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Growth Capital for the Clean Economy

Financing the Next Generation of Energy Innovation

WindSail Capital provides flexible financing solutions to companies advancing energy innovation, climate tech and sustainability — accelerating growth without unnecessary dilution.

Who We Are

A Different Kind of Growth Capital Partner

WindSail Capital is a leading provider of growth capital to companies advancing energy innovation, climate tech and sustainability across a wide range of industries.

Our unique investment approach provides companies with flexible financing solutions that facilitate growth while minimizing dilution — filling a critical gap in the market for mission-driven businesses.

Learn More About Our Approach →
Why WindSail Capital

An Alternative Approach to Energy Innovation and Sustainable Investing

We combine deep sector expertise and a 15+ year track record with creative capital structures to unlock growth for businesses that seek alternative sources of financing.

01
Deep Energy Industry Expertise

Decades of relationships and experience across clean energy, sustainability, and climate technology sectors.

02
Creative Capital Structures

We are nimble and think creatively — designing bespoke financing solutions that fit each company's unique growth trajectory.

03
True Partnership Model

We are there to actively support our portfolio companies beyond capital — providing guidance, introductions, and strategic counsel.

04
Underserved Market Focus

We provide capital to market segments that fall between traditional venture equity and institutional lending.

05
Institutional Mandate

Our experience and funding model allows us to move quickly and creatively for our partner companies.

06
Growth Capital, Less Dilution

Founders retain control. Our debt and hybrid structures are designed to fuel growth without sacrificing equity.

Portfolio

Companies We Are Backing

View Full Portfolio →
AI Infrastructure

Revolve Labs, Inc. operates next-generation data centers focused on Bitcoin mining hosting and AI high-performance computing infrastructure, leveraging proprietary energy optimization technology to deliver industry-leading cost efficiency.

Grid Software

Enelytix, Inc. provides data-driven analytics and forecasting solutions for the rapidly evolving electric power sector worldwide.

Enterprise Software

Eccentex, Inc. provides digital transformation solutions through its proprietary AI-driven no-code/low-code AppBase platform for enterprise case management and workflow automation.

Clean Mobility

BetterFleet provides fleet operators with a single platform to plan, manage and accelerate the transition to zero-emission vehicles while reducing cost and risk.

Climate Finance

Brightly Ventures creates value at the intersection of food recovery and climate change mitigation. Brightly is the first US-based company minting verified carbon credits addressing local food recovery and waste diversion.

Energy Storage

STAFL Systems is an engineering firm based in San Francisco, CA that specializes in the design and manufacturing of custom powertrain solutions integrating energy storage systems for demanding performance specifications with large OEMs in the marine, industrial, aerospace, mining and automotive sectors.

Climate Data

WeatherFlow-Tempest is a technology company based in Santa Cruz, CA providing proprietary weather stations and associated services to deliver accurate and precise local weather information to businesses and consumers.

Energy Efficiency

Axiom Cloud is an IoT software-as-a-service company based in Oakland, CA that focuses on grocery stores and other owners of cold storage assets to reduce energy and maintenance costs, service calls and refrigerant leak rates.

Recent News

Portfolio Updates &
Industry Insights

April 2, 2026
Yes Energy Acquires Enelytix to Expand Cloud-Native Nodal Modeling Platform

The acquisition expands Yes Energy's investment-grade forecasting and analytics capabilities for power market participants.

Read More →
Feb 17, 2026
Eccentex and Enforce Assist Announce Strategic Investment in Law Enforcement Records Management
Read More →
Jan 29, 2026
Brightly Expands Food-Rescue Climate Model Globally, Bringing Climate Finance to Hunger Relief
Read More →
Our Team

Experienced Investors.

Trusted Partners.

Our team combines deep energy sector expertise with decades of investment experience. We bring more than capital — we bring relationships, operational insight, and a shared commitment to a sustainable economy.

Ian Bowles
Ian Bowles
Co-Founder & Managing Director
Michael Rand
Michael Rand
Co-Founder & Managing Director
Matthew O'Rourke
Matthew O'Rourke
Managing Director
Andrew Chang
Andrew Chang
Vice President
About WindSail

Built for the Energy Transition

WindSail Capital Group is a leading provider of growth capital to companies advancing energy innovation and sustainability. Since founding, we've backed 40+ companies across the clean energy economy.

