Tag Archives: Energy

KKR Enters Into Strategic Partnership With Energy Service Provider EGC

KKR

FRANKFURT, Germany–(BUSINESS WIRE)– KKR, a leading global investment firm, announced that KKR has signed agreements to enter into a strategic partnership with EGC, an energy service provider based in Düsseldorf, Germany. The engineering service provider ITG is also part of the group. The founding family and current shareholders will retain a stake in the company and will remain active members of the management team. Former CEO Germany of GETEC Group, Michael Lowak, will join the group as Chairman, contributing his extensive industry expertise to support the management team in this strategic partnership .

With KKR as a strategic partner, EGC aims to become the leading decarbonization partner for the real estate industry and to accelerate its growth. To this end, the company plans to invest more in both organic and inorganic growth.

EGC is a second-generation, family-owned and independent energy services provider in Germany. The company covers the entire value chain: from planning and developing concepts for energy and building technology systems, to financing, owning and operating central heating units and electricity supply networks, to energy supply. EGC manages a real estate portfolio of approximately 2 million square meters for over 100 clients and operates around 800 central heating units. With ITG, a team of experienced engineering employees for the planning of energy and building technology systems and facilities is also part of the group. This engineering expertise combined with a broad energy services portfolio in particular is the foundation for the group’s strong position.

Buildings account for around a third of global CO2 emissions, mainly through space and water heating. The decarbonization of heating systems in buildings is crucial to achieving the EU’s climate targets. EGC supports landlords in developing solutions to meet their decarbonization goals.

Following the successful completion of the transaction, KKR will support the company in introducing a broad-based employee ownership and engagement model. The program will ensure that all employees are involved in shaping EGC’s future and can participate in the company’s future success. KKR developed this model in 2011 and has since successfully implemented it globally in 60 portfolio companies with more than 150,000 non-management employees.

Corinna Pitz and Dirk Pitz, members of EGC’s management, said: “The collaboration with KKR opens up completely new possibilities for us to further expand our strong market position and to develop our group of companies. In KKR, we have found a partner that shares both our strategic goals and our entrepreneurial approach. KKR is not only an established infrastructure investor, but also has a long history of working with family-run companies. We are very much looking forward to this next phase of growth with KKR, which will open up many new opportunities for our group and employees.”

Michael Lowak, future Chairman of EGC, said: “EGC enables landlords to efficiently plan, implement and finance the decarbonization of their properties. The company is thus making a significant contribution to both the real estate industry and the energy transition in Germany. I look forward to bringing my experience and industry knowledge to EGC and working with KKR to further drive the company’s growth.”

Ryan Miller, Managing Director in KKR’s European Infrastructure team, commented: “To advance the energy transition in Germany at the necessary pace, we need creative solutions and long-term capital. We are seeing growing interest in contracting solutions and significant potential in what is still a very fragmented market. Together with the management team, we want to develop EGC into the leading decarbonization partner for the real estate industry and drive forward the energy transition in Germany.”

KKR has extensive expertise in global infrastructure investments, particularly in the energy sector, and is committed to continuing to investing in the future of renewable energy. With approximately USD 77 billion in infrastructure assets under management, including more than USD 21 billion invested in the energy transition, KKR brings a global investment perspective, extensive experience in large-scale infrastructure projects and a proven track record in high-profile transactions in Europe such as Encavis, Vantage Towers, Zenobe, or Greenvolt. In Germany, KKR has invested more than EUR 18 billion of long-term equity in more than 35 companies in various alternative asset classes since the late 1990s, primarily in partnership with founders, family businesses and corporations. The strategic partnership with EGC builds on KKR’s long track record of working with family businesses in Germany.

