LetterOne is a privately owned investment vehicle established in 2013 and based in Luxembourg. It focuses on making value-driven investments primarily in the Energy and Technology sectors through its business units, L1 Energy and LetterOne Technology. The company manages a substantial portfolio of assets, which includes significant investments in telecoms, credit, and equity securities. LetterOne aims for large-scale investments exceeding $1 billion and seeks to enhance value through operational excellence, strategic input, and capital provision, particularly in turnaround situations involving distressed assets. The firm actively participates in management and board-level roles to influence performance, strategy, and business development. Its investment approach does not adhere to fixed time horizons, with returns generated through dividend income and capital gains from asset disposals.
Devonshire House, One Mayfair Place, London W1J 8AJ, UK / Luxembourg
Christopher R. Devereux
Partner
Edmund Packard
Managing Director, Funds
6 past transactions
Tigo Energy
Convertible Note in 2023
Tigo Energy, Inc. specializes in developing module-level power electronics and module optimizer technology for the solar industry. The company offers solar optimizers and software solutions, including module-level monitoring tools for managing photovoltaic arrays across residential, commercial, and utility sectors. Additionally, Tigo provides communication solutions such as gateways and management units that facilitate communication between optimizers and inverters, as well as interfaces for on-site management of solar components. By enhancing the efficiency and reliability of solar installations, Tigo Energy aims to improve energy yield and reduce operating costs, ultimately resulting in a quicker return on investment for its customers. Founded in 2007 and headquartered in Campbell, California, with an office in Tuscany, Italy, Tigo Energy operates in multiple regions, including the United States, Europe, Japan, China, Australia, Brazil, and the Middle East, serving a diverse range of markets from residential to governmental sectors.
H2scan
Venture Round in 2022
H2scan Corporation, based in Valencia, California, specializes in manufacturing and selling hydrogen leak detection and process gas measurement products for industrial markets globally. Established in 2002, the company offers several product lines, including HY-OPTIMA, which features real-time in-line portable hydrogen monitors for process optimization, and HY-ALERTA, which includes portable hydrogen leak detectors and fixed area monitors designed for safety in environments with potential hydrogen leaks. H2scan's solutions cater to various industries, such as electric power, petroleum, nuclear power, semiconductor, and chemical production. The company leverages hydrogen sensing technology for integration into customer products and maintains a distribution network across North America, Asia, Europe, South America, the Middle East, Australia, and Africa. H2scan has developed its technology with foundational support from the U.S. National Laboratory at Sandia and has established strategic partnerships to enhance its market presence.
Plastic Energy
Venture Round in 2021
Plastic Energy offers a global and sustainable solution to prevent plastic pollution, by transforming previously unrecyclable plastic waste into a valuable resource.
Qvantel
Venture Round in 2016
Qvantel specializes in developing cloud-based business support system (BSS) software tailored for telecom operators. The company offers a no-code, cloud-native platform that simplifies customer, product, and revenue management, including billing and financial management. By providing comprehensive tools, Qvantel enables communication service providers (CSPs) to effectively manage the entire customer lifecycle, attract and engage customers, and innovate their service offerings. This approach supports CSPs in their transition to becoming digital-first companies, ensuring they can adapt to evolving market demands and manage their revenue streams efficiently.
Uber
Private Equity Round in 2016
Uber is a technology company that revolutionizes transportation by connecting riders with drivers through its mobile application. Founded in 2009 and headquartered in the United States, Uber operates in over 300 cities globally, making urban travel more accessible. The platform allows users to submit trip requests, which are efficiently routed to available drivers, thus enhancing the convenience of transportation. In addition to its core ridesharing services, Uber is also investing in advanced technologies, including autonomous vehicles through its subsidiary, Uber Advanced Technologies Group. This division aims to develop safe and reliable self-driving transportation solutions. Furthermore, Uber Elevate is working to establish the framework for aerial ridesharing, collaborating with various stakeholders to envision the future of air travel. Through these initiatives, Uber continues to expand its service offerings and redefine mobility in urban environments.
FreedomPop
Series C in 2016
FreedomPop is a telecommunications company founded in 2011 that aims to provide free wireless internet and mobile phone services globally. The company offers high-speed internet and free international calling and texting, focusing on bridging the digital divide by ensuring that everyone has access to mobile connectivity. By utilizing a freemium model, FreedomPop delivers essential mobile services without cost, allowing users to make calls, send texts, and surf the internet at no charge.
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