Post-IPO Debt Funded Energy Startups
Post-IPO debt rounds in this energy slice show a wide spread in disclosed size, with Pembina at $1.0B on 2021-12-10.
Post-IPO debt rounds in this energy slice show a wide spread in disclosed size, with Pembina at $1.0B on 2021-12-10. That $1.0B figure dwarfs the next-largest disclosed amounts in the visible set—EnQuest at $500M (2022-10-26), Callon Petroleum at $600M (2022-06-09), and Hydro One at $750M (2022-10-24)—while most other disclosed entries cluster between roughly $15M and $425M.
The date window is tight at the recent edge: 16 of 23 rounds are dated July 5, 2022 through October 26, 2022, with the most recent closing on 2022-10-26 (EnQuest, $500M). Geography also clusters, particularly in Canada: Hydro One (2022-10-24, $750M), Xebec Adsorption (2022-10-21, $3M), Kontrol Technologies (2022-09-01, $50M), Li-Cycle (2022-05-05, $200M), and Pembina (2021-12-10, $1.0B) are all based in Canadian cities/regions.
Most recent rounds
23 shownRelated listings
Frequently asked
What stands out on round size in this post-IPO debt set, and how does the top deal compare to the rest?
Pembina’s $1.0B debt round (2021-12-10) is the only disclosed entry at the $1B level in the visible rows. The next-largest disclosed rounds are Hydro One at $750M (2022-10-24) and Callon Petroleum at $600M (2022-06-09), while many other disclosed amounts sit below $500M (for example EnQuest at $500M on 2022-10-26 and Sunnova at $425M on 2022-08-15).
Which companies are clear outliers on the low end of disclosed debt amounts?
Xebec Adsorption is a low-end outlier at $3M (2022-10-21), followed by Avanti Helium at $2M (2022-09-13). Most other disclosed entries are substantially higher—for instance UGE at $5M (2022-10-25), with several deals in the tens to hundreds of millions such as CleanSpark at $35M (2022-04-26) and Crown Point Energy at $15M (2022-08-08).
Do these rounds cluster in time, or are they evenly distributed across the 2021–2022 period shown?
They cluster heavily near the recent edge: the rows span from 2021-12-10 (Pembina) to 2022-10-26 (EnQuest), but 16 of 23 rounds fall between 2022-07-05 (TeraWulf, $50M) and 2022-10-26. Several of the largest disclosed deals also land in that same window, including Hydro One at $750M (2022-10-24) and EnQuest at $500M (2022-10-26).
Is there a geographic over-representation (cities or countries) in this list of energy post-IPO debt rounds?
Canada shows up frequently across multiple cities/regions: Hydro One (Toronto, $750M; 2022-10-24), Xebec Adsorption (Blainville, $3M; 2022-10-21), Kontrol Technologies (Mississauga, $50M; 2022-09-01), Li-Cycle (Mississauga, $200M; 2022-05-05), and Pembina (Calgary, $1.0B; 2021-12-10). The U.S. also appears repeatedly, but Canada has the densest multi-row footprint in the visible data.
How much of the dataset sits at 'moderate' disclosed sizes versus the high-end and low-end tails?
Beyond the tails, many disclosed amounts concentrate in the mid-range, especially between about $50M and $425M (e.g., Kontrol Technologies at $50M on 2022-09-01, TeraWulf at $50M on 2022-07-05, Harmony Energy at $74M on 2022-06-23, and Sunnova at $425M on 2022-08-15). The high-end tail is represented by Hydro One ($750M, 2022-10-24), Callon Petroleum ($600M, 2022-06-09), and EnQuest ($500M, 2022-10-26), while the low-end tail is led by Avanti Helium ($2M, 2022-09-13) and Xebec Adsorption ($3M, 2022-10-21).
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