KKR is funding the investment as part of its Global Climate Strategy, through which KKR is investing at scale in solutions that support the transition to a low-carbon economy.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About EGC

EGC is a second-generation, family-owned and independent energy services provider in Germany. The company covers the entire value chain: from planning and developing concepts for energy and building technology systems, to financing, owning and operating central heating units and electricity supply networks, to energy supply. The company manages a real estate portfolio of over 2 million square meters for over 100 clients and operates around 800 central heating units. Customers of EGC include private and public housing companies, institutional real estate investors such as insurance companies, banks, and investment companies. The group provides services for new constructions and existing buildings, for single properties as well as entire real estate portfolios. With ITG, a team of experienced engineering employees for the planning of energy and building technology systems and facilities is also part of the group.

Learn more about us: www.egc-fm.de

KKR

Thea Homscheid
Mobile: +49 (0) 172 13 99 761
E-Mail: kkr_germany@fgsglobal.com

Emily Lagemann
Mobile: +49 (0) 160 99 27 13 35
E-Mail: kkr_germany@fgsglobal.com

Source: KKR

 

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Apollo Funds Acquire Bold Production Services, a Leading Provider of Production-Linked Contracted Gas Treatment Solutions

Apollo logo

Transaction to Further Accelerate Bold’s Growth Amid Increasing Demand for U.S. Natural Gas and Required Treatment Solutions

HOUSTON and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE:APO), today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have acquired a majority interest in Bold Production Services, LLC (“Bold” or the “Company”), a provider of production-linked, contracted natural gas treatment solutions that enable the downstream use of natural gas, while reducing excess emissions and waste through proprietary equipment design.

Founded in 2013, Bold’s fleet of 700+ owned assets, including dehydration units, H2S treating units and total flow coolers, serves a blue-chip customer base across the Permian and Eagle Ford basins. The investment from the Apollo Funds will support Bold’s continued growth as natural gas demand is expected to accelerate over the next decade, driven by secular trends associated with the industrial renaissance such as demand for power generation, LNG exports, data centers and other emerging natural gas applications. The Company will continue to be headquartered in Houston, Texas and led by Glen Wind, Chief Executive Officer, along with his team including Blake Maywald, President, Tim Burkett, Chief Financial Officer and Austin Traweek, Chief Operating Officer.

Glen Wind, CEO of Bold, commented, “We are excited to work with Apollo in our efforts to continue serving our customers seeking reliable gas treatment solutions that help improve operational efficiency. Producers value high performance, scalable treatment services, and Bold remains committed to delivering best-in-class solutions that drive safer, cleaner operations with improved production yields and lower emissions. We look forward to building on our momentum alongside Apollo in the years ahead. We would like to acknowledge and thank the OFS Energy Fund team for their involvement and support in helping us reach this point.”

Scott Browning, Partner at Apollo, said, “Bold has built a robust platform providing essential gas treatment solutions, with significant growth potential supported by strong customer relationships and attractive expansion opportunities. We are excited to partner with Glen, Blake and the rest of the Bold team in a market where we see the opportunity for significant investment given favorable secular tailwinds. Apollo brings deep expertise in the natural gas value chain and a proven track record supporting the growth of energy-related services that help to fuel the industrial renaissance.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billioni into climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

Vinson & Elkins LLP served as legal counsel to the Apollo Funds. Piper Sandler & Co. acted as financial advisor to Bold, and Troutman Pepper Locke, LLP served as Bold’s legal counsel. Bank OZK supported the transaction through a new credit facility.

About Bold Production Services, LLC

Bold Production Services, LLC is an oil & gas infrastructure resource company providing contract services in the treating and removal of impurities found in natural gas, oil, and water. Bold has grown its asset base to include production and treating equipment, as well as a non-triazine based H2S chemical scavenger. To learn more, please visit www.bps-llc.com.

About Apollo Global Management, Inc.

