Private equity firm Grey Rock Investment Partners has announced a partnership with carbon capture and storage (CCS) firm Vault CCS Holdings, LP, committing up to $150 million to fund additional growth of the company.
CCS operations capture carbon dioxide that is formed during power generation and industrial processes, keeping it from entering the atmosphere. Calgary-based Vault has carbon storage projects across industries in the U.S. and Canada, with expertise in geoscience, engineering, and land management.
Grey Rock has made previous energy investments and has collaborated with Vault in the past. Its investment will give Grey Rock a controlling stake in Vault, which is the parent holding company of Vault 44.01 ULC, Vault 44.01 Ltd., and Vault 44.01 LLC.
“We find capture and sequestration to be one of the most compelling opportunities in the energy transition,” Matt Miller, Grey Rock Co-Founder and Managing Director, said in a press statement. “The team evaluates projects from a ‘technical-first’ perspective . . . and (focuses) efforts on high-quality projects with compelling risk-reward profiles.”
Grey Rock currently has more than $1.3 billion in assets. Vault has been developing CCS projects since 2007, managing feasibility, design, permitting, construction, and operations.