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Green Rock draws from old energy

Illustration of three cars with one ahead of the other two.

Illustration: Lazaro Gamio/Axios

Green Rock Energy Partners, a new private equity firm, is drawing on old energy (read: fossil fuels) for leadership, which it says will give it an edge.

Why it matters: The firm will focus on transportation fuels, particularly what it's calling renewable natural gas, renewable diesel and renewable jet fuel, managing partner and co-founder Cody Myers tells Axios.

The details: The firm will focus on growth equity deals, targeting $5-$20 million investments in deals of $50-$100 million.

Of note: Green Rock closed its first deal in Q3, involving renewable natural gas in Indiana.

What we're watching: Oil and gas firms are regularly criticized for talking the talk on investing in decarbonization technologies — but lacking the expertise (or, often, the willingness) to walk the walk. Can former executives from those sectors do so more effectively?

  • "There’s a big story out there on how the oil majors are moving too slowly," Myers tells Axios. The reality is there is the technology and there is the intent — but you need someone to actually build a business and implement that."
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