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 December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

Contact Information

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

___________________________

i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

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EQT completes sale of common stock of Kodiak Gas Services pursuant to Rule 144

eqt

The sale resulted in gross proceeds of c. USD177 million

An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of the sale (the “Sale”) of c. 3.7 million shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of c. USD177 million. The Sale was made on January 30, 2025, pursuant to Rule 144 of the Securities Act of 1933, as amended. Goldman Sachs & Co. LLC acted as the broker for the Sale.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Kodiak
Kodiak is the largest contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

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Blackstone Energy Transition Partners to Acquire Potomac Energy Center

Blackstone

Acquisition of Efficient, Scale Power Plant Located Within “Data Center Alley”; Well Positioned to Help Meet Growing AI and Power Demand Growth

Loudoun County, VA and New York, NY, January 24, 2025 – Blackstone (NYSE: BX) announced today that Blackstone Energy Transition Partners (“Blackstone”) have agreed to acquire Potomac Energy Center (“Potomac”), a 774-megawatt natural gas power plant in Loudoun County, Virginia.

The transaction represents Blackstone’s most recent investment in the power infrastructure supporting data centers and AI revolution – one of the firm’s highest-conviction areas. The Northern Virginia region currently represents approximately 25 percent of U.S. data center capacity, and the Potomac plant is located in close proximity to over 130 data centers – with significant further growth expected.

Bilal Khan, Senior Managing Director at Blackstone Energy Transition Partners, said: “This investment underscores Blackstone’s commitment to investing in the electric infrastructure required to power AI innovation. We believe Potomac is well-positioned to help meet data center-driven power demand growth in Northern Virginia.”

Mark Zhu, Managing Director at Blackstone Energy Transition Partners, added: “We are particularly excited about this investment given the opportunity to supply reliable, baseload power to the region. Potomac is one of the most efficient gas power plants in the region and has the potential to integrate a hydrogen fuel blend in the future, which could provide future environmental benefits.”

Lee Davis, CEO of Creto Energy, Blackstone Energy Transition Partners’ North America power platform, added: “I am tremendously excited about this investment. Potomac has a reputation and history for providing reliable and high-quality generation capacity, which are critical to helping support the region’s growing power needs.”

Blackstone is a leader in investing in the infrastructure powering AI innovation – across not just energy but a wide array of areas. Blackstone is the largest data center provider in the world with major investments in both Northern Virginia and globally. The firm also recently made major investments in CoreWeave, a specialized provider of critical cloud infrastructure pioneering the AI revolution, and DDN, a global leader in AI and data intelligence solutions.

Terms of the transaction were not disclosed. Santander and Jefferies LLC served as M&A advisors to Blackstone on this transaction.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

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 approximately $23 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.

Media Contacts

Blackstone

Matt Anderson (Matthew.Anderson@Blackstone.com)

OR

Ellie Gottdenker (Ellie.Gottdenker@Blackstone.com)

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Bedrock Energy Raises $12M Series A to Scale Geothermal Heating and Cooling

Energy Impact Partners

Funding Will Support R&D and Expanded Customer Deployments

AUSTIN, Texas–(BUSINESS WIRE)–Bedrock Energy, a geothermal heating and cooling startup, announced a $12M Series A led by Titanium Ventures. Energy Impact Partners and Sustainable Future Ventures joined alongside existing investors Wireframe Ventures, Overture Ventures, Toba Capital, Elemental Impact, First Star Ventures, and Cantos. The funding will support continued advancement of Bedrock’s technologies, as well as expanded deployment in Colorado, Utah, and neighboring states.

“Heating and cooling buildings is the largest energy expense in real estate, and geothermal HVAC can cut that energy bill in half, improve resilience, and reduce air pollutants for residents by 90%,” said Joselyn Lai, co-founder and CEO, Bedrock Energy. “Bedrock’s innovations make geothermal installations so affordable that real estate developers and owners across the US can generate a strong financial return and boost their property values, with just their HVAC choice. We’re grateful that our investors share our conviction about unlocking geothermal for widespread scale, and humbled that they consider Bedrock to be the right team for the challenge.”

