Expeditionary Power: The Technology Works. Does the Business Model?
08 October 2025 - A Weekly Publication by New North Ventures
Space Innovation Showcase | 21 October
Join us for a one-hour showcase of three dual-use startups building in the space innovation sector who will present alongside former astronaut and Venture Partner Susan Kilrain.
These companies represent the core of our investment thesis and what we spend a lot of time discussing—startups working at the intersection of commercial applications and national security requirements. They’re building the in the final frontier that could define America’s competitive edge in the solar system!
If you’re tracking emerging defense innovation or thinking about dual-use scalability, joining us for the hour is well worth your time. The most interesting technologies often emerge when startups solve problems governments didn’t even know they had.
We will announce the exact time of the event in the coming days.
Ukraine’s $140M battery deployment offers an unexpected window into expeditionary power challenges. According to the Wall Street Journal, Ukraine has installed 200MW of battery capacity across six sites designed to maintain grid stability during infrastructure attacks. The installations use American-made Fluence batteries in 8-foot modular blocks that continue operating when individual units fail.
A Pacific theater conflict presents similar challenges at dramatically larger scale. Military fuel consumption increased 2,200 percent since World War II, reaching 22 gallons per deployed soldier daily during recent operations in Iraq and Afghanistan, according to analysis in Proceedings. Those conflicts had the benefit of largely secure supply lines. The Pacific offers no such advantage. Commercial tanker capacity remains inadequate for sustained operations across those distances. The Navy recently defueled the Red Hill facility in Hawaii without replacement, removing critical fuel storage capacity from the theater. Supply lines stretching thousands of miles across contested waters create vulnerabilities at every point from refineries to forward operating positions.
We’ve seen several power generation startups come through our deal flow recently. The defense use case is clear. Ukraine demonstrates that modular, distributed energy systems can maintain operations under bombardment. Expeditionary forces need similar capabilities to sustain operations without vulnerable fuel convoys crossing an ocean. Hydrogen fuel cells, synthetic fuel production, and micro-reactors all address different facets of the mission to deliver power to the tactical edge.
The commercial case sparks the more interesting debates at our Fund. Wharton research shows data centers adding massive load to grids struggling to expand capacity. Disaster response and remote industrial operations need similar distributed power capabilities. The technical solutions often transfer cleanly. Unit economics and go-to-market strategy become the harder problems to solve. That’s exactly the kind of challenge worth working through. The defense application validates the technology works under the most demanding conditions. Finding the commercial path to venture scale returns is where the real work begins.
Drone Deal with Ukraine to Give U.S. Access to Battlefield Tech
The Wall Street Journal reports that Ukraine is negotiating a landmark technology transfer agreement with the U.S. that would formalize American access to Ukrainian drone technology in exchange for royalties or other compensation. A Ukrainian delegation led by Deputy Defense Minister Sergiy Boyev began talks with Pentagon and State Department officials this week.
The agreement reflects a fundamental shift in the defense technology relationship. Ukraine produced more than two million drones last year and can manufacture them at 20% to 30% of the cost of its Western counterparts. The country has pioneered cheap first-person view attack drones, naval drones, and AI integration under combat conditions. More than 300 drone companies now operate in Ukraine, creating a mature industrial ecosystem that Western defense sectors are racing to access.
Several mechanisms are under discussion. Ukrainian companies might provide technology and prototypes to American firms for royalty payments. Another option involves Ukrainian companies establishing U.S. subsidiaries for domestic production. Direct procurement from Ukrainian manufacturers remains a third possibility.
The primary technical challenge involves Chinese components. Ukrainian drones incorporate Chinese parts extensively, which creates supply chain security issues for American applications. U.S. companies acquiring Ukrainian technology cannot use Chinese components, requiring redesign for secure supply lines.
The agreement highlights how active conflict accelerates innovation and acquisition cycles. Ukraine’s battlefield experience provides data and operational insights that laboratory testing simply cannot replicate. The country’s ability to rapidly incorporate battlefield innovations into production represents as much value as the underlying technology itself.
More links to explore:
Reality Defender CEO Ben Colman joined NPR’s The Indicator from Planet Money to discuss the growing threat of AI voice deepfakes. Americans are losing thousands of dollars per victim to voice cloning scams. Fraudsters can replicate a voice in seconds, impersonate banks or family members, and create urgency that bypasses normal skepticism.
Voice biometrics alone no longer provide adequate protection. Reality Defender’s models detect AI-generated audio in real time by identifying synthetic signatures invisible to human ears. The technology analyzes audio for artifacts that distinguish machine-generated speech from human voices, enabling financial institutions and security teams to flag fraudulent calls before victims transfer funds.
This discussion highlights why deepfake detection is an essential capability for both national security and economic resilience. Voice cloning threatens authentication systems across banking, government services, and critical infrastructure. As the technology to create convincing deepfakes becomes more accessible, detection capabilities must scale to match. Reality Defender continues moving with urgency as the threat evolves.
In this episode of Securing Our Future, host Jeremy Hitchock, explores the intersection of national security and economic opportunity with Bryan Mabry, the newest Partner at New North Ventures. Bryan draws on his 14 years at the CIA, leadership roles in Fortune 200 companies, and experience as acting CFO of the Millennium Challenge Corporation to share lessons from public service and his transition to the private sector. They discuss the dual-use potential of emerging technologies such as AI, autonomous systems, and remote actuated weapon systems, and how they are reshaping both innovation and security. Bryan also reflects on the role of venture capital in accelerating solutions at this critical crossroads. Don’t miss this engaging conversation on the future of innovation, resilience, and national security.
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