Energy Exemplar to be Acquired by Blackstone and Vista Equity Partners

Vista Equity

Investment will help accelerate growth and drive platform innovation to support grid reliability and the energy transition

SALT LAKE , UTAH, UNITED STATES, October 31, 2023 /EINPresswire.com/ — Energy Exemplar, a leading global provider of energy market simulation software, today announced it has agreed to be acquired by private equity funds affiliated with Blackstone (”Blackstone”) and Vista Equity Partners (“Vista”). With the backing of Blackstone and Vista, Energy Exemplar gains new resources to help accelerate growth and drive platform innovation in support of grid reliability and the energy transition.

“We are tremendously excited about this partnership and how it will accelerate our investment in our leading SaaS platform providing accurate simulation and decision support for our customers in today’s rapidly changing energy landscape,” said David Wilson, CEO of Energy Exemplar. “The combination of Blackstone and Vista brings a unique level of expertise in both the energy and software industries which will continue to propel Energy Exemplar as the go-to solution for the energy transition for all our clients around the world who are leading this charge.”

Energy market participants worldwide rely on Energy Exemplar’s platform to optimize decision-making across both new asset development and existing operations. Utilities, power producers, grid system operators, and others in the energy transition ecosystem use the software to forecast market operations, drive long-term investments, and optimize ongoing operations across their assets and systems. Energy Exemplar’s solutions offer best-in-class functionality, allowing users to model and understand the increasingly complex energy transition landscape in a single unified platform. Energy Exemplar has grown at 30% CAGR since 2018 and currently serves over 500 customers in 79 countries.

“Energy Exemplar is an established category leader with outsized growth potential in a rapidly evolving global energy market,” said Ryan Atlas, Managing Director at Vista Equity Partners. “Its platform provides a holistic view of the impact traditional and emerging energy systems have on the businesses of those leading the energy transition. Together with Blackstone, we look forward to partnering with David and the executive team, leveraging our experience in scaling transformative enterprise software companies to further accelerate innovation and customer value.”

Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners, added: “We’re thrilled to be backing Energy Exemplar, a mission-critical software provider supporting the growth of renewable energy, battery storage, and transmission grid investment required for the energy transition. Blackstone’s energy market expertise and network of connections can enhance the company’s growth trajectory. We couldn’t be more excited to work with Vista, David, and the management team to drive the next stage of development for Energy Exemplar and its technology solutions supporting grid reliability and decarbonization. This investment is the latest in a series demonstrating Blackstone’s conviction in the energy transition.”

Kirkland & Ellis LLP served as legal counsel, and William Blair served as financial advisor to Blackstone and Vista. Lazard acted as sole financial advisor, and Jones Day and Herbert Smith Freehills served as legal counsel to Energy Exemplar.

About Energy Exemplar

Energy Exemplar is a market leader in the technology of optimization-based energy market simulation. Our cloud software suite, headlined by PLEXOS® and Aurora, is used across every region of the world for a wide range of applications, from short-term analysis to long-term planning studies. It is relied upon by hundreds of organizations worldwide to inform multi-million-dollar decisions. Our people continually think of novel approaches and more realistic simulations that enhance decision making, create market opportunities and enable utilities and regulatory authorities to become smarter, more energy efficient and profitable. Energy Exemplar continues to ‘push the envelope,’ being first-to-market with the latest advances in programming and energy market simulations, as it strives to offer the most comprehensive Energy Analytics Platform to its customer base.

Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $21 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable, and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Vista Equity Partners

Vista is a leading global investment firm with more than $101 billion in assets under management as of June 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Victoria Pearson
Sonder London
+44 20 3286 3965
email us here

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Miura Partners takes a 25% stake in GasN2, a leading company in industrial gas generation and freezing equipment

Miura Capital
    • GasN2 manufactures innovative industrial gas generation, freezing and CO2 capture equipment.
    • It is the third investment of Miura’s Impact Fund, launched in 2022 with a target size of €150 million.

GasN2 strengthens its shareholding with the entry of Miura Partners to accelerate its national and international business expansion.

Founded in 2009 and headquartered in Barcelona (Spain), GasN2 designs, develops and commercializes energy-efficient industrial equipment for a wide variety of industrial applications and market segments, such as food, pharma and healthcare.

The company offers on-site industrial gas generation and mixing equipment that is more efficient, saving more energy consumption than current alternatives. In addition, it develops industrial refrigeration and drying devices using cleaner gases, as well as CO2 capturers which are further reused in water treatment, among other solutions.

