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Apr 13, 2022

Commodity Veterans Launch Renewables Private Equity Firm

April 13 (Reuters) - A consortium of former trading house and commodity banking executives have launched a private equity firm that invests in "waste-to-value" renewable energy such as low carbon fuels and renewable natural gas, as low-carbon fuels continue to garner investor interest.

Investment in products such as renewable diesel made from waste oils and gas made from methane has risen as state and federal incentives reward producers for decarbonizing.

The new firm, called Green Rock Energy Partners, is being launched by Andrew Kelleher, former head of Glencore's oil trading business, and Martin Mitchell, former chief operating officer of Morgan Stanley's commodities division.

Its other co-partners include William Forster, former Lehman Bank executive and co-founder and co-chief executive of Cheniere Energy, Steven Schmitz, a refining acquisition expert and Cody Myers, a veteran of Noble Group.

Green Rock will target projects that produce renewable natural gas, renewable diesel, renewable fertilizer, and other similar products, the company told Reuters.

Renewable fuels account for roughly 12% of U.S. energy consumption, according to government data, and are growing every year.

The firm plans to make investments of between $5 million and $20 in renewable energy projects with a focus on circular economy infrastructure.

Green Rock closed its first fund in 2021 with an investment in an Indiana-based renewable natural gas company, according to the company.

via Reuters

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