Bedrock Energy has pioneered geothermal design and installation technologies, including advanced subsurface thermal simulation capabilities and an intelligent construction platform for geothermal borefield construction. The company’s deployment teams use these innovations to install geothermal heat pump systems for real estate owners at faster schedule, higher accuracy and performance, and stronger cost efficiencies. These systems can range from single-structure commercial buildings to connected district systems serving multiple lots. By unlocking scalable geothermal heating and cooling as a resilient, always-on category of distributed clean energy, Bedrock aims to save billions of dollars for both property owners and utilities alike.

“Geothermal energy has incredible promise as an always-on, 24/7 carbon-free source of power and heating and cooling. We believe that Bedrock Energy has developed several unique, integrated technologies that will dramatically open up the market for cost efficient geothermal heating and cooling of buildings and change the economics of this industry,” said Mark Sherman, Managing Partner for Titanium Ventures.

“With lighthouse expertise from the oil and gas sector, highlighted by co-founder and CTO Silviu Livescu’s experience as the Chief Scientist of Pressure Pumping at Baker Hughes, Bedrock is poised for significant growth,” added Albert Bielinko, Titanium Ventures Alumnus. “We’ve been so impressed by Jos, Silviu, and the early lead they have established in this space.”

In addition to energy savings, geothermal heating and cooling has an unparalleled impact on moderating power demand in extreme temperatures, bringing immense value to customers, utilities, and regulators alike. According to Oak Ridge National Laboratory1, adoption of geothermal heat pumps in 70% of U.S. buildings could avoid seven gigatons of carbon-equivalent emissions by 2050 and save 24,500 miles of transmission line construction by offsetting needs from the power grid.

“Amid the economy-wide trends of electrification across industries, reducing demand will only grow more critical in the years ahead,” said Jenny Gao at Energy Impact Partners. “We need to electrify quickly, yet deliberately; Bedrock exemplifies this approach as well as any company we’ve seen.”

In 2025, Bedrock plans to deploy new geothermal systems across Colorado, Utah, and other Mountain West states. This expansion builds upon the company’s recently completed project in Morgan County, Utah, and ongoing work on a district geothermal system coming online in 2025 for a new business park in Hayden, Colorado. The latter project is supported by the Colorado Energy Office, Colorado Department of Local Affairs, Northwest Colorado Business District, and Town of Hayden.

“Bedrock has been an excellent partner in the design and planning of our geothermal system. We are excited to leverage their drilling innovations to help us supply resilient geothermal heating & cooling energy for a flagship economic development project in a coal transition community,” said Mathew Mendisco, Town Manager of Hayden. “Tapping into renewable subsurface energy right on-site is key to expediting construction timelines, lowering energy costs, and creating resiliency in mountainous regions like ours. Geothermal may be a valuable driver of successful coal transition, and Bedrock will be a key company in making that a reality in Northwest Colorado.”

About Bedrock Energy

Bedrock Energy is a technology company transforming the heating and cooling of buildings, using geothermal energy to radically reduce costs for people and the environment. Bedrock designs, constructs, and delivers geothermal using novel drilling technologies that enable widespread, affordable, and accessible installations of carbon-free geothermal HVAC for urban real estate properties. This allows properties to reduce heating and cooling costs up to 50% and cut direct emissions to zero. To learn more, visit bedrockenergy.com.

About Titanium Ventures

Titanium Ventures Accelerates the Extraordinary – the venture capital firm fuels the growth of standout disruptors. In its first twelve years, 104 investments have generated 44 liquidity events including Auth0, BigCommerce, Box, Cloopen, CrowdStrike, DocuSign, GitLab, Nasuni, OpenGov and Snap. To date, Titanium Ventures’ Revenue Acceleration Platform has driven >USD$660M in revenue for its portfolio companies, extending their reach across the U.S., Australia, Asia, and the UK. In 2022, the firm announced the close of its third fund, bringing Funds Under Management to USD$1B. To see Titanium Ventures’ full portfolio and learn more, visit www.ti.vc.

