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."