An energy-transition fund · Dhaka, Bangladesh

Everything is an energy
company now.

Energy is roughly 9% of global GDP — and a bigger share here in Asia. But that only counts the part you can see on a bill. The rest is hidden: the gas inside fertilizer, the power inside nickel, the diesel inside every delivery. ZEPH backs the founders pulling that cost out — flipping energy from a bill you pay forever into margin you keep.
We don't just write the cheque. We inspect the welds.

01

Energy is hiding
in everything.

Every business runs on energy — but most of it is invisible. The natural gas locked inside a bag of fertilizer. The power baked into a tonne of nickel or steel. The diesel burning inside every irrigation pump and delivery van. You never see it on a bill. You pay it forever.

A “new energy” company is any company that attacks that cost — generating it cheaper, storing it, saving it, or designing it out. The solar installer and the fertilizer plant cutting its gas input are making the same trade: turning an energy cost that runs forever into margin, into an asset, into imports you no longer have to buy.

ZEPH exists to finance that trade — across every layer of the economy where energy hides: solar overhead, EVs and logistics on the ground, fertilizer, materials and recycling in between, clean solutions on the rivers and coast.

We don't shrink the energy bill. We flip it into revenue.

Not a climate fund. Or — fine, a climate fund.

Say "climate fund" and most people hear: lose money, slowly, forever. We don't. Every crisis carries two things at once — danger, and opportunity. The energy transition is both, at the scale of the century: the largest pool of value that will be created in our lifetimes. ZEPH is built to capture it. Call it a climate fund if you like. We call it the trade of the century.

02

One curve goes down.
The other never will.

In 1975 a solar panel cost about $128 per watt. Today it costs 26 cents — a 99.8% fall, and it has held for fifty years. Battery packs have dropped 91% since 2010. This isn't luck. It's Swanson's Law — every doubling of solar production cuts the price about 20% — and underneath it Wright's Law, the same learning curve that has governed manufactured technology since 1936.

Fossil fuel has no such curve. Coal, gas, and diesel are commodities — priced by what is left in the ground and who controls it. That asymmetry is the whole investment case: one input gets cheaper every year a factory runs; the other never will.

Solar PV module
Price · $/WSolar installed · 1.85 TW
$0$75$15001 TW2 TWZEPH source · $0.12 / W1975198019902000201020202024CLICK TO ZOOM →
$128 / W 1975$0.26 / W 2024−99.8%
Lithium-ion battery pack
Price · $/kWhEVs on the road · 95M by 2026
$0$750$1,500050 M EVs100 M EVsFORECAST →201020202026CLICK TO ZOOM →
$1,200 / kWh 2010$108 / kWh 2025−91%
Fossil fuels · indexed to 2000 = 100
Crude · Brent $/bblDiesel · US retail $/galCoal · Newcastle $/tonne
0375750112515002000 = 100Solar, same basis · 4200020052010201520202024

Diesel, coal and crude — three commodities, one shape: up and violently sideways, never down. Solar, re-based the same way, sits at 4.

Generation is the easy part.

Cheap clean energy is worthless if the economy can't absorb it. A country locked into coal — no EVs, no electrified industry, nowhere to store it — has nowhere to put the abundance. So we back generation and everything that plugs into it: the EVs, the factories, the storage, the materials that turn cheap clean power into revenue. Most clean-energy money stops at the power plant. We follow the electron all the way to the margin.

03

Every company is
an AI company now.

“I feel like a superhero with Claude. You can make anything.” That's an engineer who built a working forecasting tool in two hours, with no code.

AI doesn't just make building faster. It makes founders capable of things they couldn't attempt before — products they didn't have the skill set to build, ideas they'd have written off as impossible. The hard, slow parts of building physical things — engineering, simulation, sourcing, documentation — don't just shrink. They open up.

So we don't leave it to chance. Every ZEPH founder and their team goes through AimHuge, our sister venture builder and AI accelerator. We hand each company the tool and teach them to build with it — so the team that comes out the other side builds things its founders never dreamed possible.

Visit AimHuge
Arpon Sotra Dhar — Full Stack Engineer
04

A country built
to absorb it.

Bangladesh in 2026 sits roughly where China did between 1995 and 2008 — 175 million people, a median age of 27, two million workers entering the labour force every year. This is not a frontier bet. It is a market mid-takeoff. And it is ready for power.

32% → 99.5%
The grid that arrived

Electricity access, 2000 → 2023. The rails are built.

603 kWh
The headroom

Used per person — against a world average of 3,558. Demand has nowhere to go but up.

1.34M
The diesel trap

Diesel irrigation pumps. Solar ones installed: about 2,300. Under 0.2% flipped.

$12bn
The national fuel bill

Energy imported last year — heading past $40bn by 2041 unless it flips.

Each gap is a market still waiting for its company.

05

From idea
to funded company.

Money and a board seat isn't enough to flip an economy. It takes a way to create the companies, a founder who can actually build, capital that doesn't dilute them, and a supply chain they can reach. So ZEPH and its sister builder AimHuge run the whole pipeline — not just the cheque.

06

The fund is new.
Our partners aren't.

ZEPH is a first-time fund. Its partners have spent their careers building, financing, and exiting companies in exactly this market — operators who have built and sold companies, with an accelerator, a syndicate, and a venture fund between them.

So when we diligence a company, we go. We walk the depot, meet the team, check the books. We vet by visiting, not by Zoom — and the advice that follows isn't a board-meeting opinion. It is operator help that changes the business.

And we back lines, not dots. A pitch meeting is a dot — one snapshot, easy to stage. We invest in the line: founders we've followed for months, who follow up without being chased, who do their homework and come back having built a real, growing business before they raise — not just a prototype.

Beijing — April 2026
Bangladesh — May 2026
Alex Miller
Alex Miller

Operator and early-stage investor. On-the-ground China experience, in Mandarin.

ABM Obaidullah
ABM Obaidullah

Serial operator; built and exited Redgreen; founded Tiger Ventures.

Meet the partners
Impact

Impact isn't the trade-off.
It's the return.

Every business ZEPH finances does two things at once: it flips an energy cost into an asset, and it cuts the carbon, the imports, and the diesel that came with it. Capture the biggest economic opportunity of the century, and you also get a shot at slowing the thing that threatens it. We never ask a founder to choose between doing well and doing good — the flip pays both.

Counted in dollars. And in tonnes.
08

Three doors in.

Growing CEOs

Running a real business that needs to deploy capital assets — solar, a fleet, storage? Apply for working capital that doesn't cost you equity.

Apply for capital
Aspiring founders

Don't know what to build yet? Start with the Idea Bank — our open request for the climate startups we most want backed — then build it with us at AimHuge.

Explore the Idea Bank
Investors

Backing the energy transition where it is about to compound? Talk to us about the fund.

Contact ZEPH