Our Mission
Filling the capital gap in climate tech

WindSail provides growth financing to companies advancing energy innovation and sustainability across a wide range of industries. Our investments typically range from $2 million to $5 million and are in the form of a secured loan.

WindSail prides itself on thinking outside the box and structuring transactions that specifically address a company's capital needs — including senior secured loans, junior secured loans, stretch loans, bridge loans, and equity on a select basis.

Our investment approach allows us to focus on early stage companies that are often overlooked by institutional investors, such as We do not require institutional equity — our capital can replace or complement equity, minimizing dilution for founders, management and early investors.

Investment Criteria
Structured around your needs
  • Focus on companies advancing energy innovation and sustainability
  • Little-to-no technology risk
  • Revenue generating or in early commercial stage
  • Strong perceived downside protection
  • Clear path to cash flow break even
  • Supportive equity partners
  • Primarily U.S. and Canada based businesses
Unique Sector Focus

We understand the energy industry and its complex ecosystem. We think creatively to structure well-balanced transactions that enable growth — serving companies often overlooked by institutional investors.

Our Track Record

40+ Companies. One Consistent Mission.

$2–5M
Typical investment size
40+
Portfolio companies funded
15+
Years of experience
North America
Headquartered in North America

WindSail Capital has been investing across the energy innovation and sustainability economy since 2013.

Our Values

What We Believe

Flexibility is a feature
Creative over rigid

The energy sector is dynamic. We build flexibility into every transaction — rigid lending doesn't serve innovative companies.

Expertise compounds
Deep industry knowledge

Over a decade investing exclusively in energy and climate tech gives us depth that makes us better partners and underwriters.

Capital serves the mission
Less dilutive growth

Less dilutive capital, deployed thoughtfully, is one of the most powerful tools available to climate tech founders.

Learn More About WindSail

Whether you're a founder exploring financing or an LP evaluating the fund, we'd welcome a conversation.

Our Team

Experienced Investors.
Trusted Partners.

A small, focused team with deep roots in energy policy, structured lending, and climate technology — united by a common mission.

Ian Bowles
Ian Bowles
Co-Founder & Managing Director

Ian is co-founder and Managing Director of WindSail Capital Group. He brings over 30 years of experience in the energy and environmental sectors. Prior to WindSail, he served as Massachusetts Secretary of Energy and Environmental Affairs, where he oversaw a landmark restructuring of utility and environmental regulation which included making MA a top ranked state in energy efficiency, renewable energy and greenhouse gas emissions reductions. He was also chairman of the MA Water Resources Authority and the founding chairman of the MA Clean Energy Center. Earlier in his career, he served on the National Security Council staff of President Bill Clinton and was a Vice President at Conservation International where he played a key role in creation of the four million acre Central Suriname Nature Reserve.

Ian is a board member at Longroad Energy and formerly a board member at the New England Clean Energy Council and the Museum of Science. He is an advisor to several other leading clean energy companies. Ian received his A.B. from Harvard College and a Masters degree from Oxford University.

Michael Rand
Michael Rand
Co-Founder & Managing Director

Michael is co-founder and Managing Director of WindSail Capital Group. Michael brings to WindSail over 25 years of experience in private equity investing, structured finance and corporate finance. Prior to founding WindSail, Michael spent 11 years as a private equity professional, most recently as a Managing Director of GB Merchant Partners, a division of Gordon Brothers Group. Previously, Michael served as a Principal at Palladin Capital Group, a New York based middle market private equity firm. Prior to joining Palladin, Michael was a member of the Leveraged Finance/Merchant Banking Division of CIBC World Markets.

Michael received a B.S. from Georgetown University and an MBA from New York University's Stern School of Business. He currently serves as the Chairman of Coaching4Change.

