Susquehanna Sustainable Investments Research
Investment Thesis
Susquehanna Sustainable Investments (SSI) is the climate technology investment arm funded by the owners of Susquehanna International Group, LLP (SIG), the global quantitative trading firm founded in 1987. SSI's stated mission is "patient capital to build a sustainable future" — backing entrepreneurs building market-based, technology-driven solutions across climate mitigation, adaptation, and removal. The team leverages SIG's broader bench of 3,500+ employees with deep expertise in trading, data science, and risk management, and positions its capital as more patient and flexible than typical venture funds because it is balance-sheet capital from SIG's owners rather than a traditional LP-backed fund.
Sector Focus
SSI invests across a wide band of climate and environmental technology, including:
- Climate tech and direct air capture / carbon removal (280.earth, Ebb Carbon, Yama/Maia Carbon)
- Energy and grid technology (Critical Energy, Euclid, Virtual Peaker, Noteworthy, Elexity)
- EV and clean transportation infrastructure (Electric Era, Terraline, BasiGo)
- Agriculture and AgTech (AiGen, Applied Carbon, Nitricity, ClimateCrop)
- Circular economy and waste (Bureo, Dispatch Goods, Wasted, Refiberd, Hilos)
- Water technology (Hohonu, Klir, Aquatic Labs)
- Geothermal (Zanskar, Hephae)
- Carbon markets and climate finance (Calyx Global, Enduring Planet)
They explicitly focus on companies "positively impacting the environment through technology and innovation" rather than pure-play policy or offset trading plays.
Stage Focus
SSI invests from seed through growth stage, with the bulk of disclosed activity concentrated at seed. Their most recently tracked deal (Derapi, February 2026) was a $7.0M seed round, consistent with their typical early-stage entry point. They also participate in later follow-on rounds for existing portfolio companies as they scale.
Check Size
Not publicly disclosed. Based on tracked deal sizes (e.g., the $7M Derapi seed), SSI appears to write checks in line with standard institutional seed rounds, likely in the low-to-mid single-digit millions, with capacity to follow on.
Lead Tendency
Unclear from public sources — SSI is listed as a participant in syndicated rounds more often than as the sole named lead, but insufficient public detail exists to classify definitively.
Recent Activity
- February 2026: $7.0M seed round in Derapi (distributed energy resource connectivity)
- Fund status: appears to be actively deploying, given the steady cadence of new portfolio additions (60+ companies to date) and a February 2026 close
Portfolio Highlights
SSI has built one of the more prolific climate-focused portfolios among corporate/balance-sheet VCs, with 60+ investments including:
- Africa-focused energy access: BasiGo (electric buses), OKRA Solar and Plentify (off-grid/smart energy), Yellow (energy finance)
- Carbon removal & carbon markets: Ebb Carbon, Yama (Maia Carbon), Calyx Global, Carbonade
- AgTech & food systems: AiGen, Applied Carbon, Nitricity, ClimateCrop
- Circular economy: Bureo (recycled fishing nets), Refiberd (textile recycling), Hilos (zero-waste footwear), Dispatch Goods
- Grid & energy software: Virtual Peaker, Noteworthy, Euclid, Elexity, Klir
- Geothermal: Zanskar, Hephae
No public exits or IPOs were identified in this research pass.
Team
- Ben Conte — Investor, co-leads SSI's climate tech investing practice. Started his career at Susquehanna, then held roles as Global Head of Trading and Operations at EcoSecurities, VP of Renewables at Bridgewell Resources, and was a founding team member at LO3 Energy before rejoining Susquehanna in 2019. BS in Philosophy and Economics (Claremont McKenna College); MBA in Finance (Villanova University).
- Jeff Engelman — Investor, co-leads SSI's climate tech investing practice alongside Ben Conte. Joined Susquehanna in 1989 and spent over three decades building and leading trading businesses across commodities, energy, electricity, fixed income, currency, and equity/index options before moving into climate investing. BS in Economics and MBA in Finance, Wharton School (University of Pennsylvania).
- Jake Wilson — Investor, focused on early-stage climate technology across industrial decarbonization, energy systems, and carbon management; works across sourcing, diligence, and portfolio support. Previously in investment banking at Harris Williams (eCommerce and EdTech M&A). Also founded Ruby's Harmony, a music education technology startup. BS in Economics with a Computer Science minor (Claremont McKenna College).
- Matt Brown — Listed as a member of the SSI investment team; no further biographical detail was publicly available in this research pass.
Decision Process
Not publicly disclosed. Given the small, named investing team (4 investors) operating as SIG's dedicated sustainability vehicle, a partnership-style process among the core investing team is most likely.
Founder Preferences
SSI appears drawn to technical, mission-driven founders building hard-tech and infrastructure solutions in climate, energy, agriculture, and circular economy — often robotics-, hardware-, or data-heavy businesses rather than pure software plays.
Geographic Focus
Global, with a notable concentration of energy-access investments in Africa (BasiGo, OKRA Solar, Plentify, Yellow) alongside a broad base of US and international climate-tech portfolio companies. Headquartered in Bala Cynwyd, Pennsylvania, alongside Susquehanna International Group's other investment vehicles (Susquehanna Growth Equity, Susquehanna Venture Capital / Asia, Susquehanna Private Capital).