Grey Rock partners with CarbonCycle to advance CCS
Grey Rock Investment Partners said October 3 it had made a controlling investment in CarbonCycle to fund additional growth in the carbon capture and storage (CCS) company with a $100mn capital commitment.
CarbonCycle will use the committed funds to develop CCS projects, with a primary focus on natural gas processing facilities and other related industrial emitters.
“With more than 450 natural gas processing facilities in the US emitting more than 56mn tonnes of CO2 each year, we see a significant opportunity to mitigate carbon emissions and deliver healthy risk-adjusted returns for our partners,” said Matt Miller, managing director at Grey Rock. “We believe the CarbonCycle team is well positioned to partner with midstream companies and other industrial emitters to attack this opportunity set.”
CarbonCycle’s leadership team, led by CEO Rich DiMichele, has more than 100 years of combined leadership experience in energy, engineering and geology.