Matthew O'Rourke
Matthew O'Rourke
Managing Director

Matt joined the WindSail team in 2015. Matt has over 10 years of broad industry experience as an investor and lender and has directly managed over $450 million in assets. Prior to joining WindSail, Matt was a Vice President, Senior Portfolio Manager and founding team member at Salus Capital Partners, a $1.4-billion credit fund. At Salus, Matt was responsible for underwriting, structuring and managing a diverse portfolio of credit facilities to lower middle market businesses across the U.S. and Canada. Prior to joining Salus Capital, Matt was an Assistant Vice President at People's United Bank, a $44-billion commercial bank where he sourced, underwrote and managed a portfolio of middle market commercial loans. Matt began his career at People's United Bank as a credit analyst where he underwent an eighteen-month credit training and rotational program within the bank.

Matt received a B.S. in Business Administration cum laude from Bryant University.

Andrew Chang
Andrew Chang
Vice President

Andrew is a Vice President who joined the WindSail team in January 2021. At WindSail, he leads deal sourcing, pipeline development, and investment due diligence across the fund — working closely with the investment team from initial company evaluation and financial analysis through term sheet negotiation and portfolio monitoring. He brings deep expertise in venture debt structuring, financial modeling, and cleantech sector analysis, with a particular focus on energy storage, distributed energy, grid software, and AI-adjacent infrastructure.

Andrew has been integral to several of the fund’s recent transactions, including investments in Revolve Labs, Eccentex, and Enelytix. He also serves as an advisor to the Cleantech Open Northeast, supporting the next generation of early-stage climate tech founders through the organization’s annual accelerator program. Prior to WindSail, Andrew worked as an Associate in M&A advisory with King & Spalding and in investment banking with Wells Fargo Securities. He received a B.A. in Economics and Mathematics from Amherst College and is based in Boston, MA.

Work with WindSail

We're always open to connecting with exceptional founders, investors, and professionals in the energy and climate space.

Our Portfolio

Investing Across the Clean Energy Economy

WindSail has backed 40+ companies across energy and climate tech since 2013 — providing non-dilutive growth capital to founders building the energy transition.

40+
Companies Funded
$2–5M
Typical Investment
15+
Years Investing
US & CA
Geographic Focus
Active Portfolio

Companies We're Backing Today

Current investments — each a growth-stage business receiving a senior secured loan from WindSail.

AI Infrastructure

Revolve Labs, Inc. operates next-generation data centers focused on Bitcoin mining hosting and AI high-performance computing infrastructure, leveraging proprietary energy optimization technology to deliver industry-leading cost efficiency.

Grid Software

Enelytix, Inc. provides data-driven analytics and forecasting solutions for the rapidly evolving electric power sector worldwide.

Enterprise Software

Eccentex, Inc. provides digital transformation solutions through its proprietary AI-driven no-code/low-code AppBase platform for enterprise case management and workflow automation.

Clean Mobility

BetterFleet provides fleet operators with a single platform to plan, manage and accelerate the transition to zero-emission vehicles while reducing cost and risk.

Climate Finance

Brightly Ventures creates value at the intersection of food recovery and climate change mitigation. Brightly is the first US-based company minting verified carbon credits addressing local food recovery and waste diversion.

Energy Storage

STAFL Systems is an engineering firm based in San Francisco, CA that specializes in the design and manufacturing of custom powertrain solutions integrating energy storage systems for demanding performance specifications with large OEMs in the marine, industrial, aerospace, mining and automotive sectors.

Climate Data

WeatherFlow-Tempest is a technology company based in Santa Cruz, CA providing proprietary weather stations and associated services to deliver accurate and precise local weather information to businesses and consumers.

Energy Efficiency

Axiom Cloud is an IoT software-as-a-service company based in Oakland, CA that focuses on grocery stores and other owners of cold storage assets to reduce energy and maintenance costs, service calls and refrigerant leak rates.

Past Portfolio

A Decade of Backing Energy Innovators

Prior investments — many with significant exits and acquisitions.

Copperstone Technologies Industrial Tech
Copperstone Technologies designs, manufactures and deploys patented autonomous HELIX robotic equipment capable of operating in harsh mining environments.
Velocia Clean Mobility
Velocia is a software developer of a rewards and incentive platform in the mobility and public transit space.
Nanoramic Laboratories Battery Tech
Nanoramic Laboratories is a Boston-based manufacturer and supplier of innovative Neocarbonix® electrode materials for high-performance energy storage.
Cambrian Innovation Water & Energy
Cambrian Innovation is a Boston-based wastewater treatment technology developer focused on the food and beverage industry.
HercuTech Green Building
HercuTech is a developer and manufacturer of HercuWall®, an energy-efficient insulated concrete panel wall system.
Elpis Squared Grid Software
Elpis Squared is a developer of utility grid analytics and operational software enabling utilities to integrate more distributed energy resources.
Carbonwave Environmental
Carbonwave addresses problematic Sargassum seaweed blooms to prevent methanogenic and pollutant decomposition and create biomass value.
Lifecycle Renewables Renewable Energy
Lifecycle Renewables is a Massachusetts-based producer and supplier of renewable heating fuel for large commercial entities.
Hatch Data Building Energy
Hatch Data is a provider of an energy and operational software platform for commercial buildings.
Congruitive Grid Software
Congruitive is a San Francisco-based developer of smart grid software for utilities, grid operators, large energy users and power generators.
Upstart Power Clean Energy
Upstart Power is a Massachusetts-based developer of solid oxide fuel cell power technology for residential applications.
Varentec Grid Tech
Varentec is a Santa Clara-based developer of smart grid power controls technology.
BluePath Finance Clean Finance
BluePath Finance is a San Francisco-based provider of turn-key equipment financing and leasing solutions for sustainable infrastructure projects.
Go Electric Microgrids
Go Electric is an Anderson, IN-based developer of microgrid hardware and software solutions for commercial, industrial and military applications.
Sighten Solar Software
Sighten is a San Francisco-based developer of operational software for residential solar installers and related financing companies.
LumiGrow AgTech
LumiGrow is an Emeryville, CA-based developer of LED lighting solutions for controlled environment agriculture including indoor and greenhouse growing facilities.
Genera Biomass
Genera is a Vonore, TN-based biomass supply company focused on the pulp and packaging industries.
Ubees AgTech
Ubees is a New York City-based provider of technology-enabled pollination services to the agriculture industry.
LocoMobi World Smart Mobility
LocoMobi World is a Toronto-based technology company offering cloud-based hardware and software products for parking and transportation management.
Cycle Horseshoe Bend Wind Wind Energy
Cycle Horseshoe Bend Wind, LLC is a special purpose vehicle created to acquire the assets of a 9MW operating wind farm located in Montana.
BlueInGreen Water Quality
BlueInGreen provides dissolved gas infusion solutions for water and wastewater treatment.
Purple Carrot Food & Ag
Purple Carrot was a plant-based meal kit delivery service.
Flowcastings Industrial Tech
FLC Flowcastings GmbH is a developer of advanced turbine casting technology.
Genability Energy Software
Genability is a provider of energy data and tariff intelligence software.
WeSpire ESG Tech
WeSpire is a Boston-based provider of employee engagement software for ESG and sustainability programs.
Bright Power Energy Services
Bright Power is a New York-based energy services company focused on multifamily and affordable housing.
XL Fleet Clean Mobility
XL Fleet is a Boston-based leader in commercial vehicle electrification.

Interested in Joining the Portfolio?

We're always evaluating new opportunities. If you're a growth-stage clean energy company seeking non-dilutive capital, we'd like to learn more.

Recent News

Portfolio Updates

Announcements, milestones, and press from our portfolio companies and the WindSail team.

