NEW YORK, Aug. 4, 2026 – GDEV Management, an emerging infrastructure investor and private equity platform focused on the middle market, and Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group, today announced the closing of a corporate credit facility for Telyon, a leading turnkey clean energy development platform specializing in the commercial and industrial solar energy sector.

“As corporates increasingly seek reliable, cost-effective energy solutions to support their operations and sustainability objectives, the need for flexible, solutions-oriented capital to help developers meet that demand has grown significantly,” said Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments. “Telyon is well-positioned to capitalize on this market dynamic, with a differentiated platform, strong development capabilities and a clear path to scaling as an IPP. We look forward to leveraging our long-term capital base and integrated platform to support Telyon’s continued growth in partnership with GDEV.”

The Telyon financing serves as a proof point for GDEV’s ability to source compelling middle-market credit opportunities for its institutional partners. GDEV has plans to expand its business of providing capital solutions to middle-market developers, sponsors, and operators across the storage, solar, and other energy infrastructure subsectors, with a focus on transactions of $40-75 million, structured at the corporate or asset level.

“This is a meaningful step for the firm and represents an expansion of the GDEV platform to include credit as a complement to our equity fund program,” said Benjamin Baker, Managing Partner of GDEV Management. “Closing a credit transaction alongside a partner of LMI’s caliber is a strong validation of our investment thesis, our strong portfolio relationships, and demonstrates our team’s ability to execute at the highest level and invest throughout the capital stack.”

LMI’s investment was led by the Energy & Infrastructure team within its Alternative Credit business, emphasizing how LMI’s integrated investment platform can provide holistic solutions across sectors and the full capital stack. LMI invests more than $125 billion of long-term capital globally on behalf of Liberty and leverages a flexible investment approach to partner directly with leading operators and build enduring businesses side-by-side with its partners.

GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels.

Telyon is a turnkey renewable energy developer within the commercial and industrial sector. Consisting of a team of industry veterans, the company is working with some of the world’s most influential brands and focused on deal origination, project acquisition, EPC and operations and maintenance of solar, battery storage and EV charging projects throughout the United States.

Liberty Mutual Investments is the investment firm for Liberty Mutual Group, a global insurance and capital solutions partner. With deep expertise in liquid, credit, and alternative strategies, LMI invests more than $125B of capital globally, taking a long-term approach across its integrated platform.

NEW YORK, March 19, 2026 – GDEV Management, LLC (“GDEV”), a leading middle-market specialist in distributed energy resources, today announced the sale of commercial EV fleet full-service provider Revolv to Zenobē. Backed by leading global investment firms KKR and Infracapital, Zenobē specializes in fleet electrification and battery storage solutions. Revolv’s commercial EV fleet assets marks Zenobē’s entry into the North American commercial fleet and truck segment, adding to its growing portfolio of student transportation and public transit fleets in the United States.

Revolv’s turnkey fleet electrification solution brought an entirely new offering to the commercial fleet market, successfully deploying to 13 customer sites in the face of continued market uncertainty. Revolv proved substantial resiliency as a business and in its unit economics, culminating in the transaction with Zenobē. In addition to existing customer sites and trucks, Zenobē is acquiring additional projects in development to support its North American growth.

“We applaud Zenobē’s shared confidence in the inevitability of commercial fleet electrification, and this transaction validates the platform we built to serve the market at scale,” said Scott Davidson, CEO and founder of Revolv. “I’m incredibly proud of our team and grateful to the customers and investors who helped create one of the largest U.S. commercial EV platforms. As the market enters its next phase, this transaction provides the scale, capital, and capabilities customers need to fully embrace commercial EVs.”

GDEV recently closed its $200MM Fund II, which represented a continued focus on the firm’s strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses that, in turn, deploy and operate long-term, high-value assets. The acquisition of Revolv by Zenobē represents the first company exit from the second fund, allowing the company to maintain its growth and provide returns to GDEV.

“Revolv marked GDEV’s first investment in the e-mobility space, and we are happy to see our conviction in the market play out through the completion of this acquisition, which also represents the first realization for our second fund,” said Quinn Pasloske, Managing Director of GDEV Management. “The Revolv team effectively created an entirely new market product by offering turnkey fleet electrification solutions. GDEV is glad to have found a partner in Zenobē that shares its conviction in the thesis and will continue to scale the platform.”

Revolv and GDEV Management were represented by Troutman Pepper Locke LLP, and Zenobē was represented by Dentons US LLP, in connection with the transaction.

GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels.

