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GEF Capital Partners-Backed Bluesource To Combine With Houston-Based Energy Marketer To Form Global Decarbonization Platform
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Bluesource, LLC and Element Markets, LLC, a renewable natural gas marketing and environmental commodities company, announced that they are merging to form a combined entity under majority ownership by TPG Rise, a global impact investing platform managed by alternative asset firm TPG.
TPG Rise’s investment comes through a significant new commitment from TPG Rise Climate and additional investment from The Rise Fund following its acquisition of Element Markets in January 2021. NGP ETP, the energy transition investment platform of NGP Energy Capital Management, joined TPG Rise in the transaction.
"Element Markets and Bluesource will create the largest marketer and originator of carbon and environmental credits in North America," the companies said
The full integration of the two companies, including the launch under a new name and brand, is expected to be completed within 2022. The combined company will retain all current office locations, including Houston, Salt Lake City, Los Angeles, San Francisco, Carlsbad, CA, Washington, D.C., Toronto, Calgary, and Budapest.
GEF Capital, who became a shareholder of Bluesource in 2018, will remain a shareholder in the combined entity
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February 24, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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