Javelin Capital Research
Advisory Approach
Javelin Capital was a boutique investment banking firm exclusively focused on the renewable energy, energy storage, and green chemistry sectors. Founded in 2017, the firm operated with a highly specialized thesis: that the energy transition creates complex financing and M&A challenges that require domain expertise beyond generalist investment banking. Their sweet spot was renewable energy developers and infrastructure funds seeking capital raising, M&A advisory, and strategic advisory services.
The firm's approach was characterized by deep technical understanding of energy storage economics, distributed generation business models, and the evolving policy landscape driving the energy transition. Unlike generalist middle-market banks that dabble in renewables, Javelin's team built careers in the sector and brought operational insight to transactions.
Sector Focus
Javelin Capital maintained an exclusive focus on clean energy infrastructure. Their core competencies spanned:
Distributed Solar & Community Solar: The firm advised numerous community solar developers on portfolio monetization, corporate equity raises, and project-level financing. Their understanding of net metering policies, state-level incentive programs, and subscription models differentiated them from generalists.
Battery Energy Storage Systems (BESS): Javelin developed particular expertise in energy storage transactions, including distribution-level batteries in ERCOT, utility-scale storage portfolios, and behind-the-meter applications. They understood the nuances of frequency regulation markets, merchant revenue models, and the evolving value stack for storage assets.
Renewable Energy Platforms: The firm had experience advising platforms that aggregate distributed generation assets, optimizes them through proprietary trading platforms, and scale through institutional capital partnerships.
Deal Track Record
Between 2019 and 2025, Javelin Capital advised on approximately 9-10 significant transactions in the renewable energy and storage sectors:
Capital Raising & Financing:
- Advised CleanCapital on a $300 million commitment from Manulife Investment Management and the acquisition of 63 megawatts of operating solar projects (2021)
- Advised CleanCapital on a $200 million credit facility with Rabobank to accelerate distributed solar portfolio growth (2022)
- Advised Green Lantern Solar on up to $150 million corporate equity raise to support platform and project pipeline expansion (2024)
- Advised Spearmint Energy on a $200 million term loan for BESS storage portfolio development (2023)
- Advised Spearmint Energy on a $47.5 million project finance term loan from Manulife for a battery energy storage project in ERCOT (2024)
- Advised Nokomis Energy on a $30 million royalty financing with Altius Renewable Royalties for a 77-project distributed solar portfolio (2024)
Strategic Partnerships & M&A:
- Advised esVolta on a strategic partnership with Southern Power for energy storage projects (2019)
- Advised Hunt Energy Network on a venture formation with Manulife Investment Management to develop 500MW of distribution-level batteries in Texas ERCOT market (2021)
- Advised SunGrid Energy Solutions on a capital commitment from Hull Street Energy (2022)
- Advised Davis Hill Development on a $150 million multi-year partnership with ClearGen for community and commercial solar projects (2025, as JLL)
These transactions collectively represent over $1 billion in capital raised and advised, spanning distributed solar, utility-scale storage, and platform monetization transactions.
Process & Fee Structure
Javelin Capital ran institutional-quality processes tailored to the unique characteristics of renewable energy assets. Their capital raising approach emphasized:
- Targeted investor outreach to infrastructure funds, impact investors, and project finance lenders
- Comprehensive data room preparation including production data, offtake agreements, and interconnection documentation
- Management presentation coaching that highlighted technical differentiation and operational excellence
For M&A sell-side engagements, the firm leveraged its proprietary database of strategic buyers and infrastructure sponsors actively acquiring renewable energy platforms.
Fee structures followed industry norms for lower middle market investment banking: success fees based on transaction size with retainers credited against success fees. The firm required exclusivity on engagements.
Buyer Network
Javelin Capital maintained relationships with:
Infrastructure & Impact Investors: Manulife Investment Management (multiple transactions), Altius Renewable Royalties, Hull Street Energy
Project Finance Lenders: Rabobank, Manulife, and other institutions with dedicated clean energy lending practices
Strategic Acquirers: Southern Company subsidiary Southern Power, utility-adjacent buyers, and multinational energy companies
Energy Storage Specialists: Firms with dedicated BESS investment theses including those actively building storage portfolios in ERCOT, CAISO, and PJM markets
The firm's network was particularly deep in the distributed generation and energy storage subsets of renewable energy, where they had advised on pioneering transactions.
Competitive Positioning
Javelin Capital differentiated through:
- Sector Purity: Exclusive focus on renewable energy and storage rather than broader industrials or technology coverage
- Technical Expertise: Team members understood energy storage economics, net metering regimes, and interlocation processes
- Proprietary Deal Flow: Strong relationships with renewable energy developers seeking growth capital and exits
- Policy Insight: Understanding of how federal and state policy (ITC, IRA, state RPS) impacted valuation and transaction structuring
The firm's specialization made them a go-to advisor for distributed solar and energy storage developers too small for bulge bracket banks but too large for generalist boutiques lacking domain expertise.
Not a Fit If
Javelin Capital typically declined engagements outside of renewable energy, energy storage, or green chemistry. Businesses in traditional manufacturing, business services, or non-energy sectors were outside their expertise. The firm also avoided project development stage companies seeking seed capital—their focus was on later-stage capital raises and M&A transactions.
Team
The firm was led by experienced energy investment bankers:
Jason Segal, CFA – Founder and Managing Partner: Founded Javelin Capital in 2017 after a career in energy investment banking. Led the firm's strategy and key client relationships including the CleanCapital transactions.
Matt Eastwick, CAIA – CEO and Managing Director: Served as CEO until the firm's acquisition by JLL in March 2025. Brought deep experience in energy infrastructure and transition finance.
Patrick J. Norton – Managing Director: Focused on energy storage transactions and advised Hunt Energy Network on the Manulife venture formation. Previously worked at Marathon Capital and London Business School.
Matthew Bartlett – Director: MBA from Yale University, focused on financial solutions for renewable energy sector clients.
Ashton Whitcomb – Vice President: Supported transaction execution and client coverage.
At the time of JLL's acquisition in March 2025, Javelin Capital had approximately 16 professionals. The entire team joined JLL's Energy & Infrastructure Capital Markets group, expanding JLL's capabilities in clean energy investment banking.
Geographic Coverage
Headquartered in New York with operations in Chicago. The firm's deal footprint spanned North America with particular concentration in:
Texas: ERCOT market energy storage projects, distributed solar development Northeast: Community solar in Maine, New Hampshire, New York, Maryland, Vermont Midwest: Distributed generation development in Minnesota and surrounding states
The firm also had exposure to Caribbean renewable markets through wind energy transactions.
Acquisition by JLL
In March 2025, JLL (Jones Lang LaSalle) announced the acquisition of Javelin Capital to expand its U.S. Energy & Infrastructure Capital Markets capabilities. The acquisition brought Javelin's specialized clean energy banking expertise to JLL's broader real estate and infrastructure platform. The Javelin Capital team, including Jason Segal and Matt Eastwick, transitioned to JLL to lead the firm's renewable energy investment banking efforts.