Case Study: Aurora Energy Research
Partnering for Global Energy Impact – CGE and Aurora Energy Research
Partnering for Global Energy Impact – CGE and Aurora Energy Research
From UK Advisory Firm to Global Energy Intelligence Leader
Our partnership story
Founded in Oxford in 2013, Aurora Energy Research started as a UK-based advisory firm providing data-driven analysis for energy-market decision-making. Its mission was clear: to ease the global energy transition through widely trusted quantitative analysis and high-quality decision support.
When CGE invested in Aurora in 2020, the company was at an inflection point. It had already built a strong reputation in the UK with its intellectual rigour, a fast-growing customer base, and a robust analytical foundation. However, it needed a strategic partner to scale with intention and help realise its global ambitions.
In October 2020, CGE partnered with Founder and CEO Dr John Feddersen and the Aurora leadership team through a management buyout, acquiring a majority stake in Aurora and bringing in 22C Capital to further strengthen the operating and data science expertise.
Since this initial investment – guided by a strong partnership and a clearly defined transformation plan – Aurora has grown to become the largest dedicated power market analytics company in Europe and a leading global provider of critical intelligence for the energy transition.
The journey together, five years on
CGE identifies high-potential businesses and works with exceptional management teams to scale companies into leaders in their sectors. Together with Aurora’s executive team and 22C Capital’s operational expertise, CGE supported Aurora’s software-led transformation, sharpened its execution, and unlocked scalable growth, with a focus on a value creation plan anchored in the following strategic priorities:
1. Platform Evolution
CGE supported Aurora’s evolution from a predominantly advisory-led business into a global software and data platform, accelerating product development in addition to enhancing its suite of proprietary tools and recurring revenue model.
2. International Expansion
During CGE’s ownership, Aurora launched operations in over 10 new markets, growing Aurora’s footprint from a UK base to offices in 14 countries, including full coverage of all major US power regions.
3. Operational Scaling
CGE supported Aurora in building out core commercial functions and leadership capacity, improving execution across go-to-market, pricing, and customer success—with additional support from CGE’s Operator Panel and 22C’s analytics expertise.
4. Focusing on Talent
Together, CGE and Aurora invested in best-in-class talent across software, technology, and analytics, enabling Aurora to deliver at scale.
A strong foundation for the future
Since CGE led the management buyout in 2020, Aurora has grown from a UK-based advisory firm into a global energy intelligence platform serving more than 1,000 institutions across 40+ markets with 17 offices in 14 countries.
Today, Aurora is a recognised market leader, combining proprietary data, advanced analytics, and sector expertise to inform critical decisions across the global energy transition, having supported over 200 energy transactions representing more than €30 billion in deal value. Its expanded team of 900 professionals spans Europe, North America, LATAM, and APAC.
In June 2025, CGE agreed to sell a majority stake in Aurora to TPG Rise Climate. As part of the transaction, CGE made a significant reinvestment, reflecting its continued conviction in Aurora’s growth trajectory and long-term relevance as the energy landscape evolves.
Aurora enters its next stage of growth with a strong foundation and a clear mandate – deepening its analytics capabilities, accelerating software innovation, and expanding its global impact on the energy transition.
CGE remains an investor and committed partner to the Aurora team, proud to support the business as it continues to scale its impact worldwide.
John Feddersen, Founder and CEO of Aurora: “CGE and 22C have been transformative partners for Aurora, supporting our evolution from a UK-focused firm into a global software and data analytics platform at the heart of the energy transition. We look forward to working together with TPG Rise Climate to continue innovating for our clients and deepening our impact in energy markets worldwide.”
