, the analysis demonstrated that using recycled nickel feedstock can deliver substantial, measurable reductions in greenhouse gas (GHG) emissions—without altering the fundamental requirements of production-grade powder manufacturing.
Cycle0, the leading European developer, owner, and operator of biomethane plants, has acquired Italian plant, Corte Pila. The biomethane produced there will be injected directly into a new gas grid connection being constructed as part of Cycle0’s broader investment plans in Italy, expanding the company’s European portfolio to nine plants.
Divert, a circular economy company on a mission to prevent food from being wasted, secured funding, led by Wittington Investments, to scale infrastructure addressing the wasted food crisis in North America. This capital is supporting the expansion of the company’s Integrated Diversion & Energy Facilities, which use anaerobic digestion to convert unsold, non-donatable food into carbon‑negative renewable natural gas and other beneficial products, including soil amendments and nitrogen‑rich fertilizer.
Natural World Products (NWP), Ireland’s leading recycler of organic waste, was awarded £4 million by the Department of Agriculture, Environment and Rural Affairs (DAERA) to scale technologies that convert livestock slurry into useful products, including renewable energy and recovered nutrients.
Utility Global, a global economic industrial decarbonization company enabling practical solutions for hard-to-abate sectors, announced a first close of $100 million in its Series D financing round, led by Ara Partners and APG Asset Management. This milestone financing will allow Utility to globally deploy its proprietary H2Gen® technology at industrial scale.
Wattstorr, a next generation energy company providing commercial customers with low-cost renewable electricity, secured up to £50m debt facility from Aldermore Bank to support the next phase of its Price Protect project portfolio.
At the start of 2026, Tuan Tran laid out where Ara saw the most meaningful movement at the practical intersection of markets, policy, technology, and industrial execution—and what Ara thought would shape the next phase of the energy and industrial transition.
Key areas we were watching:
…alongside shifts in the EV market, the critical minerals arms race, and the role of RNG and ethanol as bridge fuels, and more.

Ara announced a variety of promotions this year, recognizing outstanding performance, leadership, and impact in roles that are central to Ara’s strategy and our mission to accelerate the decarbonization of the industrial economy.
Our people are at the center of everything we do, and investing in their growth is essential to delivering for our investors, portfolio companies, and partners.

Principal
Policy Counsel
Associate, Infrastructure
Senior Associate
Senior Decarbonization Associate
Market Research Analyst