1 US DOE and ORNL, “Grid Cost and Total Emissions Reductions Through Mass Deployment of GHPs in the US” (2024)

 

Contacts

Business Contact:
info@bedrockenergy.com

Media Contact:
Kristen Grossi
talkTECH
kristen@talktechcomm.com

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SET Ventures exits Sensorfact to ABB

SET Ventures

SET Ventures has exited Sensorfact to ABB. Acquiring Sensorfact, a fast-growing energy management company headquartered in Utrecht, Netherlands, will further expand ABB’s digital energy management offering. The deal is expected to close in Q1 2025. Financial terms were not disclosed.

Established in 2017, Sensorfact offers a scalable software-as-a-service (SaaS) solution that helps small and medium-sized enterprises use AI in their operations and energy management to lower costs and increase efficiency. The company has more than 250 full-time employees in Utrecht, Amsterdam, Barcelona and Berlin and serves more than 1,900 customers across Europe.

SET first invested in Sensorfact in 2022 after being impressed by the drive of the founding team to build a disruptively easy-to-use product and highly effective sales machine. SET then followed on in Sensorfact’s recent €25M fundraise which saw the company reach highly ambitious growth targets and end in a great exit to ABB. Julia Padberg, Partner at SET Ventures and board member at Sensorfact says:

“Sensorfact has established itself as the European market leader in AI-powered industrial energy efficiency solutions and they are on a mission to eliminate all industrial waste. Partnering with ABB’s expertise, strong brand and global customer base will further accelerate Sensorfact’s growth. It has been inspiring to work with a management team that is so much in control of their operations and forecasts and that continuously plays into new industry trends with its innovative solutions. I will follow their progress within ABB with great interest.”

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “ABB and Sensorfact are on a mission to help companies improve their energy efficiency, reduce maintenance costs and boost production. ABB is expanding its portfolio of energy management solutions that use big data and AI to make electrical distribution and energy management both efficient and intelligent. This acquisition advances our digital strategy and provides an innovative way for customers to digitalise their manufacturing operations – helping them to become leaner and cleaner.”

Sensorfact’s SaaS solution includes plug-and-play sensors that measure consumption on machine-level and connect to a smart software platform. The company uses algorithms to analyse the data, identify energy-saving opportunities and provide easy-to-implement advice that is unique to each customer’s operations.

Sensorfact CEO Pieter Broekema said: “Sensorfact provides a single smart factory platform that enables customers to easily collect utility and production data and to reduce costs and carbon emissions. We help customers achieve significant savings and continue to innovate to help customers further reduce their industrial waste. We are one of the market leaders in Europe, and together with ABB we will bring our solutions to new global markets, faster.”

The International Energy Agency (IEA) report, Energy Efficiency: The Decade for Action, states that the world must double energy efficiency progress in the next decade in order to minimise the environmental impact of growing global energy demand. The report highlights the importance of leveraging digital innovation to drive smarter energy management.

 

—

END OF RELEASE

For media enquiries please contact:

Hayden Young

Head of Marketing

haydenyoung@setventures.com

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KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies

KKR

Investment to support modernization of infrastructure and increased reliability

Strategic partnership comes as need for reliable power soars in the U.S.

NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power’s (“AEP”) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country’s energy system through the delivery of safe, reliable and affordable energy for millions of homes. The investment will support AEP’s ability to meet increasing customer demand and enhance grid reliability. KKR and PSP Investments have formed a 50/50 strategic partnership to pursue the acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250109303908/en/

AEP is a fully regulated electric utility that serves 5.6 million retail and wholesale customers across 11 states. Ohio, Indiana and Michigan are among AEP’s fastest-growing service territories driven primarily by the strong American manufacturing industry and newer sources of load growth. The investment by KKR and PSP Investments in these two transmission companies will support AEP’s previously announced five-year capital plan to benefit customers.