Thanks to its positioning, GasN2 has grown 25% annually over the last years and expects to reach a turnover of €10 million in 2023. The founders of GasN2, with Oriol Martínez-Huguet as CEO, will keep a majority stake and continue to lead the project.

GasN2 is Miura Impact Fund’s third transaction following the investments in Tierra and Wikiloc. The fund was launched in 2022 with a target size of €150 million, aimed at high-growth SMEs with environmental and social impact business models.

GasN2, pioneering industrial sustainability

Spain, in line with other developed economies, has an industrial sector responsible for 24% of total energy consumption and 16% of CO2 emissions in the country, according to data from the International Energy Agency (IEA).

The United Nations, in its Climate Action Plan 2020-2030, has set targets to reduce electricity consumption and carbon emissions by 2030 (-35% and -45% per capita respectively) and to achieve carbon neutrality by 2050.

GasN2’s activity contributes directly to meeting the targets set and to the sustainability of the industry in general.

Oriol Martínez-Huguet, Founder & CEO of GasN2:

GasN2 has been looking for an investment partner to drive the company’s growth while maintaining the essence of the company: prioritizing innovation in environmental and sustainable technologies while being close to our clients and team.”

Gustavo Barroeta, partner at Miura Partners:

“GasN2 is the kind of company we are excited to support from our Impact Fund, with a clear vision, a scalable business model oriented towards sustainability and great growth potential. Together with Oriol, Pau, Bernat and the rest of the team, we will drive the growth plan while preserving the company’s core values.”

Miura Partners was advised by KPMG, Roland Berger and CMS Albiñana & Suárez de Lezo, while GasN2 has been advised by AVQ Legal and Atlantis SC.

About GasN2

Founded in 2009 and headquartered in Barcelona (Spain), GasN2 innovates, develops, manufactures and commercializes energy-efficient industrial equipment for a wide variety of industrial applications on a rental basis. Since its foundation, the company has installed and maintains more than 400 industrial equipment in Spain, Italy and France.

About Miura Partners

Miura Partners is a purpose-driven Private Equity firm. With offices in Barcelona and Madrid, the firm specializes in investing in small and medium-sized family-owned and entrepreneurial companies. Miura provides attractive growth and innovation plans with a clear focus on sustainability, under its three investment strategies: Buy-outs, Impact, and Agribusiness.

Since 2008, Miura has invested in more than 60 companies, for a total value in excess of €3.0 billion. Currently, the firm has €1.2 billion Assets under Management.

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Novatron Fusion Group closes seed round of EUR 5 million – accelerating the transformation to commercial fusion power

Industriefonden

Novatron Fusion Group closes seed round of EUR 5 million – accelerating the transformation to commercial fusion power

Novatron Fusion Group, a Swedish company that aims to revolutionize the field of fusion energy production, announced today the successful closure of its seed round, raising EUR 5 million. The round was led by Climentum Capital, in syndication with Industrifonden, Santander InnoEnergy Climate Fund, and with renewed investments by KTH Holding and EIT InnoEnergy.

The world’s energy demand is growing rapidly, and we need to meet it without reliance on fossil fuels. Fusion power has the potential to provide a limitless supply of emissions-free, reliable, safe, and affordable energy for all. Fusion power would provide a much-needed solution to some of humanity’s greatest challenges: the growing need for energy and accelerating climate change.

Today, stabilizing superheated plasma is a significant roadblock to commercializing fusion reactors. The NOVATRON concept is an innovative reactor solution for stable magnetic plasma confinement that aims to overcome this hurdle. The NOVATRON concept is based on the original idea by the Swedish inventor and entrepreneur, Jan Jäderberg. It’s being developed by world-leading physicists, engineers, and academics at the new Novatron Lab, housed within the former Alfvén Laboratory at KTH Royal Institute of Technology in Sweden.

Peter Roos, CEO of Novatron Fusion Group, commented: “We are thrilled to receive such strong support from our investors. This will enable us to further deliver on our mission of transforming the energy landscape and accelerating the transition to a more sustainable future. We are now one step closer to enabling fusion energy at scale.”

Novatron Fusion Group aims to develop economically viable fusion energy in the 2030s. The new capital will be used to build pre-commercial prototypes. The company’s unique solution aims to increase reliability and reduce the current capital and operational cost profiles of its fusion reactors, relative to alternative solutions.

