Fulmina
Energy Infrastructure
Autonomous grid inspection, radiation-hardened robotics, and distributed energy infrastructure. Targeting the $2.5 trillion U.S. grid modernization opportunity while leveraging 900+ electric cooperatives already serving 42 million Americans.
Investment Thesis
America's electrical infrastructure faces a critical inflection point. The aging grid requires $2.5 trillion in modernization while simultaneously integrating distributed renewable generation, EV charging infrastructure, and resilience against increasing climate volatility. This creates unprecedented opportunity for autonomous inspection systems, hardened robotics, and cooperative-owned distributed energy resources.
Fulmina targets the convergence of grid modernization necessity and cooperative infrastructure readiness. The 900+ electric cooperatives in the United States already operate under member-ownership models, creating natural E2C conversion pathways for technology providers serving this ecosystem.
Autonomous Inspection
Drone and robotic systems for transmission line inspection, vegetation management, and predictive maintenance—reducing outages and enabling real-time grid monitoring.
Radiation-Hardened Robotics
Specialized systems for nuclear facility inspection and maintenance, addressing workforce gaps in the nuclear industry while extending plant operational lifespans.
Distributed Energy Resources
Community solar, battery storage, and microgrid technologies designed for cooperative ownership from deployment, enabling energy sovereignty at scale.
Grid Resilience
Software and hardware systems for grid hardening, outage prediction, and rapid restoration—critical infrastructure for climate adaptation.
E2C Pathway
Fulmina portfolio companies begin as traditional venture-backed entities serving electric cooperatives as customers. As products mature and customer relationships deepen, ownership transitions to the cooperatives themselves through DACO structures— creating technology cooperatives owned by the cooperatives they serve.
This model aligns incentives permanently: technology providers succeed when their member-owners succeed, eliminating extractive licensing models and ensuring long-term infrastructure investment rather than short-term profit extraction.
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