2024 Annual Impact Report for the Blackhorn Ventures Industrial

It is with great pride and pleasure that we share the 2024 Annual Impact Report for the Blackhorn Ventures Industrial Impact Fund I and II. We are humbled to partner with all of the companies included in this report, as each has made invaluable contributions towards addressing IIF's social and environmental impact objectives.

We are deeply appreciative of each company's contributions in the unique context and circumstances of the world today. Rising energy demand, global supply chain volatility, and a renewed domestic focus on energy security continue to reshape our industrial landscape, while the urgent need for decarbonization grows ever more pressing. At Blackhorn, we're focused on investing in timely solutions that strengthen industrial competitiveness while delivering measurable impact at scale. We think this is both the greatest value creation opportunity of our time and the best way to address climate change – a perspective well-supported by the companies profiled in this report.

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