You’ve probably heard the buzz about BlackRock and Temasek joining forces. It’s one of those "power couple" situations in the finance world, but instead of red carpets, they’re looking at hydrogen plants and battery labs. They called the venture Decarbonization Partners, and honestly, people keep confusing it with a standard ESG fund. It isn't.
This isn't about buying slightly "greener" versions of oil companies. It’s a $1.4 billion late-stage venture capital and growth equity play. They are hunting for "de-risked" tech—basically, stuff that already works but needs a massive pile of cash to go global.
As of early 2026, the decarbonization partners portfolio companies list has grown into a roadmap for how the "real" economy might actually survive the next thirty years.
The Heavy Hitters in the Portfolio
If you look at where the money is actually flowing, it’s not just into "software that tracks carbon." It’s into physical, gritty stuff.
🔗 Read more: Is PLTR in the S\&P 500: What Most People Get Wrong
Take Monolith. They’re based in Nebraska, which isn't exactly the first place you think of for cutting-edge climate tech. But they’ve figured out how to use methane pyrolysis to make "carbon black"—a key ingredient in tires and plastic—and clean hydrogen at the same time. No CO2 emitted. It’s the kind of boring-but-critical industrial shift that actually moves the needle.
Then there is Group14 Technologies. They’re the ones making silicon-carbon composite anodes. Why do you care? Because it makes lithium-ion batteries charge faster and hold more power. They just pulled in a massive Series D round, and with Decarbonization Partners in their corner, they are basically the frontrunner for the next generation of EV batteries.
Software isn't dead, it's just getting smarter
While the fund loves hardware, they just made a massive splash in the software world. In January 2026, osapiens—a German company—officially became a "unicorn" (valued at over $1 billion) after Decarbonization Partners led their $100 million Series C.
The osapiens platform is kinda like an operating system for corporate honesty. It helps companies track their entire supply chain to make sure they aren't accidentally breaking new EU environmental laws or using forced labor. It’s "green tech" that solves a massive legal headache, which is why it’s growing so fast.
What Decarbonization Partners Portfolio Companies Tell Us About the Market
Most people think the "green transition" is some far-off dream. Looking at this portfolio, you realize it’s actually a massive industrial re-tooling.
The fund focuses on six specific "buckets":
- Next-Generation Energy: Like Antora Energy, which uses "hot rocks" (thermal storage) to provide zero-carbon heat for factories.
- Advanced Mobility: Companies like DST, which manages massive fleets of commercial electric vehicles in China.
- Carbon Management: This includes Carbon Direct, which provides the science and software to help firms actually remove carbon, not just "offset" it with vague forest credits.
- Bio and Low-Carbon Products: MycoWorks is a standout here, literally growing "leather" from mushrooms (mycelium).
- Digital Transformation: The osapiens and Guidewheel types of the world.
- Circular Economy: Solutions that keep materials in use instead of throwing them in a hole in the ground.
It's a diverse mix. You’ve got Guidewheel, which uses "plug-and-play" sensors to turn old factory machines into smart, energy-efficient ones. It's basically a Fitbit for a 30-year-old industrial press.
The "Green Premium" Problem
One of the biggest misconceptions is that these companies are charities. They aren't. Larry Fink (BlackRock) and the folks at Temasek are very clear: they want returns.
The whole goal of the decarbonization partners portfolio companies is to kill the "green premium." That’s the extra cost you pay for a sustainable version of a product. If green hydrogen is twice as expensive as the dirty stuff, nobody buys it. But if a company like Monolith can scale up enough to make the price equal, the market shifts overnight. That is the "growth equity" bet.
Why This Matters Right Now
We are in a weird spot in 2026. Interest rates have been all over the place, and some early-stage startups have struggled. But late-stage companies—the ones with actual factories and customers—are where the action is.
✨ Don't miss: Finding a Blank Fire Department Logo That Actually Works for Your Gear
Decarbonization Partners isn't the only player, but because they have the weight of BlackRock and Temasek behind them, they can open doors that a normal VC firm can’t. When a portfolio company like osapiens wants to expand into the US or Singapore, they aren't just making cold calls. They have the ultimate "in."
A Quick Reality Check
It isn't all sunshine. Scaling these technologies is incredibly hard. Some companies will fail. The "hard tech" world is littered with the corpses of companies that had a great lab result but couldn't build a reliable factory. Decarbonization Partners is betting that by picking "proven" tech, they can avoid the "valley of death" that kills most startups.
Actionable Steps for Investors and Observers
If you’re trying to keep up with this space, don't just watch the stock market. Watch the private rounds.
- Track the "Follow-on" Capital: See who is co-investing. When you see names like Microsoft’s Climate Innovation Fund or Goldman Sachs joining Decarbonization Partners, it’s a sign the company has passed a very high bar of due diligence.
- Look Beyond the "Green" Label: Focus on the "Industrial" label. The most successful decarbonization partners portfolio companies are often just very efficient industrial or software firms. Efficiency is the best path to decarbonization.
- Monitor Regulatory Shifts: Companies like osapiens are successful because of new laws like the CSRD in Europe. If you want to know which portfolio company is next to explode, look at which new regulation is about to hit.
The portfolio is more than just a list of names; it’s a snapshot of the future industrial economy. It’s less about "saving the planet" in a vague sense and more about building the companies that will actually own the infrastructure of the next century.
To stay ahead, keep an eye on the Series C and D announcements from this group—that's usually where the next market leaders are hiding. By the time they go public, the biggest gains are often already made.