Mala Valroy, Investment Manager at Industrifonden, commented: “At Industrifonden, we believe in making science-backed, scalable investments that can shift the needle for society, and Novatron Fusion Groups technology has the potential to do just that. We are impressed by their innovative approach and confident in their ability to revolutionize energy production together with renewables. We are excited to support Novatron Fusion Group on their journey and look forward to witnessing the transformative effects of their technology.”

Read more at novatronfusion.com ↗

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Apollo Funds Acquire Composite Advanced Technologies, Inc, a Leading Manufacturer of Transportation and Storage Solutions for Hydrogen and Compressed Natural Gas

Apollo
Significant Investment to Establish Platform Supporting the Energy Transition by Providing Critical Equipment for Compressed Gas Logistics

HOUSTON and NEW YORK, Aug. 22, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have acquired a majority interest in Composite Advanced Technologies, Inc (“CATEC” or the “Company”), a leading provider of compressed natural gas (“CNG”), renewable natural gas (“RNG”) and hydrogen transportation and storage solutions in the United States. CATEC’s products and services help its customers transition away from carbon-intensive fossil fuels towards cleaner alternatives. Founded in 2014 and based in Houston, CATEC manufactures large format Type IV cylinders that facilitate the use of natural gas and hydrogen across a wide variety of industry applications when mounted on mobile trailers or used in stationary applications.

CATEC’s high capacity, lightweight trailers and storage solutions help end-customers decarbonize, while making lower carbon energy sources more accessible and affordable. Gaseous fuels are one important solution for reducing carbon emissions in certain ‘hard-to-abate’ sectors. As penetration of natural gas continues and the hydrogen economy grows, logistics are expected be a constraint and CATEC is an early mover in providing safe and efficient solutions for a wide range of end uses. Apollo Funds intend to invest further capital behind the Company, seeking to establish a leading gaseous equipment manufacturing and services platform with enhanced capabilities and customer offerings to support expansion in the high-growth hydrogen transport and storage market.

Apollo Partner Scott Browning said, “CATEC’s proprietary manufacturing capabilities are critical to supporting the growing market demand to reduce carbon emissions in ‘hard-to-decarbonize’ industries. The CATEC team has built an impressive business, which we believe can scale to become a one-stop-shop platform for serving the equipment needs of the compressed gas value chain through various expansion initiatives. We look forward to helping accelerate the Company’s growth trajectory in support of the broader energy transition.”

Alberto Chiesara, Co-Founder and President of CATEC, added, “We are pleased to join forces with Apollo Funds to help expand our capabilities and better support the growing adoption of low-carbon fuel solutions such as hydrogen, RNG and CNG. Apollo’s track record in energy transition investing, industry experience and significant resources make them an ideal partner for CATEC as we scale and embark on our next phase of growth.”

Co-Founder of CATEC Ryan Comerford said, “It has been a privilege to help lead the team, and I’m confident new management, with the backing of Apollo Funds, will position the Company for further growth and success.”

The transaction underscores Apollo’s commitment to driving a more sustainable future and long track record of investing in or lending to companies supporting the energy transition. Last year, Apollo launched its Sustainable Investing Platform, which targets to deploy $50 billion in clean energy and climate capital by 2027 and sees the opportunity to deploy more than $100 billion by 2030. Over the last five years, Apollo Funds have deployed over $23 billion1 into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization.

TerraNova Capital served as financial advisor and Baker Botts L.L.P. acted as legal counsel to CATEC. Vinson & Elkins LLP acted as legal counsel to the Apollo Funds.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2023, Apollo had approximately $617 billion of assets under management. To learn more, please visit www.apollo.com.

About CATEC

CATEC is a leading provider of Type IV compressed gas transportation and storage solutions in the United States. CATEC’s products and services help its customers to transition away from carbon-intensive fossil fuels towards cleaner solutions such as Compressed Natural Gas (CNG), Renewable Natural Gas (RNG) and Hydrogen. Learn more at https://www.catecgases.com.

Apollo Contacts

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

Communications@apollo.com

CATEC Contact

Irma Goubeaud

Human Resources

(832) 551-4622

igoubeaud@catecgases.com

1 As of December 2022. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) purchase price on the settlement date for private non-traded debt; (ii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iii) total capital organized on the settlement date for syndicated debt; and (iv) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.


