Good morning, Mei-Lin.

Six theses, two open windows, one decision drafted. Here's what your quilt looks like today.

Friday · 25 April 2026 · 09:14 EDT
M. Cheng · Corp Dev VP

Lead verdict 📌

EV-CHG · t1 · Active

The depot is the moat.

Voltaira IOI in market at $1.05B. Cannibalization model provisionally clean. LOI window closes in 29 days; counsel pre-clearance pending.

Conviction

0.78σ 0.06

Capital

$1.0B– $1.5B

Window

29dto LOI

Targets · A & B priority

AVoltaira NetworksEV-CHG · IOI sent2.2×
APulsewave TelematicsTELE-DATA · IOI draft5.1×
AMileway DataTELE-DATA · open8.0×
BNorthwind ChargingEV-CHG · 2nd source3.4×
BSwitchback PowerEV-CHG / RETRO-EV2.5×
BGranite CathodeBATT-VI4.2×

Conviction · 14d

EV-CHG

0.78

TELE-DATA

0.81

BATT-VI

0.66

RETRO-EV

0.58

AUTO-LOG

0.42

Pipeline coverage

87%

Weighted across capability × thesis matrix.

+4pp this quarter

Capital deployable

$1.4B

Cash on hand plus revolver capacity, net of committed deals.

−$240M post-Voltaira (modeled)

Capability strengths

Powertrainc1

.92

Dealer channelc5

.88

Logisticsc3

.84

Power electronicsc8

.78

Roadmap · this quarter through next

Two theses are Now, two are Next, two are watching.

Q2'26

Q3'26

Q4'26

Q1'27

Q2'27

Q3'27

Q4'27

Q1'28

Q2'28

Q3'28

Q4'28

2029

EV-CHG · close Q4

TELE-DATA · close Q1'27

BATT-VI · capex Q4'26

RETRO-EV

Signals · 24h

09:14Voltaira Series D rumored at $1.2B post — Reuters+0.04

08:48Northwind — PE infrastructure desk circling, secondary+0.02

08:12Drayton restructure rumored — talent leaving, AUTO-LOG−0.03

17:02
Apr 24Pulsewave CEO at Hannover Messe — overlap with EV-CHG SDK+0.06

11:48
Apr 24Cannibalization phase-1 — dealer GP exposure 40-62 bps+0.03

Decision today

Advance EV-CHG to Pursuing.

5 of 6 stage-gate checks cleared. HSR pre-clearance routes on save. Drafted 14:18.

Click to review

Open theses

Two Now · two Next · two Later

Targets

3 priority A · 5 priority B

Capability gap · if c5

.92

.71

.84

.66

.42

.55

.78

Lose c5 (dealer channel) → 3 theses orphaned · coverage 87→51%

Targets · by priority

Tile expanded to full canvas. Same data, more breathing room — sortable, filterable, with the full economic profile per row.

10 targets · across 6 theses

Pri	Target	Theses	HQ	Rev	EV/Rev	Mcap
A	Voltaira Networks DC fast-charge + telematics SDK	EV-CHG, TELE-DATA	Austin TX	184	2.2×	410
A	Pulsewave Telematics Predictive ML on truck fleets	TELE-DATA, AUTO-LOG	Tel Aviv IL	148	5.1×	760
A	Mileway Data Fleet insurance data exchange	TELE-DATA	London UK	54	8.0×	430
B	Kestrel Cell Co.	BATT-VI	Yokohama JP	612	1.8×	1100
B	Northwind Charging	EV-CHG	Calgary CA	96	3.4×	330
B	ReCharge Systems	RETRO-EV, EV-CHG	Lyon FR	74	2.8×	210
B	Granite Cathode	BATT-VI	Reno NV	88	4.2×	370
B	Switchback Power	EV-CHG, RETRO-EV	Denver CO	122	2.5×	305
C	Drayton Autonomy	AUTO-LOG	Pittsburgh PA	38	11.0×	420
D	Helion Hydrogen	H2-HD	Stuttgart DE	11	24.0×	265

Distribution

By priority

3A · 5B · 1C · 1D

By thesis

EV-CHG · 5 targets
TELE-DATA · 3
BATT-VI · 2
RETRO-EV · 2
AUTO-LOG · 2
H2-HD · 1

Total cap stack

$5.0B

aggregate market cap of A+B targets

Compose your quilt

Different roles want different overviews. Drag tiles in, resize, pin. The data underneath is shared; the surface is yours.

Lead verdict

The depot is the moat.

Targets

Conviction

Coverage

Capital

drop a tile here

Roadmap

Signals · 24h

Tile library

Pinned

Lead verdict

Hero — t1 EV-CHG

Available

Capital allocation

$1.4B deployable, by horizon

Capability gap simulator

If we lost capability X…

Council standing

Per-thesis dispersion bands

Diligence calendar

14-day commitments

M&A precedent table

Industry comps · 5y

Stage-gate flags

Open conditions across pipeline