StB Capital Partners

Founder Trevor St Baker and leadership team member Chris Hay guide the firm’s investment process, per the firm’s website. St Baker brings the operating and capital-markets experience from building ERM Power and taking it public and through its sale to Shell. The firm has not publicly disclosed a separate investment committee or broader deal-team structure.

Sourcing leans on the founder’s deep energy-industry network built over four decades at ERM Power, combined with the firm’s thesis-driven focus on electrification and decarbonization. Portfolio companies like Novonix and Evie Networks suggest the firm identifies battery-material and charging-infrastructure opportunities where government grant programs — such as ARENA — provide non-dilutive co-funding signals.

It operates as a hybrid. The St Baker Energy Innovation Fund (StBEIF) was seeded with Trevor St Baker’s own capital and realized proceeds from ERM Power and Novonix, functioning like a principal investment vehicle. The newer Energy Transition Fund (Fund II) is being marketed to external sophisticated and wholesale investors, moving the firm toward a traditional fund-manager model while retaining concentrated founder alignment.

The firm focuses on early-stage to growth-stage companies in the energy transition and e-mobility sectors. Its position in Evie Networks — Australia’s largest charge-point operator with over 200 locations — indicates a willingness to back infrastructure-heavy operating companies through scaling phases, not just early-stage technology risk.

The firm’s disclosed vehicles are direct-investment funds, not fund-of-funds. StBEIF and the Energy Transition Fund both make direct equity investments into clean-energy companies. There is no public evidence of StB Capital Partners committing capital as an LP into third-party venture or infrastructure funds.

The wealth originated from Trevor St Baker’s founding and scaling of ERM Power, an Australian electricity retailing and generation business established in 1980, listed on the ASX in 2010, and sold to Shell in 2019. Fund I received A$144 million in proceeds during the listed period, which seeded the firm’s initial investment vehicle.

The firm has not publicly detailed a co-investment program. Its portfolio companies — such as Evie Networks — have received government co-funding through ARENA and state-based programs, suggesting the firm is comfortable with non-dilutive public co-investment alongside its equity positions. Co-investment with private institutional partners remains undisclosed.