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Source: Apollo Global Management, Inc.

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TPG Rise Climate Forms Strategic Partnership with KKR as New Majority Shareholder in A-Gas

KKR

LONDON, UK; SAN FRANCISCO, USA – August 17, 2023 – A-Gas, the global leader in the supply and lifecycle management of refrigerant gases, today announced that its owners, including majority owner KKR, have entered into a definitive agreement to sell a majority stake in the company to TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform, TPG Rise. KKR will remain a significant minority shareholder in the business, continuing to work in collaboration with TPG Rise Climate and the A-Gas Leadership Team. The transaction is expected to be completed by the end of 2023, subject to customary closing conditions, including certain regulatory approvals. Additional terms of the transaction were not disclosed.

“We are thrilled to be taking the next step of our sustainability journey, and to be further scaling our Lifecycle Refrigerant Management operations, with the backing of TPG Rise Climate,” said Jack Govers, Chief Executive Officer of the A-Gas Group. “We have a long history of being at the forefront of refrigerant gas recovery and reclamation, effectively lowering potential emissions to the atmosphere, and this investment from TPG is validation of our growth strategy and the quality of our products and services. We look forward to building on our success by executing a number of organic and inorganic growth initiatives.”

“We are also grateful for the value that KKR has delivered to our business. KKR’s support, funding, and global platform have enabled us to significantly accelerate our growth into new markets and geographies, while also developing new sustainability-driven capabilities, and building our market leadership. I am delighted that our people and our customers will continue to benefit from their support,” Govers added.

For over 30 years, through its first-class recovery and reclamation processes, A-Gas has been at the forefront of capturing refrigerant gas for future re-use or safe destruction, creating a closed-loop system that prevents its harmful release to the atmosphere. The company’s proprietary gas separation and recovery technology effectively abated approximately 8 million metric tonnes of CO2e in 2022, the equivalent to removing over 1.6 million cars from the roads for a year.

Over the past three decades, A-Gas has extended its market leadership into new growth verticals such as on-site Rapid Recovery of refrigerant gas, the safe destruction of legacy gases, and the generation of carbon credits. The company has also continued to significantly expand its global presence during KKR’s investment period, entering new markets across Europe, such as Germany, the Netherlands, and Italy, while substantially scaling the company’s operations in the US, entering Canada with the construction of a new refrigerant recovery and reclamation facility in Ontario, as well as expanding in Asia through the acquisition of a Japanese refrigerant reclamation and destruction company. Since KKR’s acquisition, which was made through KKR European Fund IV in 2017, A-Gas has grown revenue by 14% and EBITDA by 18% on average annually.

“Our investment in A-Gas is a thematic play on the increasing importance of establishing circular economies in critical industries. A-Gas’ highly differentiated gas recovery and reclamation technology closes the loop in the refrigerant gas lifecycle and thereby prevents the common venting of used refrigerant gases into the atmosphere at their end-of-life, which can have a Global Warming Potential that is several thousand times higher than that of emitting CO2,” said Joerg Metzner, Business Unit Partner at TPG Rise Climate. “A-Gas will play a leading role towards a more sustainable and circular refrigerant gas value chain globally as demand for refrigerants continues to grow and regulatory scrutiny and enforcement increase.”

Mattia Caprioli, Co-Head of European Private Equity at KKR, commented: “A-Gas plays a critical role in the circular economy for refrigerant gases, and in supporting environmental targets to fight climate change and global warming. We have been proud to work with Jack Govers and the A-Gas team over the past years, building market-leading capabilities for the recovery and reclamation of used gases, and positioning the business to benefit from future growth in gas reclamation and destruction opportunities globally. We believe the addition of TPG Rise Climate’s market expertise, particularly in the US carbon credit market, is a great fit for the future, and we look forward to working alongside Joerg, Jack and their respective teams to continue to build on A-Gas’s unique proposition globally.”

Citi acted as financial advisor to TPG in relation to the transaction. Goldman Sachs International acted as financial advisor to A-Gas and KKR, while Simpson Thacher & Bartlett acted as KKR’s legal advisor.

The transaction marks a full exit for minority investor, LDC, following a successful 12-year strategic partnership.

 

— ends —

 

About A-Gas Group

A‑Gas is the world leader in the supply and lifecycle management of refrigerants and associated products and services. Through our first-class recovery, reclamation, and repurposing processes, we capture refrigerants and fire protection gases for future re-use or destruction, preventing their harmful release into the atmosphere.