2026
2025
November 17, 2025
Nanoramic Secures $54 Million in Series 1 Financing to Accelerate Global Commercialization of Neocarbonix®
Read More →
September 23, 2025
Axiom Cloud Streamlines Proactive Refrigeration Management with Enhanced Customer Portal and CMMS/RTS Integrations
Read More →
September 15, 2025
Why the AIM Act Isn't Going Anywhere and What That Means for Natural Refrigerant Planning
Read More →
September 8, 2025
Advanced Fleet Management Aids Roseville, Calif., With EVs
Read More →
September 4, 2025
Nanoramic Secures Strategic Investment from ITOCHU to Accelerate Global Commercialization of Neocarbonix for Advanced Batteries
Read More →
June 30, 2025
Go-Ahead Group and BetterFleet Launch Europe's Largest EV Charge Management Deployment
Read More →
May 6, 2025
Metropolitan Water District of Southern California Uses Innovative SaaS Platform to Manage Charging in Zero-Emission Fleet Transition
Read More →
March 21, 2025
HercuWall® Has Been Acquired by Tremco CPG Inc.
Read More →
March 18, 2025
BetterFleet Lands $15M to Accelerate Global Adoption of Breakthrough AI-Enabled EV Charging Management for Fleets
Read More →
March 11, 2025
Tempest Partners with Cruz Foam as Part of Broader Sustainability Initiative
Read More →
January 29, 2025
GM backs innovative startup with revolutionary proposal to boost safety in EV battery production
Read More →
January 8, 2025
Axiom Cloud Closes Major Rollout for Top 10 Grocery Retailer and Insider Investment Round
Read More →
2024
2023
2022
2021
2020
2019
2018
October 16, 2018
DC Systems Secures $4 Million in Growth Funding from WindSail Capital
Read More →
July 24, 2018
Go Electric Secures $4 Million Growth Funding From WindSail Capital
Read More →
March 22, 2018
Saudi Aramco Energy Ventures Invests in Turbine Innovator FLC Flowcastings Gmbh
Read More →
2017
October 5, 2017
LumiGrow Partners with Nectar Farms to Light 40 Hectares of Greenhouse
Read More →
July 31, 2017
BlueInGreen and WindSail Capital Close Deal for Growth Capital
Read More →
March 14, 2017
LocoMobi Announces Rollout of New Innovative Apps for Users and Merchants
Read More →
2016
October 27, 2016
HercuTech Secures $5 Million in Funding from WindSail Capital
Read More →
May 10, 2016
Purple Carrot Secures $5 Million in Funding from WindSail Capital
Read More →
March 9, 2016
WindSail Invests $3 million in Genability
Read More →
2015
October 1, 2015
Ballard Announces Close of Protonex Acquisition
Read More →
July 23, 2015
LocoMobi Announces $5 Million Credit Facility with WindSail Capital Group
Read More →
2014
December 30, 2014
Boston's WindSail Capital funds energy management provider Bright Power
Read More →
December 11, 2014
Genera Receives Growth Investment from WindSail Capital Group
Read More →
July 18, 2014
Outside the Box: Ian Bowles of WindSail Capital Group
Read More →
March 31, 2014
FastCAP Systems Powers up Production with $5M from WindSail Capital Group
Read More →
January 21, 2014
Three startups capitalizing on CNG, New England's fast-growing fuel source
Read More →
2013
December 11, 2013
XL Hybrids Hauls In $3M From WindSail to Electrify Fleet Vehicles
Read More →
December 2, 2013
WindSail Capital raises $20M for 1st clean energy fund
Read More →
July 11, 2013
Boston-based WindSail lends $5M to fuel Vermont startup's expansion
Read More →
March 11, 2013
WindSail Capital Group Funds Protonex Technology Corporation
Read More →
2011–2012
July 12, 2012
Next Step Living ups funding round to $3.2 million
Read More →
June 20, 2012
Bowles' new firm WindSail Capital plans series of cleantech investments
Read More →
April 24, 2012
WindSail Capital wants to fill clean energy funding gap, providing loans to growing companies
Read More →
April 1, 2011
WindSail Capital Group Funds Next Step Living
Read More →
Contact

Let's Start a Conversation

Whether you're a climate tech founder, potential LP, or fellow investor in the ecosystem, we'd love to hear from you.

Get In Touch
Address

133 Federal Street, Suite 902
Boston, MA 02110

General Inquiries

info@windsailcapital.com

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For Companies
Seeking Growth Capital?

We invest $2–5M in senior secured loans to growth-stage clean energy companies across energy storage, grid technology, clean mobility, and environmental services.

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For Investors
Interested in the Fund?

WindSail Capital is currently deploying capital. If you're a family office, institutional investor, or individual LP, we're happy to share materials.

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For the Ecosystem
Part of the Network?

We're always looking to expand relationships with entrepreneurs, advisors, co-investors, and cleantech community organizations.

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