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Generate Capital

Generate Capital is a leading sustainable infrastructure company that builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure.

Distributed infrastructure capital partner for the resource revolution

Generate Capital is a pioneer in providing flexible capital solutions that enable the accelerated deployment of sustainable energy and resource technologies. Generate partners with leading technology companies to provide “Infrastructure-as-a-Service™” solutions to industrial and commercial end users, allowing customers to adopt emerging sustainability technologies such as energy storage and waste-to-value by eliminating the risks associated with owning and operating these assets.

Renewable infrastructure technologies are modular and distributed rather than centralized and monolithic. Consumers, businesses and governments are likely to adopt these technologies faster if they are structured as services rather than as capital investments. Generate has identified a unique set of technologies that together comprise a market opportunity unmet by traditional lenders – and it is generating above average returns from asset-backed cash flows.


San Francisco, CA
Focus Area
Clean Energy
Activate Team

Raj Atluru

Managing Partner

Raj has been investing at the intersection of technology and energy, transportation and industrial systems for 25 years and has had the honor of working with many of the early pioneers in these markets. Raj has founded three private investment firms focused on sustainability over the previous three decades.

Prior to co-founding Activate, Raj was a Founder of Silver Lake Kraftwerk, a private equity fund focused on the energy and resource sectors. From 2000 to 2011, Raj was a Managing Director at Draper Fisher Jurvetson (DFJ), where he founded the firm’s cleantech and India investment practices. DFJ was an early investor in companies that created entirely new markets with visionary founders – Baidu, Skype, Tesla, SpaceX, Solar City, EnerNOC, Box, Athena Healthcare, Redfin and Ping Identity. In 2005, Raj co-founded DFJ Element with Activate co-founder David Lincoln – the leading dedicated cleantech firm of its vintage. Raj has served on over 25 public, private and nonprofit boards including SolarCity (SCTY), Ping Identity (PING), EnerNOC (ENOC), Parnassus Funds and current investments Generate Capital, Voltus, Flexe, Altana AI, Nozomi, Swimlane, Ridecell and Omnidian.

Raj holds BS and MS degrees in Environmental Engineering and an MBA from Stanford University, where he began his lifelong passion for renewable energy systems. He was previously a Sandia National Labs research associate, an Aspen Fellow, and founder of an educational non profit, The Spotlight Foundation. In his free time, Raj enjoys skiing the steeps, hiking and cooking for his family in San Francisco.


Eric Meyer


Eric is a Principal at Activate, where he focuses on deal sourcing, due diligence, execution and supporting portfolio companies post-investment. He is a Board Observer at portfolio companies Voltus, Omnidian, PosiGen, Fictiv, Parsable and Element Analytics.

Prior to joining Activate, Eric was an Associate at ValueAct Capital, an activist hedge fund, where he covered investment ideas spanning several sectors including energy and industrials. Eric began his career as a business analyst at McKinsey & Company in their Silicon Valley office.

Eric holds a degree in Chemistry from Yale University and an MBA from the Wharton School of the University of Pennsylvania where he graduated as a Palmer Scholar. In his free time, Eric enjoys the combination of fresh air and healthy middle-aged competition by playing soccer and golfing during the summer and skiing in the winter.


Caroline Chick

Senior Associate

Caroline is a Senior Associate at Activate, where she supports all parts of the investment process.

Prior to joining Activate, Caroline was an investment banker at Nomura Greentech, where she provided M&A and capital raise advisory for companies focused on accelerating the sustainable transition. She has experience working with both early growth stage and public companies across the advanced transportation, energy technology, and environmental services sectors.

Caroline holds a degree in Finance with minors in History and Spanish, with honors, from The Ohio State University. She was a recipient of the Pace Setters Award, given to the top 1% of students in the business school on the basis of academics and leadership. In her free time, Caroline enjoys running, traveling/backpacking, cycling, live music and exploring new coffee shops/cocktail bars in San Francisco.


Emma Bell

Vice President

Emma is a Vice President at Activate, where she focuses on deal sourcing, due diligence, execution and supporting portfolio companies post-investment. She is a Board Observer at portfolio companies and PosiGen.

Prior to joining Activate, Emma was a Vice President at Sidewalk Infrastructure Partners (SIP), where she worked closely with portfolio companies and evaluated new technology-enabled infrastructure investments across the energy, mobility and circular economy sectors. Prior to joining SIP, Emma was an Investment Associate on JP Morgan’s Renewable Energy Investments team. Emma began her career at JP Morgan as an Investment Banking Analyst in their New York office.

Emma holds a degree in Operations Research Engineering and a minor in Applied Economics and Management from Cornell University. In her free time, Emma enjoys the outdoors, reading books on modern sociology and spending time with family in Chicago.

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