Marathon Capital

What Marathon Capital does

Marathon Capital is a privately held, independent investment bank founded in 2000 and headquartered in Chicago, self-described as the largest investment bank solely dedicated to the clean economy and energy transition. The firm operates through three legal entities — Marathon Capital Markets, LLC (SEC/FINRA broker-dealer, SEC#8-52256, CRD#103767), Marathon Capital Ltd (FCA-authorized UK firm), and Marathon Capital Germany GmbH (BaFin-registered tied agent) — and maintains eight offices across the United States (Chicago, San Francisco, San Diego, New York, Houston), Canada (Calgary), the United Kingdom (London), and South Korea (Seoul), serving clients in North America, Europe, Latin America, and Asia Pacific.

The firm delivers six core advisory services: Mergers & Acquisitions (corporate M&A, valuation, asset M&A, stapled financing), Equity Capital Solutions (private placements, equity-linked securities, PIPEs, de-SPAC advisory), Debt Capital Solutions (senior, mezzanine, project, warehouse, green bonds, refinancing), Tax Capital Solutions (tax equity structuring and IRA-driven tax credit transfer/syndication), Offtake Solutions (PPA/vPPA, REC, gas supply), and Strategic Advisory (energy transition strategy and decarbonization planning). These services are applied across five industry verticals: Utility-Scale Clean Power, Distributed Energy, Data Centers, Low Carbon Molecules, and Sustainable Technologies.

Marathon Capital generates revenue exclusively through transaction-based advisory fees, with no software product, app, or recurring subscription. Go-to-market is enterprise field sales through senior banker relationships with utilities, developers, financial sponsors, strategics, and corporates. Ownership is concentrated among founders and senior managing directors; the firm has no parent company or external venture/private equity backing. Marquee mandates include the Overwatch/Idemitsu 1 GW AI data center partnership, the HyperBase Project Littleleaf AI platform, the Doral Cold Creek $360M PTC and ~$900M debt syndication, the Radial Power $355M tax equity/debt financing with Goldman Sachs, and the first private Section 45Q tax credit transfer with CapturePoint. The firm is a nine-time recipient of Power Finance & Risk's Annual Deals and Firms of the Year Awards.

Name

Marathon Capital

Legal name

Marathon Capital Markets, LLC

Website

https://marathoncapital.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Marathon Capital is a privately held Chicago-based independent investment bank, founded in 2000, that provides M&A, capital raising, tax credit, offtake, and strategic advisory services exclusively to clean economy and energy transition clients across North America, Europe, and Asia Pacific.

Ownership category

akta.pro rank

Product category

Clean Energy Investment Banking Advisory

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Services-Management Services (8741)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)

Keywords

• Clean energy advisory
• Investment banking services
• M&A advisory
• Renewable energy finance
• Infrastructure advisory

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mergers & Acquisitions Advisory: Advisory fees for buy-side and sell-side M&A transactions including corporate M&A, asset M&A, and valuation services
2. Equity Capital Solutions: Fees for equity private placements, equity-linked securities, PIPEs, and de-SPAC business combination advisory
3. Debt Capital Solutions: Advisory fees for arranging senior debt, mezzanine, project debt, warehouse facilities, refinancings, green bonds, and other debt instruments
4. Tax Capital Solutions: Fees for tax equity structuring, tax credit transfer transactions, and syndication services under the Inflation Reduction Act
5. Offtake Solutions: Advisory fees for PPA/vPPA, REC agreements, financial offtake, and gas supply arrangements
6. Strategic Advisory: Fees for energy transition strategy development, net zero planning, and decarbonization consulting for corporations

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Marathon Capital is a privately held investment bank that provides financial advisory services to clients in the clean economy and energy transition sectors. Its core offerings include Mergers & Acquisitions advisory, Equity Capital Solutions (private placements, PIPEs, de-SPAC), Debt Capital Solutions (senior debt, mezzanine, green bonds, refinancing), Tax Capital Solutions (tax equity and tax credit transfers under the Inflation Reduction Act), Offtake Solutions (PPAs, vPPAs, RECs, gas supply agreements), and Strategic Advisory (decarbonization and net zero strategy). Services are delivered globally through senior banker relationships across the renewable power, energy storage, low carbon molecules, data center, and sustainable technology sectors.