“We are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP’s deep operational capabilities, highly experienced leadership team, and its history of innovation,” said Kathleen Lawler, Managing Director, KKR. “KKR’s infrastructure business has a long track record of investing behind the energy transition and electrification opportunities, and this investment in AEP sits squarely at the intersection of these two trends. The simplicity and stability of the assets, coupled with the robust demand for electricity, make AEP’s transmission assets an ideal investment for KKR.”

“We are delighted to form this partnership with AEP to support its ambitious growth plan to build much needed transmission infrastructure in a region that is undergoing significant tailwinds from digitalization and reshoring of critical manufacturing,” said Michael Rosenfeld, Managing Director, Infrastructure Investments, PSP Investments. “This investment marks an important milestone in PSP Infrastructure’s roll out of its High Inflation Correlated Infrastructure (“HICI”) strategy, which is predicated on investing in North American core infrastructure assets that exhibit a defensive and predictable inflation-linked cashflow profile.”

“We are pleased to launch this strategic partnership with two of the world’s premier global infrastructure investors. KKR and PSP are experienced investors in the utilities and energy space with a proven track record of successful infrastructure investments,” said Bill Fehrman, AEP president and chief executive officer. “This transaction allows AEP to efficiently finance a growing segment of our business and enhances our ability to serve growing customer demand and provide reliable service to our customers.”

Upon the closing of the transaction, AEP will remain the majority owner and operator of the transmission assets. KKR is funding this investment from its core infrastructure strategy.

Moelis and Morgan Stanley served as financial advisors and Simpson Thacher served as legal advisor to KKR and PSP Investments.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

Media:

KKR
Liidia Liuksila or Emily Cummings
(212) 750-8300
media@kkr.com

PSP Investments
Charles Bonhomme
+1 438 465-1260
media@investpsp.ca

Source: KKR

 

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EQT to acquire distributed energy company Scale Microgrids

eqt

Transaction marks the EQT Transition Infrastructure strategy’s second highly thematic investment over the past month, to be acquired with capital from EQT’s balance sheet

Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America, with a vision to power the world with distributed energy

EQT will support Scale Microgrids along its existing growth journey through significant investments in its commercial processes, tech platform and project execution capabilities, enabling the Company to own and operate billions of dollars in distributed generation assets

EQT is pleased to announce that EQT Transition Infrastructure (“EQT”) has agreed to acquire Scale Microgrids (“Scale” or the “Company”), a leading vertically integrated developer, acquirer, owner, and operator of microgrids and distributed energy resources for commercial & industrial, EV fleet, data center, municipal, university, hospital, and agricultural customers, developers and communities, from Warburg Pincus and other existing shareholders.

Headquartered in Ridgewood New Jersey, Scale’s portfolio consists of roughly 250 MWs of operating and in-construction assets, with another 2.5 GWs of near-term pipeline. Scale deploys a variety of technologies including solar, battery storage, natural gas generators, fuel cell and combined heat and power, and its portfolio represents one of the largest pure-play microgrid portfolios in the United States.

The transaction marks EQT’s first North American investment out of its recently launched Transition Infrastructure strategy, which is aimed at scaling businesses that enable the transition to clean energy and a more resource-efficient, circular economy. In December 2024, EQT announced the launch of the strategy and its inaugural investment in ju:niz Energy, a battery energy storage system developer and operator.

Jan Vesely, Partner and Head of EQT Transition Infrastructure, said: “We are thrilled that Scale Microgrids will become EQT Transition Infrastructure’s first investment in North America, underscoring our commitment to driving the energy transition globally and supporting a decarbonized and climate-resilient future while addressing the accelerated electricity demand in North America. We see enormous potential to accelerate Scale’s growth and establish it as one of the market’s leading vertically integrated energy companies.”

Ryan Goodman, CEO of Scale Microgrids, said: “Today marks the start of an exciting new chapter for our company. EQT brings a depth of experience, resources, and capital that will enable us to continue pursuing our vision to power the world with distributed energy. I’m incredibly proud of what our team has built, and believe this transaction will enable us to unlock even greater opportunities for the customers, employees, and communities we serve. We’re appreciative of our past shareholders, led by Warburg Pincus, for their support in helping us get to where we are today.”

Scale addresses several of today’s most pressing grid challenges, including rapid load growth from data centers and fleet electrification, power generation capacity constraints, and increased frequency of grid outages. Scale’s assets add resiliency to power systems, enable faster access to power relative to extended interconnection wait times, and provide cost savings and predictable power compared to the grid while advancing customers’ decarbonization and sustainability objectives.

Ryan Dalton, Managing Director at Warburg Pincus, said: “Scale has achieved incredible growth over the past five years, establishing a strong reputation as one of the leading providers of next generation power infrastructure. The Company has successfully grown to nearly 3 GW of operating, in-construction and near-term pipeline assets, closed multiple financings to fund future project development and maintains a strong customer base. We look forward to watching the Company’s next phase of growth with EQT, and continuing their mission to provide cleaner, cheaper and more reliable power.”

EQT brings a long-term strategic focus, deep experience in investing across the renewables infrastructure sector, and significant resources, and will focus on making strategic investments, including incremental capital, in Scale’s commercial processes, software systems, and project execution capabilities to continue to develop the business into a best-in-class, multi-technology energy services leader focused on the highest growth market segments, enabling Scale to own and operate billions of dollars in distributed generation assets.

The transaction is subject to customary conditions and approvals.

EQT was advised by Weil, Gotshal & Manges (legal) and Guggenheim Securities (financial). Scale Microgrids was advised by Latham & Watkins (legal), Nomura Greentech (financial), and Truist Securities (financial).

Contact

EQT Press Office, press@eqtpartners.com

Warburg Pincus Press Office, Sarah Bloom, Sarah.bloom@warburgpincus.com

Scale Microgrids Press Office, Nicole Green, ngreen@scalemicrogrids.com

About

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Scale Microgrids

Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Their team accelerates growth in distributed energy by providing financing to project developers, while also directly helping large energy-consuming customers take charge of their energy supply with microgrids that integrate solar, batteries, and other on-site energy assets. Learn more at www.scalemicrogrids.com.

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EQT completes public offering of common stock of Kodiak Gas Services

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An affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV (“EQT”) is pleased to announce the completion of an underwritten public offering (the “Offering”) of 5,500,000 shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”) for gross proceeds of USD232,925,000. Goldman Sachs & Co. LLC and J.P. Morgan acted as the underwriters for the Offering, which was completed on December 13, 2024. The Company did not sell any shares of its common stock in the Offering and did not receive any proceeds from the sale of the shares of its common stock sold by EQT.

Contact

EQT Press Office, press@eqtpartners.com

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EQT introduces the EQT Transition Infrastructure strategy with the acquisition of energy storage system developer and operator ju:niz Energy

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EQT Transition Infrastructure will build on EQT’s experience in backing climate-related opportunities across strategies and more than 15 years of investing in energy transition-related infrastructure

The strategy will provide capital, as well as industrial, technological, and sustainability expertise to scale businesses and support the transition to a decarbonized and climate-resilient future

ju:niz Energy (or the “Company”), a battery energy storage system developer and operator, will be the strategy’s first highly thematic investment, to be acquired with capital from EQT’s balance sheet

Introducing the EQT Transition Infrastructure strategy
EQT Transition Infrastructure will seek to scale businesses that help enable the transition across industries to clean energy and a more resource-efficient, circular economy. Investing in North America, Europe, and Asia Pacific, the strategy will leverage EQT’s longstanding industrial experience in building businesses and deep sector expertise, and extensive experience across energy & environmental and transport & logistics investments. It will complement the Value-Add and Active Core strategies in EQT’s existing EUR 72 billion1 global infrastructure business. Since its inception over 15 years ago, EQT Infrastructure has invested over EUR 17 billion, including co-investment, in energy transition-related opportunities across 25 platform deals.

