[Edaily Marketin JI YEONG-EUI Reporter] “Just because an industry is expanding and the market is growing doesn’t mean every company can secure investment. Investors ask whether the technology is something customers are actually willing to pay for and whether it generates sustainable profits.”

Although interest in related technologies is running high amid the era of artificial intelligence (AI) and the energy transition, sober advice has emerged that simply emphasizing technological capabilities is not enough to secure investment in the market. A global infrastructure investment firm emphasized that capital will only flow once backed by thorough customer verification, contracts, and a track record of stable operations.

Douglas Kang, an investment partner at Seraya Partners, made this point during his keynote speech at the “Global Alternative Investment Conference at BIXPO (GAIC in BIXPO 2026),” held on the 5th at the Kim Dae-jung Convention Center in Gwangju. “We must examine what is needed for good technology to become a business that actually generates profits, and under what conditions we can attract investor capital,” he emphasized.

Seraya Partners is a global investment firm that invests in energy transition and digital infrastructure in the Asia-Pacific region. As of last September, it managed approximately $4.8 billion (about 6.446 trillion won), including co-investments and related funds. The firm employs a platform investment strategy that involves investing in infrastructure assets—such as data centers, telecommunications networks, and renewable energy—while simultaneously fostering the growth of related companies.

Partner Kang emphasized, “Technological excellence and market growth potential are extremely important. When actually reviewing investment proposals, the questions become much more specific,” adding, “At first, we discuss market size, but as the review progresses, we ask about contracts with customers, operational performance, and the burden of additional costs. That’s the point where technology transforms into a business.”

The investment criteria he presented are broadly categorized as: △confirmed customer demand, △contracts, △operational capabilities, and △governance.

Partner Kang stated, “Investors must first verify when, who, and how much will be used,” adding, “Letters of Intent (LOIs) or Memorandums of Understanding (MOUs) are a starting point, but they do not constitute confirmed revenue.”

This means that a project can only become an investment target if it leads to a contract under which customers actually pay for the service. Typical examples include power purchase agreements (PPAs) in the renewable energy sector, long-term lease agreements for data centers, and supply and maintenance contracts for technology companies.

He explained, “Demand creates opportunities, contracts enable financing, and operational capabilities and governance enable expansion.”

He offered a positive assessment of the energy industry’s growth potential. Citing data from the International Energy Agency (IEA), he projected that global energy investment this year would reach approximately $3.4 trillion (about 456.552 trillion won), with clean energy investment accounting for $2.2 trillion (about 295.416 trillion won) of that total.

However, Partner Kang emphasized, “Just because an industry is growing doesn’t mean every company is a viable investment target,” adding, “Investors look for actual customers and sustainable returns.”

The same applies to data centers, where investment demand is surging due to the spread of AI. He explained, “Even if there is a good site, it cannot be developed without a sufficient power supply,” adding, “What customers are buying is not building space, but computing services that can be used reliably from a specified date.”

He continued, “Data centers require a stable power supply, and renewable energy needs long-term customers,” adding, “Strategies that connect power generation, the power grid, and data centers will become increasingly important.”

As an actual investment example, he highlighted the “KR1” data center in Yangjae-dong, Seoul, operated by GNB InfraTech and Npion Digital—both portfolio companies of Seraya Partners. GNB is a company that develops and operates solar and onshore wind power generation projects; it has secured power purchase agreements for approximately 76 MW of power generation facilities currently in operation. It has also signed contracts for 220 MW out of the 521 MW currently under development.

The KR1 data center in Yangjae-dong, completed last year, has a power supply capacity of 39.5 MW and an IT capacity of 29 MW. This is an example of securing customer demand through long-term lease agreements prior to completion. It was explained that KR1’s investment appeal lies not in the building’s completion alone, but in the fact that it has established a comprehensive structure encompassing power supply, contracts, and operations.

Enlighten, a domestic energy technology company, was also highlighted as a successful commercialization case. Enlighten is a company that provides asset management, power trading, and demand response services based on power generation facility data. Although it is not a portfolio company of Seraya Partners, it drew attention for having developed its technology into a service for which actual customers pay.

Partner Kang explained, “Not every good company is a good fit for every investor,” adding, “Infrastructure investors may prioritize stable cash flow, while investors in technology companies may place greater emphasis on growth rate and scalability.”

He also suggested that Korea Electric Power Corporation (KEPCO) and its group companies play a crucial role in helping Korean energy technology companies attract global investment. He assessed that KEPCO could serve as a bridge, connecting technology companies from on-site demonstrations to their first paid contracts, securing operational track records, and expanding into overseas markets. Furthermore, he noted that the possibility of investing in domestic technology companies remains open.

Partner Kang emphasized, “If there are companies that have validated their technology and secured stable business models with customers through the support of KEPCO Group affiliates, we would be willing to review investment opportunities for their next stage of growth.” He added, “We also aim to support their overseas expansion and business growth through infrastructure platforms and local networks in Asia,” and stressed, “The collaborative model involves KEPCO assisting with technology commercialization, while private investors like Seraya support the next phase of growth.”