Product overview

Marathon Capital operates as the largest independent investment bank solely dedicated to the clean economy and energy transition. The firm offers a comprehensive suite of financial advisory services organized into six core offerings: Mergers & Acquisitions, Equity Capital Solutions, Debt Capital Solutions, Tax Capital Solutions, Offtake Solutions, and Strategic Advisory. These services are applied across five industry verticals: Utility-Scale Clean Power, Distributed Energy, Data Centers, Low Carbon Molecules, and Sustainable Technologies. The company does not offer a software product but rather provides advisory services for transactions including M&A, capital raising, tax credit monetization, and strategic consulting to clients in the clean energy and infrastructure sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Mergers & Acquisitions
• Equity Capital Solutions
• Debt Capital Solutions
• Tax Capital Solutions
• Offtake Solutions
• Strategic Advisory

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and flagship.

• HyperBase VenturescoreStrategic or Co-development Partner · 8 June 2026Strategic collaboration with HyperBase Ventures, Inc. for Project Littleleaf, a next-generation AI and energy infrastructure platform in Texas. The project encompasses approximately 748 acres expandable to 2,000 acres, designed as a long-term integrated AI, energy, and digital infrastructure platform.
• IdemitsuflagshipStrategic or Co-development Partner · 20 November 2025Groundbreaking partnership with Idemitsu Kosan Co., Ltd. to support development of next-generation, energy-resilient AI data centers across ten U.S. states. Idemitsu invested in Overwatch Capital and launched nationwide natural gas supply operations in the United States, supplying up to 1 GW of natural gas to on-site power generation systems for AI-driven data centers in Ohio, Texas, Illinois, Utah, Colorado, Arizona, Georgia, Nevada, South Carolina, and Pennsylvania.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• PJT Partners: PJT Partners operates an energy and power advisory practice covering renewables, infrastructure, and energy transition transactions. It competes with Marathon on selected clean energy M&A and capital raising mandates, particularly at the upper-mid-market tier.
• Evercore: Evercore has built a significant energy and infrastructure M&A advisory practice covering renewables, conventional power, and digital infrastructure. While not solely clean-economy focused, Evercore frequently competes with Marathon on mid-cap clean energy M&A mandates and project-level transactions.
• Lazard: Lazard's Power, Energy & Infrastructure group advises on M&A, capital raising, and strategic advisory across renewables, conventional generation, and energy transition. It competes with Marathon on larger-cap clean energy mandates and benefits from a broader sector mandate and global distribution.
• Jefferies: Jefferies operates a dedicated clean energy and renewable power investment banking group that advises on M&A, debt, and equity raises across solar, wind, storage, and digital infrastructure. It is a broad incumbent with a comparable sector practice but a much larger platform and broader sector mandate than Marathon's pure-play focus.
• Guggenheim Securities: Guggenheim's Investment Banking division includes a dedicated Power and Renewables practice advising on M&A and capital raising for utility-scale solar, wind, and storage. It is a broad incumbent with comparable transaction categories and competes with Marathon on many mid-cap renewable mandates.
• Rothschild & Co: Rothschild's Global Advisory practice covers power, utilities, and infrastructure M&A advisory, frequently competing with Marathon on cross-border clean energy and infrastructure transactions. Its European heritage and global sector coverage overlap with Marathon's London-based international practice.
• KeyBanc Capital Markets: KeyBanc Capital Markets has a longstanding clean energy investment banking practice focused on renewable power M&A and debt financing. It has been a financing partner on Marathon-led transactions (e.g., TigerGenCo —) and competes in similar advisory roles across utility-scale solar, wind, and storage.
• Houlihan Lokey: Houlihan Lokey's Business Services and Energy groups advise on M&A, capital raising, and restructuring across the clean energy ecosystem. While not solely focused on clean economy, it is a relevant peer on middle-market clean energy advisory mandates.

Others

• 8minute Solar Energy (predecessor: 8minute): Listed for adjacency rather than direct competition: 8minute is a U.S. utility-scale solar developer that has historically transacted with Marathon on M&A mandates (e.g., EGP/Enel acquisition). It represents the type of clean energy developer/operator client Marathon serves, providing context on the firm's customer base rather than serving as a banking competitor.

Direct peers

• Nomura Greentech: Nomura Greentech is the clean energy and sustainability investment banking arm of Nomura Holdings, providing M&A advisory and capital raising services dedicated to renewable energy, energy storage, and sustainable infrastructure. It is the closest direct competitor to Marathon Capital given its similar sector specialization, mid-market advisory focus, and comparable transaction profile (solar, storage, hydrogen, carbon capture).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/marathon-capital
• Xx.com/manotsav

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marathon Capital