European HardTech growth
From first-of-a-kind to industrial scale
NOAK Capital backs proven physical technologies at the point where they must become repeatable, contracted and bankable infrastructure.
Luxembourg | Investment platform in formation
Why now
The next investment supercycle is physical
Artificial intelligence, electrification, energy security and industrial reshoring are rewriting the physical foundations of the economy. Energy systems, industrial production and digital infrastructure are converging into one interdependent system, and that system needs new hardware, new plants and new ways of financing them.
AI
Sovereign and safe AI infrastructure
Compute growth requires power, cooling, data centres and secure connectivity.
Energy
Grid stability
Renewables, electrification and AI loads require flexibility, storage and smarter distribution.
Energy
Energy security
Europe needs resilient, flexible and domestically anchored energy systems.
Industry
Industrial competitiveness
Factories must electrify, automate and digitise to remain globally competitive.
Industry
Reshoring and resilience
Industrial sovereignty requires secure supply chains, advanced materials and circularity.
Our thesis
Too physical for venture, too early for infrastructure
Between a first commercial deployment and a bankable asset there is a gap that neither venture capital nor infrastructure capital is built to fill. Technologies that work struggle to become repeatable because growth capital and scaling expertise are scarce at exactly this stage. NOAK invests in that missing middle.
Seed
Prototype
Where NOAK invests
FOAK
First deployment
NOAK
Repeatable units
Bankability
Asset finance
Strategy
Growth equity and deployment capital, engineered together
The DEPLOY strategy combines two streams of capital in one integrated proposition. Growth Equity scales the company: team, operations, commercial engine and governance. Deployment Capital finances the first repeatable projects through dedicated vehicles, so customers can buy contracted output rather than own the factory. The two are underwritten and ring-fenced separately.
Growth equity
Company level
Scaling proven technology companies from first commercial deployments to category leadership.
Deployment capital
Project level
Structuring asset-level capital so proven technology becomes contracted, financeable infrastructure.
The DEPLOY method
- DiscoverBreakthrough, proven innovations at growth inflection.
- EngineerScale up operations and execution.
- PartnerPartnerships enable manufacturing, sales and supply chain.
- LaunchCustomers buy output as a service.
- OptimiseCost of capital falls with expanding markets.
- YieldDeployments become a repeatable platform.
Governance
Independent management, regulated oversight
NOAK Capital is being structured as a Luxembourg reserved alternative investment fund for well-informed investors, with an independent General Partner and an authorised external manager. The structure separates origination from the regulated investment decision, and gives investors ring-fenced compartments, independent valuation and a Luxembourg depositary.
Team
9
Core team members across investment, structuring, finance and technology
6
Locations across Europe
7
Working languages
20+ yrs
Experience in HardTech venture, deployment finance and infrastructure structuring
General Partner
Origination and selection
The General Partner, owned by the founding investment team, originates, analyses and structures every opportunity, gives the fund's corporate consent and monitors portfolio companies.
External AIFM
Investment decision and risk
GVC Gaesco Alternative Investments, SGEIC, S.A., an alternative investment fund manager authorised and supervised by the Comisión Nacional del Mercado de Valores, is the fund's external manager. It takes the investment decision, runs independent risk and valuation functions and reports to the regulator.
External AIFM
Depositary
Custody and cash oversight
A Luxembourg depositary safekeeps the fund's assets, monitors cash flows and executes payments only on the manager's instruction.
Two compartments, Growth Equity and Deployment Capital, with segregated assets, liabilities and reporting
Contact
For institutional and professional investors
NOAK Capital is currently in formation. Institutional investors, industrial partners and advisors are welcome to get in touch.
- info@noakcapital.com