Impact Report 2024

Clarke Valve flourishes after 7 years of support from CI and is now adding significant value to Energy Company operations while saving GHG emissions.

Clarke Valve exemplifies Climate Investment’s differentiated approach to climate venture investing: we take a patient, long term, committing capital over multiple investment rounds, and actively enabling commercialization to accelerate the delivery of impactful decarbonization technologies.

Our initial investment in Clarke Valve was in 2018, alongside other strategic investors, recognizing the company’s innovative control valve technology designed to improve flow efficiency and reduce methane leaks in industrial settings. Clarke Valve’s solution – a more efficient dilating disc valve – offers direct emissions reductions by practically eliminating fugitive methane emissions from gas pipes.

Despite a strong technical validation, Clarke Valve needed a lot of support to get early market traction. CI saw the long term potential of the technology and stayed the course. For Clarke Valve, this meant:

• Coordinating with our fellow strategic shareholders to provide follow-on financing through multiple rounds to ensure continuity and resilience during slow adoption phases.
• Leveraging CI’s network to facilitate introductions and explore strategic partnerships, including manufacturing and distribution agreements.
• Actively supporting Clarke Valve’s global expansion by connecting the company with key industry players and adopters

A pivotal milestone in Clarke Valve’s commercialization journey was the establishment of a global licensing agreement with AMPO Poyam Valves. In 2023, Clarke Valve signed an exclusive, worldwide licensing agreement with AMPO Poyam for the manufacture, distribution, and service of its industry-leading dilating disk valve technology. The collaboration ensures that Clarke Valve’s technology can be manufactured at scale, delivered efficiently to customers worldwide, and supported with robust after-sales service.

Its new website can be accessed here: AMPO POYAM Is The New Home of the Dilating Disk Valve.

Clarke Valve’s progress from early-stage innovation to commercial scaling is testament to our belief in supporting a broad pipeline of climate solutions-not just at entry, but through the critical phases of growth and adoption. Our continued engagement ensures that promising technologies have the runway and market access needed to achieve their full decarbonization potential.

Commercialization with our Investors: Norsepower lowers cost and emissions for Equinor, TotalEnergies and Shell in the Northern Lights CCUS project

Northern Lights is Norway’s flagship CCS project, developed by Equinor, TotalEnergies and Shell in conjunction with the Norwegian government. It is a standout example of CI’s commercialization impact that resulted in the deployment of Norsepower Rotor Sails^TM on the Northern Lights CO₂ carriers; Northern Pioneer and Northern Pathfinder. These vessels are tasked with transporting captured and liquefied CO₂ from European emitters to the Northern Lights receiving terminal in Øygarden, Norway.

Each ship is equipped with a 28m x 4m Norsepower Rotor Sail^TM. The rotor sails will reduce the fuel consumption and CO₂ emissions from the vessel by approximately 4%. The saving will help the vessel meet international emissions reduction targets, including the carbon intensity indicator, and save on rising fuel costs, while also future proofing it against future carbon pricing.

CI’s commercialization engagement with Norsepower followed a structured, three-step process that consistently delivers results:

• Strategic Matching: CI, through routine engagement with our strategic investment partner TotalEnergies, became aware that TotalEnergies had a large shipping division with deep technical and operational expertise, that could potentially derive value from the adoption of Norsepower Rotor Sails^TM.
• Initiating deployment: We initiated the deployment by presenting Norsepower’s product and potential CO₂ and cost saving benefits to the TotalEnergies shipping team. This led the shipping team to start to evaluate the rotor sails in connection with the Northern Lights project.
• Ongoing engagement: We facilitated and supported meetings between Norsepower and TotalEnergies and other stakeholders to aid technology appraisal and the final adoption of Norsepower’s Rotor Sails^TM on the Northern Lights vessels.

CI’s commercialization team is instrumental in scaling climate solutions by actively connecting portfolio technologies with major industry players and supporting pilots and commercial contracts. This deployment exemplifies how CI’s commercialization team not only identifies high-impact technologies but also actively facilitates their adoption in real-world, high-emitting sectors.

CI’s 2024 Annual Investor Meeting (AIM) brought together a diverse community of industry leaders, innovators, and investors committed to driving forward industrial decarbonization. Over two days, AIM provided a platform for showcasing breakthrough technologies, exchanging knowledge, and fostering connections that are critical for scaling climate solutions.

AIM Day 1 featured expert panels and presentations, bringing together industry leaders, innovators, policymakers, and investors to showcase and debate solutions & approaches for driving industrial decarbonization.

AIM Day 2 focused on portfolio company pitches from our early-stage ventures Catalyst Fund, showcasing breakthrough technologies in our portfolio. A thought-provoking panel discussing the different go-to-market strategies that innovators are employing across regions wrapped up AIM 2024.

This convening power is a cornerstone of our “capital plus” approach: we not only provide financial investment, but also actively support the commercialization and deployment of climate solutions by leveraging our network.

The outcomes of AIM 2024 reinforce our commitment to accelerating industrial decarbonization at scale. By connecting investors, innovators and industry, , we help ensure that promising innovations move rapidly from demonstration to deployment. This collaborative ecosystem delivers value for all stakeholders-enabling investors to maximize value and impact, innovators to scale faster, and the broader climate community to benefit from shared learning and momentum.