For over 30 years, A-Gas has supported our clients and partners on their environmental journey by supplying lower global warming gases and actively increasing the circularity of the industries we serve, building a sustainable future.

For more information, please visit www.agas.com.

 

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing strategy of TPG’s $18 billion global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s Executive Chairman.

For more information, please visit www.therisefund.com/tpgriseclimate

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

Media Contacts:

 

A-Gas Group
Ken Logan
+44 7495 485356
ken.logan@agas.com

 

TPG
US
Ari Cohen
+1 415-743-1550
media@tpg.com

Europe
Michael Russell or Daniel Oliver
tpg@greenbrookadvisory.com

 

KKR
Annabel Arthur
+44 7554 919 491
annabel.arthur@kkr.com

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Carlyle to sell Assala Energy to Maurel & Prom

Carlyle
  • Over the course of its ownership, Carlyle has worked with the Assala management team to support the company’s growth and rejuvenate its assets, investing in operations, infrastructure and M&A
  • Under Carlyle’s ownership, Assala increased its net production by approximately 30% to 45 kbbl/d and its reserves life from five to eight years

Libreville, Gabon – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell Assala Energy (“Assala”), an upstream oil exploration and production company operating in Gabon, to Etablissements Maurel & Prom SA (“M&P”), an oil and gas exploration and production company listed on Euronext.

Carlyle invested in Assala in 2017 through Carlyle International Energy Partners, a private equity fund that invests in energy opportunities in Europe, Africa, Latin America and Asia. During its period of ownership and in partnership with the Assala management team, Assala has become a successful stand-alone company, adding reserves, upgrading production facilities and infrastructure, and executing strategic M&A.

Thanks to significant investment (in excess of $1.3 billion over the Carlyle investment period) and operational excellence, Assala has been transformed into one of the leading independent exploration and production companies in West Africa. Since Carlyle’s acquisition, Assala has increased net production by c. 30% to approximately 45 kbbl/d and, based on current production, has extended reserve life from five to eight years at the end of 2022, with a reserves replacement ratio of over 160% over the investment period. Assala also resumed exploration activity in 2020 to support the company’s longer-term growth.

Carlyle and the Assala management team have worked closely together to accelerate the decarbonization of the company. Since 2020, Assala has reduced its Scope 1 and 2 emissions by approximately 20%, primarily through methane leak detection and prevention, gas re-injection, the reduction of flaring and the shutting in of wells with excessive gas production.

David Roux, CEO of Assala, said: “We want to thank Carlyle for its financial and strategic support throughout Assala’s growth journey, from the initial carve out from Shell in 2017 to the successes of higher production and reserves growth, which were delivered to best practice and international ESG standards by our exceptional team. We also want to thank the Government of Gabon for the support it provided throughout this intensive investment and redevelopment period. We are proud of our accomplishments so far and look forward to our business’s next stage of growth. The combination with M&P will create a great platform, with its business anchored in Gabon and a continued focus on creating value for its employees, local communities, governments and shareholders.”

Bob Maguire, Co-Head of Carlyle International Energy Partners, said: “We are proud to have worked alongside David and his team in the transformation of Assala over the past six years. By investing in the company’s facilities and infrastructure to increase production and reserve life — while at the same time decarbonizing its operations — Carlyle has helped Assala become a responsible operator, employer and partner and has enabled it to contribute significantly to the sustainable economic future of Gabon’s energy industry.”

Guido Funes Nova, Co-Head of Carlyle International Energy Partners, said: “Our investment in Assala is a great example of how Carlyle works in partnership with management teams to deliver long-term value from mature assets for the benefit of our investors as well as the local economy and communities, while reducing emissions intensity. Assala is now one of the most efficient and skilled operators of mature onshore assets in Sub-Saharan Africa, with a long runway for future sustainable value creation.”

Citi acted as financial advisor and Latham & Watkins as legal advisor to Carlyle on this transaction.

