Pana Capital Management / NYC

Growth equity
for the infra-
structure that
doesn't go
down.

Data center power load is expected to triple by 2030, driving up to 40% of net-new US electricity demand, while grid expansion continues to lag. Interconnection delays already stretch years, and grid disruption costs the US economy $150 billion annually. The next generation of infrastructure will be distributed, dispatchable, and resilient by design. We provide expertise and financing for projects that deliver the behind-the-meter and point-of-load energy systems powering this transition.

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US Data Center Load / 2030E
134GW
Source: DOE LBNL / EPRI projections (2024)
Share of Net-New US Demand
30–40%
Source: EIA AEO 2024
Data Center Share / US Power 2030E
12%
Source: LBNL 2024 Report on US Data Center Energy Use
Annual Grid Loss / US Economy
$150bn
Source: DOE / EPRI grid reliability studies
§ 01 / THE PROBLEM

The Current U.S. Grid Cannot Meet Hyperscalers' Demand for Power.

▸ The Demand Gap

Data centers need 30–40% of all net-new US power through 2030 — and the grid cannot deliver it on time.

US data center load triples by 2030, reaching an estimated 134 GW. Interconnection queues stretch for years. Grid build-out lags the demand curve, and new generation needs to arrive closer to where the load actually is. Hyperscalers, defense contractors, and industrial operators cannot afford to wait — and increasingly, they are not. The answer is not one technology, and it is not the grid. It is resilient, behind-the-meter power sourced from proven technologies: advanced nuclear, geothermal, modular gas, and point-source carbon capture, sited at the point of consumption and underwritten for uptime — not intermittency.

§ 02 / THESIS

Pana Provides Expertise and Capital to Help Hyperscalers Accelerate Access to Resilient Energy Supply.

The largest technology companies in the world need gigawatts of reliable power on timelines the grid cannot meet. Pana bridges the gap: we provide growth equity and deep project development expertise to the companies building behind-the-meter power, power-integrated data centers, and the industrial efficiency technologies that let the whole stack run. Every project we back uses proven, resilient approaches — hardware in the ground or a defined commercial deployment timeline. Every cap table is US-majority.

§ 02.A / PROJECTS WE INVEST IN
Power-integrated data center campus
PROJECT TYPE I · 45–50% RESILIENCY

Power-Integrated Data Centers

Project equity into co-located generation and compute. The model delivers 99.999% uptime, 98% grid availability, and zero GW waste — with time-to-market of 3–5 years versus 6–8 years for a grid interconnect. The DOD installation-microgrid playbook, applied to hyperscaler load. New Waters Capital is our preferred co-development partner on integrated power-and-compute campuses, including federal site opportunities across Army, Air Force, and Navy installations.

99.999% uptime 98% grid availability 0 GW waste BTM co-location
Behind-the-meter platform equipment
PROJECT TYPE II · 20–25% EFFICIENCY

Behind-the-Meter Platform Growth Equity

The operating companies powering Project Type I — dispatchable solar-thermal, thermal storage, modular gas, point-of-use hydrogen, and optimization software. Each reduces dependence on congested grid infrastructure and delivers measurable efficiency gains for operators who cannot tolerate curtailment or delay. Proven technologies with commercial deployments already in operation.

Thermal storage Modular gas Point-of-use H₂ Sub-1.1 PUE
Advanced nuclear and geothermal baseload
PROJECT TYPE III · 15–20% DEFENSE

Advanced Power Project Equity

SMRs, microreactors, and advanced geothermal — innovative, resilient approaches with hardware in the ground and defined commercial deployment timelines. Projects we back have anchor offtakes named, fuel supply secured, and permitting in motion. The same infrastructure thesis the Army is executing to put microgrids on every installation by 2035, now applied to commercial hyperscaler demand at scale.

SMR / microreactor Advanced geothermal DIU · DoAF Army 2035 mandate
Large scale industrial cooling system
ARCHETYPE IV · 5–10% INNOVATION

Component & Enabling Technology

Picks and shovels for the first three — cooling, power electronics, storage fluids, specialized heat exchangers, sensors, simulation, and AI-driven optimization. Sovereign-production qualified. Asset-light exposure to every dollar spent in Archetypes I through III.

Sovereign-qualified Software · AI Sensors Components
§ 03 / THE PANA DIFFERENCE

The bridge venture
can't build —
and infrastructure
can't fund alone.

Pana's capital is the bridge from early-stage funding to infrastructure-scale deployment across multiple commercial projects. We prioritize development companies with deep project pipelines and technologies with corporate anchor partnerships already in place — pilots, offtakes, co-location, and strategic equity from the Fortune 50.

Experience and Relationships

  • Deep knowledge of energy, commodity, and power markets
  • Worldwide network across energy, EPC, feedstocks, and environmental credits — to source and create projects that accelerate growth
  • Strategies to de-risk and lower technology adoption costs (LCOE / LCOC)
  • Proven track record executing large infrastructure financings
  • Experience creating category-leading companies
  • Experience driving successful exits — strategics and public markets

Value-Add for Our Clients

  • High-return energy allocation under long-term contracts
  • Leverage and accelerate company balance sheets
  • Stand up new business lines for strategic partners
  • Chain-of-custody accounting from feedstock to sequestration — operational transparency end-to-end
  • Direct project-level partnership opportunities alongside fund positions
§ 04 / UNDERWRITING

Five core underwriting criteria. One framework.

Each project must address five core underwriting criteria using the PRS (Pana Risk Score) framework.

01

Regulatory / Government Risk

+
Assess government policy, permitting, regulatory approvals, political exposure, and compliance requirements that could impact the project.
02

Commodity Risk

+
Evaluate exposure to commodity pricing, supply chain volatility, input costs, and market fluctuations that may affect project economics.
03

Technology Risk

+
Assess the maturity, scalability, reliability, and commercial viability of the technology being deployed.
04

Execution Risk

+
Evaluate the team's ability to successfully develop, build, and operate the project, including timelines, operational complexity, and delivery capability.
05

Funding Risk

+
Pana de-risks projects by aligning the full capital stack across venture, debt, and infrastructure financing partners. We support projects from LOI through final investment decision by structuring financing pathways, leveraging incentives and CDRs, securing strategic offtake agreements, and providing access to corporate balance sheet support and technology guarantees where applicable. We also create alignment with capital partners through mechanisms such as ROFOs and early-stage funding commitments to improve project bankability and financing certainty.
§ 05 / LEADERSHIP

Operators who have built
the exact assets we underwrite.

Caroline Abramo
Caroline Abramo
CEO & Founder

Leads Pana's investment strategy and capital formation. Two decades across project finance, institutional capital markets, and resilient infrastructure. Architect of the allied capital stack structure.

Jane Stricker
Jane Stricker
Operating Partner

Pana Advisor supporting portfolio construction and industrial-prime relationships. More than two decades with BP across corporate finance, regulatory compliance, and the National Petroleum Council Study on CCUS. Founding Executive Director of the Houston Energy Transition Initiative, driving more than $4bn in energy investment and 8,000 jobs for the region in four years.

Mary Ellen Hennessy-Jones
Mary Ellen Hennessy-Jones
Operating Partner

Forty-plus years in private equity and corporate finance. Co-founder and President of Solera Capital, a private equity firm that built leading consumer brands including Annie's. Led the industrial financial advisory team at J.P. Morgan.

§ 06 / LET'S TALK

Talk
with us.

Whether you're exploring a project partnership, making a founder introduction, or want to learn more about what we're building — we read every message. Fill out this contact form or email us at inquiries@panacapmgmt.com.