Commercialization with new partners: ICA-Finance supports Uzbekneftegaz improve its system efficiency and save methane emissions

In 2023, ICA-Finance (ICAF) partnered with Uzbekneftegaz (UNG), Uzbekistan’s national oil and gas company, and Vema Carbon to launch an Advanced Leak Detection and Repair (LDAR) initiative aimed at reducing methane emissions in the country’s oil and gas sector. The project was successfully commissioned in 2024 following rigorous assessments to ensure environmental integrity and emission-reduction additionality.

Today, the initiative is generating tradable Upstream Emission Reduction (UER) credits under the German Fuel Quality Directive, which helps position Uzbekistan as a leader in climate-change mitigation practices in Central Asia. With an expected annual impact exceeding 300,000 tonnes of CO₂-equivalent emissions reduced, the project not only contributes meaningfully to global climate goals, but also supports local capacity building and knowledge transfer.

CI played a pivotal role in enabling this outcome by facilitating third-party financing, which was essential to unlocking the project’s potential and ensuring the generation of UER credits.

Opening new markets: CI teams with ApexBrasil and the Brazilian Petroleum and Gas institute to bring climate technology to Brazil

In early 2025, Climate Investment started to work with ApexBrasil to create an initiative to promote the scaling of our portfolio companies in Brazil. The resulting scaling program, “Invest in Brazil Net Zero Solutions”, was launched at CERAWeek in Houston in March. Invest in Brazil Net Zero Solutions is a partnership between the Brazilian Government (ApexBrasil), The Brazilian Petroleum and Gas Institute (IBP), and Climate Investment.

The scaling initiative, which will run through to March 2026, is designed to be a soft-landing program that will enable clean technology companies to expand their businesses in Brazil. In its first year, the program will focus on solutions that reduce GHG emissions in the energy, industrial, real estate, and other sectors. Eight CI companies were short-listed for the structured program: 44.01, Andium, FeroLabs, Insight M, Metron, SensorUp, Svante, and Zeitview. They will receive market intelligence, advice on doing business in Brazil, and the opportunity to connect with government, local partners and end users.

CI partners with Qnergy to buy its high quality landfill carbon credits to offset its residual carbon emissions.

Qnergy develops equipment which can capture and use waste methane gas. Qnergy’s innovative TORCH4 solution combusts methane from low-quality landfill gas with methane content as low as 25% – a capability no other technology offers.

Qnergy’s first project at Weber County Landfill has been validated and verified according to the American Carbon Registry (ACR) Standard and the ACR Methodology for Landfill Gas Destruction and Beneficial Use Projects. For the initial reporting period (May 1, 2024 – August 31, 2024), the project achieved:

• 1,977 metric tonnes of CO₂e emission reductions
• A gas destruction efficiency of 99.97%

Beyond GHG emission reductions, the Qnergy project delivers several co-benefits that align with the UN Sustainable Development Goals:

• Improved local air quality by reducing harmful emissions (SDG 3)
• Clean energy generation with no reliance on utility power (SDG 7)
• Innovation in infrastructure that enables reliable remote electricity production (SDG 9)
• Reduced environmental impact on surrounding communities (SDG 11)
• Implementation of sustainable consumption patterns by utilizing waste gas as fuel (SDG 12)
• Direct climate action through methane emission reduction (SDG 13)

CI Carbon credit strategy

We have structured our carbon credit procurement to align with guidance from the Voluntary Carbon Markets Integrity Initiative (VCMI). We prioritized carbon credits that carry the Integrity Council for the Voluntary Carbon Market’s Core Carbon Principles (CCPs) label, which represents the highest standard for environmental integrity in the voluntary carbon market. By sourcing CCP-eligible credits and adhering to VCMI guidance, we not only strengthen the credibility of our own carbon footprint emissions reduction claims, but also support the development of a transparent and trustworthy global carbon market.
CI acquired and retired 1.148Kt of Qnergy’s Weber County Landfill gas Project credits during Q1 2025 and we continue to work with the company on finding routes to market for their high-quality credits.

Insight M generates impact by identifying methane leaks and enabling operators to fix those leaks faster than they otherwise would have, hence reducing the emissions of methane leaked into the atmosphere. Historically, Insight M has measured impact from leaks that customers confirmed they had fixed.

During 2024 we saw a drop off in customer confirmations, however we know from measurement that many of the problems communicated to operators are still being fixed because a) operational practices have not changed and b)operators still have the same economic incentive to fix leaks and increase product sales.

To account for these unconfirmed fixes, we have adjusted our impact methodology to allow methane detection companies to report impact if they have sufficient data (through multiple site revisits) to confirm, with confidence, that the leak has stopped and therefore can be assumed to have been fixed.

Note on the Repair Rate pathway:

The repair rate pathway has a higher level of uncertainty than the feedback or revisit pathways. However, we believe the approach is valid for 2024 because:

• A) The change is in reporting behaviour , not in operational practices
• B) With high gas prices in the U.S (over $3 per MMBTU), the drivers for fixing leaks are still strong.

These assumptions have been confirmed through discussions with operators. In any event, the impact reported through this pathway represents less than 5% of CI’s overall portfolio impact. We will re-assess if the pathway remains valid for 2025.

Other methane detection companies will adopt this enhanced methodology for 2025 where the data allows.