About Assala 

Assala is an oil and gas exploration and production company, with operations in Gabon. Assala’s business model is to invest in mid-life and mature assets, improving operational efficiency and production levels, while responsibly extending field life cycles through reserves replacement and in compliance with international best practice Environment, Social and Governance standards. In line with Assala’s Values and corporate culture, the company is committed to contributing to the national and local economies of its host countries, while complying with its international obligations on transparency.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Media contacts

Carlyle:
Charlie Bristow
charlie.bristow@carlyle.com
+44 7384 513 568

Assala Energy:
Caroline Sourt
+34 (0) 638 976 262
caroline.sourt@assalaenergy.com

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Blackstone Closes Record Energy Transition Private Credit Fund at Over $7 Billion

Blackstone

Largest private credit energy transition fund ever raised1

NEW YORK – August 10, 2023 – Blackstone (NYSE: BX) today announced the final close of its energy transition credit fund, Blackstone Green Private Credit Fund III (BGREEN III). BGREEN III closed at its hard cap of $7.1 billion, representing the largest energy transition private credit fund ever raised.

Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone has built a premier platform focused on private credit in the energy transition and infrastructure markets. We are grateful for the trust from our limited partners and look forward to investing in this favorable market environment.”

Robert Horn, Global Head of the Sustainable Resources Group for Blackstone Credit, said: “The energy transition is impacting large sectors of the economy and is resulting in a growing need for efficient private capital. We believe our experience and scale will enable Blackstone Credit to deliver flexible solutions to companies driving this historic transition and generate compelling returns for our investors.”

BGREEN III is managed by Blackstone Credit’s Sustainable Resources Platform, which focuses on providing private credit to the renewable energy, infrastructure, and energy transition marketplace. The Platform has approximately 40 investment professionals across North America, Europe, and Asia and invests across the credit spectrum in investment grade credit, non-investment grade credit, preferred and convertible securities. In 2022, Blackstone announced that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade across its businesses.

Blackstone Credit
Blackstone Credit is one of the world’s largest credit-focused asset managers. Blackstone’s Credit and Insurance segment has $295 billion in AUM. Blackstone Credit seeks to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments.

1 Source: Preqin, Pitchbook, company websites, and publicly available information as of August 5, 2023. BGREEN III commitments included in this figure are as of August 8, 2023 to reflect final closing amount. Analysis based on universe of private credit funds closed since 2006 with fund sizes of $7B or greater.

Contacts
Kate Holderness
Kate.Holderness@Blackstone.com
646-482-8774

Mariel Seidman-Gati
Mariel.seidmangati@Blackstone.com
917-698-1674

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Alantra strengthens its Energy Transition offering with the creation of a highly specialized advisory business

Alantra
  • The new team led by José María Zabala (Managing Director) offers specialized advisory services to corporates willing to transform their energy models and to energy companies and investors aiming to lead the energy transition
  • The creation of this business offers strong synergies with Alantra’s investment banking and alternative asset management divisions, in which c. 70 of the Firm’s professionals are dedicated to the energy transition
  • This is a new step in creating a best-in-class cross-sector offering for energy related topics. Earlier this year, the Firm announced the hire of François de Rugy, former French energy transition minister, and Nemesio Fernandez-Cuesta, former Spanish Secretary of State for Energy and former Chairman of Eolia Renovables, as co-chairmen of Alantra’s Energy Transition Group

Madrid – Alantra, the independent global mid-market financial services firm, has created a highly-specialized Energy Transition Advisory business, which will complement Alantra’s Energy Transition Group, offering advice to corporates, energy companies and investors aiming to lead the energy transition. The business is led by José María Zabala who joined Alantra as Managing Director and has more than 15 years of international experience in strategy consulting, energy, sustainability, and climate resilience. Prior to Alantra, he co-founded energy consulting firm MRC Consultants and Transaction Advisers. Alantra aims to further strengthen the team with additional hires this year.

As energy has developed from a commodity to a strategically important asset, companies in a wide range of sectors, such as industrials, transportation, agriculture and food or tech, need an energy strategy adapted to the new reality.

Alantra created the Energy Transition Group, co-led by François de Rugy and Nemesio Fernandez-Cuesta, as a response to two macroeconomic needs:

  • to help investors, companies, and entrepreneurs looking to transform their energy models and drive sustainable innovation in clean energy technology or renewable energy infrastructure
  • to help energy companies and investors diversify their activities and portfolios, which will be key enablers for the decarbonization process

The hires for the new Energy Transition Advisory business reinforce Alantra’s position as a best-in-class player in the energy transition space, in which c. 70 of its professionals work on sustainable and green M&A deals and on raising and investing capital in clean energy infrastructure and innovation.

