Grey Rock Forms Partnership With Conduit Power to Pursue Electrification Strategy
Grey Rock Investment Partners through its affiliated investment vehicles,announced an agreement to make a controlling investment in Conduit Power, LLC (“Conduit”) and fund additional growth of the company through a capital commitment of up to $100 million. Conduit intends to use the committed capital to execute on its strategy of offering a full-service solution to help commercial and industrial customers reach their decarbonization goals while lowering power procurement costs and improving the uptime and reliability of delivered power. Conduit has developed a robust pipeline of actionable projects in the southern United States with an initial focus on energy companies in Texas.
Recommended AI News: T-Mobile Magenta Drive for BMW Powers America’s First 5G Connected Cars
Grey Rock believes the capital needs for advanced electrification, particularly within the energy sector, are dramatically underserved by traditional capital sources,” said Matt Miller, Grey Rock Co-Founder and Managing Director. “We are excited to partner with Conduit’s management team to accelerate the construction of resilient power systems within our mutual network. Through Conduit, Grey Rock can help commercial and industrial customers work toward their decarbonization goals while simultaneously lowering their power costs and allowing for redeployment of capital into growth projects in their core businesses.”
“The Grey Rock team has a superior track record of investment success within the energy sector with extensive relationships across diverse sectors throughout the United States,” said Matt Herpich, Managing Director of Conduit. “Jointly with Grey Rock, Conduit has a shared vision of offering tailored electric solutions to advance decarbonization targets. We believe that the Grey Rock and Conduit teams will be able to address the needs of commercial and industrial customers not currently being served by traditional power service companies and conglomerates.”
Grey Rock believes the growth of renewable energy generation in the United States has created opportunities to lower the carbon footprint of heavy industrial activities through electrification but has also created high variability in both pricing and reliability of grid power. Conduit serves as a single-source solution to help customers navigate complex issues and ultimately deliver a plan tailored to the customer’s needs. Conduit’s offering includes turnkey design, procurement, and construction of electrical infrastructure, ongoing operations and maintenance of equipment, power procurement and brokerage, and asset financing.
Conduit is led by power and energy industry executives Matt Herpich, Travis Windholz, and Matt Whitaker who have more than 50 years of combined experience across the power brokerage, power generation, renewables, battery storage, chemicals, and upstream exploration and production industries. The Conduit management team possesses a comprehensive technical and commercial skill set which will be critical in executing on the company’s pipeline of project opportunities.
[To share your insights with us, please write to firstname.lastname@example.org]