Infrastructure invesment fund.
Aluma enters 2026 with a portfolio that has already proven value creation, but the real success test has shifted to converting that value into liquidity at the parent without adding too much capital-structure pressure.
The draft Series C convertible says Aluma is not facing an immediate parent-level liquidity crunch, but it is also not operating with fully free capital, so management is opening another financing route against a persistent gap between reported equity and market value.
Aluma's environmental platform already shows a real operating base, but Greenmix makes clear that the next phase still depends on an aggressive capital cycle of loans, share-purchase options, and a bet on 2026 EBITDA.
The Exelera sale already lets investors move from a company-value headline to proceeds attributable to Aluma, but it still does not provide a final figure for unrestricted cash at the fund level.
