Reduces energy and water consumption in mission-critical facilities including data centers.
Founded in 2017, XNRGY designs and manufactures sustainable HVAC systems engineered to reduce energy and water consumption across demanding operating environments. Its systems are deployed in data centers, healthcare, battery plants, and other precision applications. With products consuming as little as 70% of the energy used by conventional systems and offering up to a 25% smaller footprint, XNRGY’s platform is both environmentally and operationally optimized.
In May 2025, XNRGY commenced operations at its new 275,000-square-foot manufacturing facility in Mesa, Arizona—the first phase of a planned one million-square-foot innovation campus. This facility significantly expands the company’s capacity to meet surging demand for high-performance thermal management across AI, modular, and edge data center deployments. At full capacity, the Mesa operation is expected to employ over 1,000 skilled workers and serve as a cornerstone of Arizona’s clean technology and advanced manufacturing ecosystem.
Details
Anup Jacob
Managing Partner
Anup has been investing for over 20 years in energy, water, and industrial technology businesses.
Prior to co-founding Activate, Anup was a founder and partner at Mubadala Capital, an Abu Dhabi sovereign wealth fund; a Managing Partner at Masdar, a subsidiary of Mubadala focused on sustainable investments; a Co-founder and Partner at Virgin Green Fund, the green investment vehicle for Richard Branson’s Virgin Group; and a Partner at TPG-Aqua where he focused on investments in the water sector.
Anup is on the non-profit board of Grid Alternatives, which aims to bring renewable energy to low-income homeowners, and is a Founding Member of the Advisory Board of the Energy Policy Institute (EPIC) at the University of Chicago.
Anup holds a degree in Economics, with honors, from the University of Chicago.
Emma Bell
Principal
Emma Bell is a Principal at Activate Capital, where she leads the firm’s investment strategy across digital and space infrastructure. She drives thematic coverage in energy infrastructure and financing, overseeing the full investment lifecycle from sourcing and diligence through execution and active portfolio support.
Prior to Activate, Emma was a Vice President at Sidewalk Infrastructure Partners (SIP), an investment firm backed by Alphabet, where she partnered with founders and leadership teams to evaluate, build, and invest in businesses developing technology-enabled infrastructure across energy, digital infrastructure, and robotics. Before SIP, she was an Investment Associate on JPMorgan’s Energy Infrastructure team. Emma began her career as an Investment Banking Analyst in JPMorgan’s New York office.
Emma holds a degree in Operations Research Engineering with a minor in Applied Economics and Management from Cornell University.
Highlights
combined value of systems engineered and designed under XNRGY leadership
