Insights

Q2 2026 has been less about announcement – and more about alignment.

If Q1 marked a clear shift from expansion to execution, Q2 has made it tangible. Across energy and mobility, we are now seeing industries re‑engineer themselves around delivery, capital discipline and real‑world constraints. The narrative hasn’t just moved on – it has continued to mature, much like Q1.

From our viewpoint, the signal is consistent. EV charging is no longer a fragmented growth story - it is consolidating into integrated platforms built around fleets, depots and energy systems. Storage continues its transition into critical infrastructure, attracting increasingly institutional capital while business models evolve away from pure merchant exposure. Renewables developers, under pressure from grid constraints, permitting and supply chain realities, are being forced to prioritise execution over pipeline - with co-location projects becoming increasingly prominent as standalone solar developments struggle to stack up commercially.

At the same time, the broader context has become more complex. Policy uncertainty has re‑entered parts of the conversation - just as geopolitical dynamics continue to reshape energy priorities and partnerships. Even with signs of easing global tension, including the recent Iran peace developments, the focus on energy sovereignty has not diminished – if anything, it has become more deeply embedded in national strategy. Yet, even against that backdrop, one thing is increasingly clear: the transition is no longer optional, and it is no longer early‑stage.

What has changed is the level of scrutiny. Capital is still there - in many cases at larger scale than ever - but it is more selective, more structured, and more focused on outcomes. The bar has risen significantly.

And as always, where capital and complexity intersect, leadership becomes the differentiator.

We are seeing a marked shift in how companies are building teams. Hiring is more selective, expectations are higher, and mandates are increasingly precise. This is not a volume problem - it’s a specificity problem. Businesses aren’t hiring for growth in the abstract anymore; they are hiring to solve clearly defined challenges. Whether that’s entering a new market, building a commercial function, or scaling infrastructure delivery under constraint, the bar is much clearer - and much higher. As a result, while interest in roles remains strong, genuinely qualified profiles are far narrower. The gap between available talent and proven, directly relevant experience is becoming one of the defining dynamics of the market.

That’s exactly where our work continues to sit.

As Co-Managing Partners, now a full quarter into this next chapter leading Hyperion, our perspective is shaped not just by what we see in the market – but by the conversations we are having every day at the forefront of the industries we specialise and with the companies navigating growth in increasingly complex conditions.

Q2 has reinforced what Q1 began: this is a market moving from promise to performance.

The upside remains significant.

But it is now firmly defined by execution, integration and resilience - led by those with the capital to deploy at scale, and the ability to consistently attract and retain top talent.

David Beeston & Stephen Robinson