The Energy Transition Advisory team is already working with more than ten different clients on market advisory as well M&A and debt advisory projects, and enabling the development of solar, hybrid plants, Battery Energy Storage Systems, and renewables gases, among others. Additionally, Alantra is building an offering to help corporates invest in their decarbonization processes.

Alantra’s track record in the energy transition space includes c. 70 sustainable and green deals advised in investment banking in the past five years, including advising Audax Renovables on the origination, structuring and closing of a Market Access partnership with Shell Energy Europe; KKR on the sale of a minority stake in CMC Machinery to Amazon’s Climate Pledge Fund; Solaria on a recap refinancing of two solar PV projects; and BiFire on its IPO on Euronext Growth Milan.

In Asset Management, Alantra is currently aiming to mobilize c. €2bn for solar infrastructure and clean energy innovation, building on its experience in launching Eolia Renovables in 2007. The Alantra Solar team will develop 55 solar parks in Spain and Italy, and Klima, Alantra’s Energy Transition Fund, which closed at its €210m hard cap, has already completed five investments, including onsite power generation provider MainSpring Energy based in the US or Europe’s largest OTC energy trading platform Enmacc based in Germany.

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DBAG elevates the energy transition and invests in Avrio Energie

Deutsche_Beteiligungs_AG
  • DBAG advances sustainable energy solutions through its investment
  • Biogas plant generates 77 gigawatt hours (GWh) per year

Frankfurt/Main, 5 July 2023. Deutsche Beteiligungs AG (DBAG) invests in best in-class biogas platform Avrio Energie. The investment is made alongside a fund advised by DBAG that will acquire a majority stake in Avrio Energie from family-owned Leyendecker Group. DBAG will contribute both financial resources and expertise to support the company’s expansion plans. The founders of Avrio Energie will retain a material minority share, ensuring a seamless continuation and even acceleration of the corporate strategy by capitalizing on their extensive industry experience. Consummation of the purchase agreement is expected end of July 2023. The parties have agreed not to disclose the terms of the sale.

This investment underscores DBAG’s commitment to supporting sustainable solutions by actively participating in the energy transition with further capital earmarked to expanding Avrio Energie’s business.

“By investing in Avrio Energie, we are taking a major step towards promoting a greener future and supporting the transition to renewable energy sources,” stated Tom Alzin, Spokesman of the Board of Management of Deutsche Beteiligungs AG. “We believe that biogas has immense potential in mitigating climate change and meeting the growing demand for sustainable energy solutions. Avrio Energie’s expertise in operating biogas plants positions them as a key player in this field, and we will support them in pursuing its organic growth and buy-and-build strategy.”

Avrio Energie, which is part of the family-owned Leyendecker Group headquartered in Frankfurt/Main, has established itself as a best-in-class operator of renewable energy plants. Their portfolio comprises a cutting-edge biogas plant that generates both electricity as well as biomethane (renewable natural gas) from agricultural produce as well as animal manure. Thereby the company supports the improvement of its clients’ CO2 footprint. The renewable natural gas finds its application both in energy generation as well as in green fuels.

Felix Becker, Co-Founder and Co-Managing Director, Avrio Energie, said: “We are delighted to welcome DBAG as an investor who shares our vision of deploying capital into the biogas sector as an important contributor to the ongoing energy transition. This investment will enable us to accelerate our growth plans and expand our operations, ultimately contributing to a more sustainable environment.”

“DBAG’s investment is a testament to our achievements and the potential of biogas as a renewable energy source. With their support, we strengthen our ability to drive innovation, reduce emissions and play a key role in shaping the renewable energy market,” said Lars Sittauer, Co-Founder and Co-Managing Director of Avrio Energie.

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LEAG and ESS to Develop Clean Energy Hub for Germany

Pangea Ventures

LEAG to develop up to 14 GW of renewable generation paired with 2-3 GWh of energy storage and 2 GW of green hydrogen production

Today, ESS Tech Inc. (NYSE:GWH) (“ESS”), a leading global manufacturer of long-duration energy storage systems, and LEAG, a major German energy provider, signed an initial agreement to accelerate the clean energy transition through the deployment of renewable generation and long-duration energy storage (LDES) using ESS iron flow battery technology.