NEW YORK, May 8, 2025 — As part of GDEV Management, LLC’s (GDEV) commitment to support sustainable infrastructure and energy technologies, GDEV today released its 2024 Energy and Impact Report. GDEV’s investments scale energy businesses and advance critical infrastructure. With more than $400 million deployed in over a dozen platform investments, GDEV continues to bridge the gap between capital markets and real asset development.

Notable takeaways from GDEV’s 2024 Energy and Impact Report include:

• GDEV’s portfolio includes 12 active sustainable infrastructure platforms and 421 full time employees.
• Portfolio companies have developed, owned or financed more than 332 MW of generation capacity, which provides 652 GWh of clean power per annum, as well as 261 MWh of storage capacity, which provides for 219 GWh of grid flexibility per annum.
• Portfolio companies have enabled over $643 million in project investment and have a combined pipeline representing over $20 billion in capital expenditures.

The Energy and Impact Report spotlights a handful of GDEV portfolio companies driving the energy transition including Relevate Power, Telyon and Nexus Holdings:

• Relevate Power, a redeveloper of hydropower assets with 36 facilities across 8 states and 25 river systems, produces over 250 GWh of clean energy generation per annum.
• Telyon, a vertically integrated energy development company specializing in commercial and industrial solar energy and battery storage, is actively developing in 24 states and has 50MW of projects under operation and construction.
• Nexus Holdings, an investment and advisory firm for low-carbon infrastructure projects, has supported the development and execution of more than 400 unique infrastructure projects that represent $300 billion in capital expenditures.

“GDEV’s deep industry expertise, strategic partnerships, and flexible capital solutions put us in a strong position to navigate this landscape and support the growth of companies in the energy infrastructure space,” said Benjamin Baker, Managing Partner of GDEV. “As we look ahead, we remain committed to accelerating the development of energy solutions that strengthen the grid, improve market accessibility, and drive innovation across the sector.”

GDEV Management, LLC is a middle market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels.

Impact and operating figures reflect the aggregate activities of GDEV portfolio companies as of Q4 2025, as reported to GDEV. GDEV's role varies by company and may include developing, financing, owning, and/or operating the underlying projects. Figures are estimates, have not been independently verified, and are subject to change.

NEW YORK, August 27, 2025 – GDEV Management, LLC (“GDEV”), a leading middle-market specialist in distributed energy resources, today announced it has secured more than $200 million in capital commitments to its second flagship fund (“Fund II”). Limited Partners include a large Canadian pension plan and multiple U.S. insurance companies.

GDEV’s Fund II represents a continued focus on the firm’s strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses that, in turn, deploy and operate long-term, high-value assets. Its portfolio, which has brought over 330 MW of new energy generation and 260 MWh of energy storage capacity online across North America, has largely been deployed behind the meter. Often linked to retail prices, these assets circumvent the need for lengthy permitting and interconnection processes, leading to attractive, inflation-linked returns and faster deployment timelines.

Since its inception, GDEV’s strategic positioning, deep industry expertise, and flexible capital solutions have enabled the firm to navigate dynamic policy and market environments on behalf of its strong investor base. GDEV has created a strong track record, including transactions with leading global investors, such as Apollo Global Management, Ares Management, Sumitomo Corporation of Americas, and OIC. This disciplined focus continues to yield support from institutional investors that have seen GDEV’s ability to identify, scale, and institutionalize distributed infrastructure platforms in established and evolving markets.

“Over the past five years, our focus on distributed generation, energy reliability, and retail rate-linked revenue models has remained steadfast, even as markets and legislation experience volatility. For our businesses and investors, this thesis serves as a solid foundation for growth in a rapidly evolving market,” said Benjamin Baker, Managing Partner at GDEV.

GDEV launched Fund I in 2020, investing across ten platforms primarily focused on behind-the-meter and on-site generation infrastructure. Notable transactions include:

• The sale of Commonwealth Energy Partners to Perennial Power Holdings, a Sumitomo subsidiary;
• Relevate Power’s partnership with Apollo Global Management, which enabled its acquisition of Gravity Renewables; and
• Sunrock DG’s partnerships with CleanCapital and Nelnet, which have helped capitalize the roll-out of its growing rooftop solar pipeline.

Fund II has already made seven platform investments. The fund’s portfolio includes low-carbon infrastructure advisory and engineering firm Nexus PMG, utility-scale energy storage developer Lightshift Energy, and multi-family EV charging owner and operator 3V Infrastructure. The commitments to Fund II further position GDEV to capitalize on untapped opportunities for middle-market investments in distributed energy infrastructure.

“Looking ahead to the future of the GDEV franchise, we remain positive and committed to our strategy, knowing that we are well-positioned to apply our policy-agnostic approach to scale even faster, amid evolving regulatory environments,” concluded Baker.

GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels.