Capital + advisory for the AI power era

Backing what
powers AI.compute.the grid.markets.

Nine Twelve Ventures backs founders early, invests in growth and access, and runs a boutique advisory practice for energy companies, datacenters and technology.

Start a conversation See the live wire

Power & GridAI & ComputeOpportunistic CapitalRegulatory CoveragePPA AnalyticsEnergy StorageDatacentersGTM & M&A

20+

Years in energy, power trading & commodities

Companies co-founded or on the board

Investment categories, opportunistic

Advisory practices

01 — Investments

Opportunistic capital, across categories.

Pre-seed → A

Backing founders early

First checks into teams rebuilding energy, power and compute — with operator conviction before the market catches up.

Growth

Investing in growth & access

Follow-on capital plus access to customers, offtakers, utilities and strategic buyers that move companies forward.

Power & gridStorageAI & compute infrastructureEnergy software & dataFintech & marketsClimate risk & insuranceIndustrial techSpecial situations

Built & backed by our team

HGP Storage / HGP Intelligent EnergyCo-foundedUtility-scale battery storage

ClearTraceCo-founded · ExitedEnergy & carbon data infrastructure

Daylight EnergyCo-foundedDistributed energy

RPowerBoardDistributed power solutions

MP2 EnergyBoard · ExitedAcquired by Shell (2017)

02 — Advisory

A boutique advisory with operators, not generalists.

Energy Companies

Strategy, power markets, commodity risk and transactions for producers, retailers and IPPs.

Datacenters

Power procurement, siting, interconnection and energy strategy for AI-scale compute loads.

Technology

Product and market strategy for software, AI and hardware companies selling into energy.

Go-to-Market & M&A

Commercial launch, partnerships, buy/sell-side support and deal structuring.

Regulatory Coverage

Regulatory monitoring, policy analysis and market-rule assessment across power markets, utilities and energy infrastructure.

PPA Analytics

Power purchase agreement valuation, pricing scenarios, shape and basis risk, and commercial diligence for buyers and sellers.

The team

Evan Caron

Founder & Managing Partner

Former power trader, serial founder and board member. Co-founded ClearTrace, HGP Storage and Daylight Energy; ex-Head of Venture Investing at Riverstone; co-founder and CIO of Montauk Capital.

20+ yrs

Energy, power trading & commodities

Riverstone

Former Head of Venture Investing

Montauk

Co-founder & CIO, Montauk Capital

Exits

ClearTrace · MP2 Energy (Shell)

Regulatory intelligence

The rules behind the opportunity.

Power markets, datacenter policy and permitting — through a commercial lens.

Full regulatory review

US datacenter · Weekly reviewSnapshot · 09 Oct 2026

PJM / FERCSuspended

29 SEP 2026

Reliability backstop procurement

Accepted in large part; suspended five months. The original bid window will not proceed; revised timing remains pending.

Capacity procurement & contracting

FERC · ER26-3380

RALEIGH, NCApproved

06 OCT 2026

Six-month data center moratorium

Council approved a pause 7–1 for new data centers above 10,000 square feet while development rules are rewritten.

Siting & development timelines

Axios Raleigh

MEMPHIS, TNDelayed

06 OCT 2026

Moratorium vote pushed to October 20

The council meeting was halted and the vote rescheduled. No moratorium was in force as of the review date.

Permitting & local policy risk

Weekly review · WSMV coverage

CARY, NCIn force

27 AUG 2026

18-month development moratorium

Development approvals and permits paused. Enterprise and co-located equipment drawing under 1 MW are exempt.

Project pipeline & site selection

WRAL

Source: US Datacenter Weekly Regulatory Review, 9 October 2026. Statuses reflect that review date.

Live wire

What's moving in power & compute.

Google News · refreshed 8:20 PM CT

Third-party headlines aggregated automatically · links open the original publisher

03 — News & Media

In the press & on air.

Evan Caron interviews, perspectives & company coverage.

Utility DiveJan 2026

Let's build what's next.

evan@9-12ventures.com

Backing what
powers AI.compute.the grid.markets.

Opportunistic capital, across categories.

Backing founders early

Investing in growth & access

A boutique advisory with operators, not generalists.

Energy Companies

Datacenters

Technology

Go-to-Market & M&A

Regulatory Coverage

PPA Analytics

Evan Caron

The rules behind the opportunity.

Reliability backstop procurement

Six-month data center moratorium

Moratorium vote pushed to October 20

18-month development moratorium

What's moving in power & compute.

In the press & on air.

Why winning the AI race requires systems intelligence, not just electric capacity

Navy reactors eyed for Tennessee data centre

Texas developer pitches recycled Navy nuclear reactors as power source for AI infrastructure

Betting on climate failure, these investors could earn billions

From founders to scale: a journey in venture building with Evan Caron

Reinventing venture capital for the energy transition

How America can modernize its power grid without breaking the bank

The next electric unicorns: turning dumb power into smart platforms

The intersection of cleantech and infrastructure

Innovating climate solutions through venture studios

Big Tech's energy rush hits a hurdle

Venture studios, top talent, and AI using 10% of the world's power

Montauk Climate launches incubator for climate tech startups

How the Texas grid failed — insights from a former energy trader

ERCOT series pt. 2 with Ken Donohoo

Let's build what's next.

Backing whatpowers AI.compute.the grid.markets.

Opportunistic capital, across categories.

Backing founders early

Investing in growth & access

A boutique advisory with operators, not generalists.

Energy Companies

Datacenters

Technology

Go-to-Market & M&A

Regulatory Coverage

PPA Analytics

Evan Caron

The rules behind the opportunity.

Reliability backstop procurement

Six-month data center moratorium

Moratorium vote pushed to October 20

18-month development moratorium

What's moving in power & compute.

In the press & on air.

Why winning the AI race requires systems intelligence, not just electric capacity

Navy reactors eyed for Tennessee data centre

Texas developer pitches recycled Navy nuclear reactors as power source for AI infrastructure

Betting on climate failure, these investors could earn billions

From founders to scale: a journey in venture building with Evan Caron

Reinventing venture capital for the energy transition

How America can modernize its power grid without breaking the bank

The next electric unicorns: turning dumb power into smart platforms

The intersection of cleantech and infrastructure

Innovating climate solutions through venture studios

Big Tech's energy rush hits a hurdle

Venture studios, top talent, and AI using 10% of the world's power

Montauk Climate launches incubator for climate tech startups

How the Texas grid failed — insights from a former energy trader

ERCOT series pt. 2 with Ken Donohoo

Let's build what's next.

Backing what
powers AI.compute.the grid.markets.