Following the execution of definitive agreements and normal financial close, anticipated in Q3 2023, LEAG and ESS plan to build a 50 MW / 500 MWh iron flow battery system at the Boxberg Power Plant site, to be commissioned in 2027. The resulting 50 MW/500 MWh module is expected to become a standardized building block in LEAG’s plan to deploy 2-3 GWh of storage in the transformation of the LEAG power plant locations. LEAG and partners plan to invest €200 million with further support anticipated from additional investors and stakeholders.

ESS has developed an iron-based LDES technology which uses safe and sustainable battery chemistry to deliver low-cost, utility-scale energy storage. ESS technology is currently manufactured at the company’s facilities near Portland, Oregon, USA. ESS systems have already been deployed in commercial microgrid systems, with utility-scale projects underway in the USA and Australia.

“We look forward to partnering with LEAG to develop the model for utilities and communities worldwide transitioning from coal to clean, renewable energy,” said Eric Dresselhuys, CEO of ESS. “The deployment of renewables and long-duration energy storage will not only deliver reliable, clean energy to effectively replace the baseload power currently provided by coal, it will deliver economic opportunity and a cleaner environment for Germany.”

LEAG is a leading operator of large-scale lignite mining and coal-fired generation in Eastern Germany that is implementing a vision to transform the coal-dependent region into Germany’s Green Powerhouse. The company plans to develop 7-14 GW of renewable generation paired with 2-3 GWh of energy storage and 2 GW of green hydrogen production. Combined, these technologies will create a net-zero-carbon baseload energy system. When fully operational, LEAG expects to demonstrate a renewable energy system at scale which not only replaces baseload coal generation, but uses short-duration storage, LDES and hydrogen to replace natural gas for grid balancing.

“A key requirement for our transformation into Germany’s Green Powerhouse is the deployment of cost-effective Long-Duration Energy Storage. We are energized to demonstrate the value of iron flow battery technology at scale,” said Thorsten Kramer, CEO of LEAG. “The Energy Resilience Leadership Group and Breakthrough Energy have provided an ideal framework to drive rapid technology development and deployment to meet emissions goals as soon as possible.”

LEAG and ESS have joined the Energy Resilience Leadership Group (ERLG), a multi-stakeholder initiative led by Breakthrough Energy and Siemens Energy that brings together corporate CEOs, political leaders, financial institutions, and startups at the technology frontier. The Group was launched at the 2023 Munich Security Conference with the goal to enhance Europe’s energy resilience by rapidly bringing emerging climate technologies to scale. ERLG forges partnerships between startups and corporates to work towards deploying commercially viable projects within 24 months. The project of LEAG and ESS is one of the projects that the ERLG network is helping to accelerate.

“We are pleased to support a long-term strategic relationship between energy and technology experts LEAG and ESS through the Energy Resilience Leadership Group,” said Philipp Offenberg, Senior Manager, Europe at Breakthrough Energy. “Delivering green baseload power thanks to scalable, long-duration energy storage will not only solve a major challenge to decarbonization. It will also enhance Europe’s energy resilience, because less natural gas will be needed for backup power generation in the future.”

Summary:

U.S. energy storage technology manufacturer ESS Tech, Inc. and German energy provider LEAG cooperate to scale up iron-flow technology to provide long-duration energy storage as part of LEAG’s strategy to become Germany’s Green Powerhouse.

Breakthrough Energy supports the cooperation / project within the programme of Energy Resilience Leadership Group (ERLG).

First phase: demonstration of 50 MW / 500 MWh iron flow battery system at the Boxberg Power Plant to be operational by 2027.

Project expected to catalyze the sustainable transformation of a major German coal mining and energy generation region.

About the Energy Resource Leadership Group:

The Energy Resilience Leadership Group is a multi-stakeholder initiative led by Breakthrough Energy and Siemens Energy that brings together corporate CEOs, political leaders, financial institutions, and startups at the technology frontier. The Group was launched at the 2023 Munich Security Conference with the goal to enhance Europe’s energy resilience by rapidly bringing emerging climate technologies to scale. ERLG forges partnerships between startups and corporates to work towards deploying commercially viable projects.

About ESS Tech Inc.:

At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

[Forward-Looking Statements]

This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate”, “expect”, “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s ability to execute on orders and the Company’s relationships with customers. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Contacts

For further information please contact:

LEAG Kathi Gerstner I kathi.gerstner@leag.de I +49 1723497384

ESS Morgan Pitts I morgan.pitts@essinc.com I +1 503-568-0755

Breakthrough Energy Alison Menon I alison@breakthroughenergy.org I + 1 (202) 468 0839

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