The strategy will be led by Jan Vesely, Head of EQT Transition Infrastructure in New York, and Asis Echaniz, Head of EQT Transition Infrastructure Europe in Madrid, and supported by the 130-strong EQT Infrastructure investment team. The strategy will be chaired by Francesco Starace, who joined EQT in 2023 from his position as CEO of Enel, one of the world’s largest energy utility companies and a leader in the sustainable energy transition.

Francesco Starace, Partner and Chair of EQT Transition Infrastructure, noted: “According to the International Energy Agency, technologies available today, combined with policy measures and investment, could deliver more than 80% of the emissions reductions needed by 2030. I’m excited that EQT will be able to expand its access to scaling companies with established transition-related solutions, an area that is additive to our existing infrastructure strategies. We also see this as a milestone to deepen EQT’s partnerships with our clients by offering a variety of complementary propositions addressing the huge investment need to transition to a low-carbon economy.”

Jan Vesely, Partner and Head of EQT Transition Infrastructure, commented: “The pace of technological innovation and a steady reduction in costs, coupled with digitalization and the evolution of AI, continue to drive the need for a transformation of our energy systems and the economy. Against this backdrop, EQT Transition Infrastructure will help emerging but proven solutions and businesses scale, to create the next generation of sustainable energy infrastructure.”

EQT invests in Infrastructure and Private Capital climate-related opportunities from early-stage ventures through scale-up to large buyouts. Through these investments, it aims to help strong companies address environmental challenges by driving their growth, improving their operations, and offering relevant solutions through their products and services. EQT has helped 49 portfolio companies, corresponding to 57% of its invested equity, to validate near-term Science Based Targets.2

ju:niz Energy becomes the first investment of the EQT Transition Infrastructure strategy
Headquartered in Aschheim, Germany, ju:niz Energy develops, builds, and operates utility-scale battery energy storage systems to the latest technical standards. EQT will acquire the Company from its founder, Dr. Franz Hauk.

Increasing reliance on renewable, intermittent energy sources, coupled with rising power demand from the electrification of industries and households, requires solutions to strengthen energy grid stability, including in Germany. As the largest European electricity market with rapidly expanding renewable generation capacity, the country offers significant potential for energy storage infrastructure. In this context, ju:niz Energy is well-positioned to deploy utility-scale battery energy storage systems which help support grid stability and advance decarbonization efforts.

EQT will help ju:niz Energy build on its track record and early-mover advantage to expand its business model and become an independent flexibility provider with increased asset ownership. It will support the business to build on its experience across the entire value chain to scale its development of battery energy storage projects and successfully execute on its sizeable pipeline at various levels of maturity.

Asis Echaniz, Partner and Head of EQT Transition Infrastructure Europe, added: “The introduction of this strategy reinforces EQT’s commitment to investing towards a climate-resilient future. ju:niz Energy is a perfect example of the type of business that EQT Transition Infrastructure will seek to invest in. We believe its innovative technology has strong underlying economics and the potential to help our energy infrastructure become significantly cleaner, more affordable and resilient. We look forward to partnering with the team during the Company’s next stage of growth.”

The transaction is subject to customary conditions and approvals. EQT was advised by UBS (financial), Gibson Dunn & Crutcher and Norton Rose Fulbright (legal) and McKinsey (commercial).

Contact
EQT Press Office, press@eqtpartners.com

1Total AuM as of Q3 2024
2As of Q3 2024

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About ju:niz Energy
ju:niz Energy develops and operates advanced large-scale battery storage systems designed to be both system- and grid-compatible while ensuring economic viability. The company’s value chain encompasses project development — from site acquisition to grid connection, project management — including planning, construction, and commissioning, as well as technical operations, maintenance, and commercial management, which involves coordinating market operations and optimizing system performance. ju:niz Energy’s strength lies in the seamless integration of planning and operations.

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