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Investments

8

Portfolio Exits

1

Service Providers

1

About Devonshire Investors

Devonshire Investors is a private equity firm specializing in buyouts. The firm seeks to invest in information, communications, technology, telecom and managed services, energy, human resources outsourcing, human resources technology, healthcare, building supply, transportation and hospitality, pharmaceutical, natural resources, publishing, food and agriculture, medical and life sciences, and real estate. The firm seeks to invest in United States, Europe, North Africa, and Asia.

Devonshire Investors Headquarter Location

82 Devonshire Street R7B

Boston, Massachusetts, 02109,

United States

617-563-9106

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Latest Devonshire Investors News

Mainspring Announces $95 Million Series D Financing to Accelerate Delivery of its Breakthrough Power Generation Technology

May 5, 2021

Mainspring Announces $95 Million Series D Financing to Accelerate Delivery of its Breakthrough Power Generation Technology MENLO PARK, Calif., May 4, 2021-- Onsite power generation provider Mainspring Energy, Inc., today announced its Series D financing of $95 million to accelerate delivery of the company's breakthrough new product, the Mainspring Linear Generator, to a broad range of commercial, industrial, microgrid, and utility customers. The Series D round, led by Devonshire Investors, the private equity firm affiliated with FMR LLC, the parent company of Fidelity Investments, brought in other new investors including Princeville Capital, 40 North Ventures, and Chevron Technology Ventures, as well as existing investors Khosla Ventures, Bill Gates, ClearSky, AEP, KCK, and Equinor. This investment brings the total capital raised by the company to $228 million. "The increasing incidence of extreme weather events and related power outages has underscored the growing demand for resilient, low-carbon, and low-cost power solutions. Mainspring delivers this with the additional advantages of full dispatchability to enable solar and wind resources and the ability to dynamically switch between fuels, including 100% renewable fuels," said Mainspring Founder and CEO Shannon Miller. "This round of funding with additional world-class investors further enables us to grow our linear generator business in order to meet that demand while accelerating the arrival of the zero carbon grid of the future." Mainspring plans to use the funds to scale its U.S. customer deployments, expand its manufacturing operations, grow its current staff by more than 50%, and further build its position in the distributed generation industry. Last month, the company announced initial shipments of the Mainspring Linear Generator along with a $150 million unit purchase and project finance agreement with NextEra Energy Resources to promote deployment of Mainspring's product and advance the adoption of renewable fuels such as biogas and hydrogen. Shyam Kamadolli, Managing Director at Devonshire Investors, stated, "Devonshire sees prospects for disruptive innovations in the fast-growing clean distributed generation industry. Mainspring is well positioned with its combination of a breakthrough generation technology, a tremendous market opportunity, and an outstanding team to execute on delivering to customers." The growing mandate for a reliable, affordable, and low-carbon electric grid is driving demand for new power generation technologies that can enable greatly increased use of renewable energy while providing improved resilience against natural disasters, increased flexibility, and lower cost than the electric grid. Mainspring's breakthrough technology is designed to meet these demands by delivering dispatchable, fuel-flexible power that substantially reduces cost and carbon today, while accelerating the transition to the net-zero carbon grid. "One of the greatest challenges in the global race towards decarbonization is getting there at sustainable levels of resilience and cost," added Eric Kosmowski, Managing Partner at Princeville Capital's Climate Technology Fund. "Mainspring's approach brings together these benefits in a way that no other technology we've seen can accomplish." The Large and Growing Market for Distributed Generation Market research firm Guidehouse Insights estimates the total worldwide market for distributed generation technology to be $86 billion in 2020, growing to $212 billion by 2030. Within this market, Mainspring's targeted customer sectors include commercial and industrial buildings, grid infrastructure such as utility, municipality, and power project applications, and a wide range of microgrids such as residential communities, data centers, military bases, and university campuses. The company shipped its first product in mid-2020 and continues its rollout to big-box retail, grocery, shipping, logistics, telecommunications, agriculture, wastewater treatment, and utility customers across the Fortune 500. About Mainspring Energy Driven by its vision of the affordable, reliable, net-zero carbon grid of the future, Mainspring is delivering a new category of power generation — the linear generator — that delivers onsite, dispatchable, fuel-flexible power at low cost. Based in Menlo Park, Calif., Mainspring is backed by top-tier venture, strategic, and financial investors. www.mainspringenergy.com.

Devonshire Investors Investments

8 Investments

Devonshire Investors has made 8 investments. Their latest investment was in Mainspring Energy as part of their Series D on May 5, 2021.

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Devonshire Investors Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/4/2021

Series D

Mainspring Energy

$95M

Yes

2

2/11/2021

Series C

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$99M

Subscribe to see more

10

1/4/2021

Series B

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$99M

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10

5/26/2020

Series A - II

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$99M

Subscribe to see more

10

2/10/2020

Series F

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$99M

Subscribe to see more

10

Date

5/4/2021

2/11/2021

1/4/2021

5/26/2020

2/10/2020

Round

Series D

Series C

Series B

Series A - II

Series F

Company

Mainspring Energy

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

$95M

$99M

$99M

$99M

$99M

New?

Yes

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

2

10

10

10

10

Devonshire Investors Portfolio Exits

1 Portfolio Exit

Devonshire Investors has 1 portfolio exit. Their latest portfolio exit was Iora Health on June 07, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/7/2021

Acquired

$99M

10

Date

6/7/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

10

Devonshire Investors Acquisitions

1 Acquisition

Devonshire Investors acquired 1 company. Their latest acquisition was NovoEd on October 16, 2018.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/16/2018

Series A

$99M

$2.04M

Acq - Fin

3

Date

10/16/2018

Investment Stage

Series A

Companies

Valuation

$99M

Total Funding

$2.04M

Note

Acq - Fin

Sources

3

Devonshire Investors Service Providers

1 Service Provider

Devonshire Investors has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

General Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

General Counsel

Partnership data by VentureSource

Devonshire Investors Team

4 Team Members

Devonshire Investors has 4 team members, including current Managing Director, David Jegen.

Name

Work History

Title

Status

David Jegen

Managing Director

Current

Frank Lukas

Managing Director

Current

William Glass

Senior Vice President

Former

Rafael Febres-Cordero

Managing Director

Former

Name

David Jegen

Frank Lukas

William Glass

Rafael Febres-Cordero

Work History

Title

Managing Director

Managing Director

Senior Vice President

Managing Director

Status

Current

Current

Former

Former

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