Redacted Co.

Company No. 31 is in stealth. We can say that it builds grid-edge software for ■■■■■ and that it is a Pre-seed investment from 2026 in our Grid & Energy sector. We cannot say more until October.

What we can say is about the buyer. It is a small, member-owned utility with a handful of engineers, a long list of things to do and no appetite for a platform. The product is meant to be installed by those engineers, on a Tuesday, without a consultant.

The founders are ■■■■■ and ■■■■■, and between them they have spent about thirty years in the industry. Neither has worked outside the industry. We will print their names, the product and the first customers in the next letter, and we will mark the lines that have changed. The black bars come off in October.

Until then, a partner will tell you more over the phone, on one condition: you have to ask in writing.