About
We invest in technologies that reshape the way we distribute, store and manage energy
Team with strong investment and industry expertise
Who we are
Chrys Vakla
Partner, ceo
David Herne
Partner, cIo
Elena Krylovetskaya
Research manager
Jim Zuidema
Partner, venture
Ekaterina Kavunets
Equity analyst
Rolf Helbling
Strategic advisor, Europe
Nina Budazhapova
Partner, research
Natalia Merenkova
Operations director
John Marrow
Partner, venture
Mark Lennon
Head of compliance
Partner, CEO
Chrys Vakla
- Skilled in finding and creating business opportunities and partnerships;
- 20 years in Banking. Senior roles in Credit Suisse and Royal Bank of Canada;
- Experienced in developing strategy and teams;
- Experienced Board member actively working with Management to help them grow. Board positions include an energy tech firm, a chemical company, an angel investor club in tech start ups, and others;
- She is passionate about being part of the growth story of talented Management teams.
Partner, CIO
David Herne
- Founder of investment management company Halcyon (2003) which managed approx. USD 1 billion in emerging market securities. David left Halcyon in 2022 to join Susten;
- Previously held senior roles at Brunswick Capital Management, Unifund, Credit Suisse, Boston Consulting Group;
- Holds a BA from Harvard University;
- Lived in Los Angeles, Shanghai, Boston, Moscow, London and Andermatt;
- Love mountains, the ocean, physical activity, intellectual excitement!
Research Manager
Elena Krylovetskaya
- 8 years experience as analyst and portfolio manager across Halcyon and Susten;
- Leads projects and teams at Susten since 2023, delivering high-quality investment research and strategic insights;
- Holds an MSc in Financial Economics and is currently pursuing a PhD in Economics at the University of Cyprus;
- Lena enjoys tackling complex questions and collaborating with talented people along the way.
Partner, Venture
Jim Zuidema
- Over 25 years in the energy-storage and semiconductor industries.
- CFO roles at early/growth-stage companies; previously finance director at Intel Corporation.
- CEO of Nesscap Energy; built enterprise value then led the company through a successful M&A exit.
- Skilled at guiding companies through start-up, growth, and exit phases, with hands-on experience in strategy, operation scaling, and business transactions.
- MBA and BS in Engineering from Cornell University.
- Committed to driving practical outcomes, focusing on innovative technologies with tangible impacts and real-world viability.
Equity Analyst
Ekaterina Kavunets
- Analyst since 2021 (Citibank, Susten) with highly developed skills in financial modelling and research;
- Extensive sector expertise and experience in advanced financial modeling of renewable energy companies;
- Strong knowledge of the nuclear sector, grid resilience, energy trading, and flexibility markets;
- MSc in Energy and Environmental Technology & Economics (City, University of London);
- BA (Hons) in Finance and Credit from Plekhanov University of Economics;
- International Finance Scholarship in Rennes, France;
- Passionate about bridging finance and engineering to drive the sustainable energy transition.
Strategic Advisor, Europe
Rolf Helbling
- A co-founder of Carnot Capital, (Carnot Efficient Energy Fund generated 215% since inception in 2009);
- Previously led the Industry and Telecom Research team of BZ Bank;
- Also worked in the private equity team of Bank Vontobel and corporate banking in Citibank in Zurich and New York;
- Graduated in economics from the University of St Gallen.
Partner, Venture
John Marrow
- 35 years of experience in strategy consulting, VCPE, fund management and advisory, and start-ups – across energy, technology, environment and sustainability;
- Experienced company builder, as founder, manager and investor – taken companies to both IPO and trade sale;
- Built extensive investment experience in start-ups using technology and innovation to accelerate the transition to a low-carbon future. Invested in over 30 start-ups companies;
- Experienced non-executive director and board-level adviser – providing governance, strategic input and support for scaling;
- Ex-Big 4 and bp Ventures;
- Former expert panellist on the Global Cleantech 100;
- Enjoys working on the big problems that deep science-based technologies aim to solve.
Head of Compliance
Mark Lennon
- Over 25 years of experience in financial services, specialising in risk management, governance, and regulatory compliance;
- Former Global Head of Compliance for both Abbey National Treasury Services PLC ('ANTS') and Abbey National Asset Management (subsequently Santander Global Markets), overseeing compliance and AML for the wholesale banking and asset management divisions across the UK and international branches;
- Previously Compliance and Risk Director at Kaupthing Singer & Friedlander;
- Long-standing leadership in risk and compliance for investment firms;
- Chartered accountant, qualifying at big 4 firm and subsequently Director at Arthur Andersen in Technical and Risk department;
- Holds a Bsc and MSc in Monetary Economics from LSE.
Partner, Research
Nina Budazhapova
- Lead researcher based in Cambridge;
- Previously worked at PwC - advised large companies on sustainability strategy, roadmaps, ESG metrics and reporting;
- A Chevening Fellow of the UK government;
- Holds MA in Environmental Technology from Imperial College London;
- Intellectual volunteer for the Lake Baikal Foundation.
Operations Director
Natalia Merenkova
- Responsible for the firm’s Operations and Finance functions;
- Oversees financial management, planning and risk management;
- Experienced in building strong relationships with banking and financial partners;
- Former CFO of Halcyon with 17+ years experience in fund management;
- Began her career at ING Bank (Eurasia) in the Client Operations;
- Designs processes that improve efficiency and strengthen risk controls.
27
investments since 2017
10
members of highly skilled research team
>16 bn
KWhrs generated power from projects operated
100
years of combined energy sector experience
$1.5 bn+
cumulative AUM
To generate exceptional returns for investors by backing leading teams and technologies that reduce cost and accelerate the profitable, widespread deployment of sustainable energy systems by
Our mission
working with industry partners to understand bottlenecks and pain-points
actively sourcing early-stage companies with proven solutions, ready to scale
investing in companies with the greatest potential for commercial success
identifying commercially attractive innovations that promote and enable sustainable energy
providing value-added support to portfolio companies from investment through exit
The Energy sector is transforming, challenges to sustainable living are growing and our team is evolving. Our values and commitment to our clients remains constant.
Positive Energy
We call our approach
Pragmatism
We focus on realistic, practical solutions that have tangible value, rather than idealistic concepts; we critically evaluate all investment opportunities through this lens; we work though difficult challenges but pivot when appropriate.
Integrity
We are intellectually honest with investors, portfolio companies, partners, and ourselves; we set aside personal biases, question assumptions, and are willing to adjust our views; we seek to build trust with all counterparties.
Excellence
We operate with high standards; we focus on key priorities, meet our commitments, and deliver results.
our values
Susten is a contraction of sustainable energy and, by happy coincidence, it is also the name of a lovely pass in central Switzerland
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