PE Firm Backing Start-up Retail Supplier

October 30, 2023

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Reporting by Paul Ring • ring@energychoicematters.com

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RPC Power, LLC has been formed, "to sell electricity to wholesale and retail market participants."

As more fully discussed below, RPC Power, LLC is backed, through a portfolio company, by Grey Rock Investment Partners, while E&P firm Riley Exploration - Permian, LLC, through a subsidiary, also has an ownership stake in RPC Power, LLC, which is a joint venture between Grey Rock and Riley

Specifically, Conduit Power, LLC ('Conduit Power') and RPC Power Holdco LLC ('RPC Power Holdco') own and control in excess of ten percent of the voting securities of RPC Power, LLC. Other than Conduit Power and RPC Power Holdco, no other entities or persons own ten percent or more in RPC Power, LLC. Grey Rock Net Zero Opportunities Fund I, L.P. ('Grey Rock') owns and controls in excess of ten percent of the voting securities of Conduit Power. Other than Grey Rock, no other entities or persons own ten percent or more of Conduit Power. No individuals or entities other than passive investors own Grey Rock. Grey Rock is controlled by its general partner, Grey Rock Net Zero Opportunities Fund I GP, LP, which is wholly owned by Grey Rock Net Zero Opportunities Fund I UGP, LLC (the 'Grey Rock GP'). The Grey Rock GP is controlled by Matthew Miller, an individual.

Riley Exploration - Permian, LLC owns and controls in excess of ten percent of the voting securities of RPC Power Holdco. Riley Exploration – Permian, LLC is a wholly-owned subsidiary of Riley Exploration Permian, Inc. ('Riley'), a publicly-listed company (NYSE: REPX). Per Riley’s most recently available Schedule 14a, shareholders of Riley who own greater than ten percent of common stock include: (1) Riley Exploration Group, LLC (16.5%); (2) Bluescape Riley Exploration Holdings LLC (25.9%); and (3) Alvin Libin (10%). Riley Exploration Group, LLC, is 98.93% collectively owned by Yorktown Energy Partners VII, L.P., Yorktown Energy Partners VIII, L.P., Yorktown Energy Partners IX, L.P., and Yorktown Energy Partners X, L.P (such four entities collectively referred to herein as 'Yorktown Funds'). Yorktown Funds are directly managed by Yorktown Partners LLC ('Yorktown').

Among other services, Conduit Power provides on-site power generation for customers in remote areas

Matthew Herpich is identified as Chief Financial Officer of RPC Power. Herpich has served as Managing Director of Conduit Power

Herpich previously served as the Technical Co-Founder of Texas retail energy shopping site Real Simple Energy, and later Head of Finance & Operations, Texas Energy Services at Arcadia

Conduit Power specifically says on its website, "RPC Power, LLC is a Joint Venture subsidiary of Conduit with co-ownership by Riley Exploration Permian, Inc. (NYSE: REPX). RPC is engaged in the development of onsite power utilizing excess/flare gas from Riley operations in Texas and New Mexico."

Riley and Conduit had earlier this year announced, "that they entered into definitive agreements to form a joint venture that will own and operate on-site power generation utilizing captured flared natural gas (the 'Project') to power Riley Permian's operations in Yoakum County, Texas. The Project will be completed in phases and will ultimately include 20 megawatts ('MW') of power. Phase 1 of the Project will provide 10 MW of on-site generation and is expected to be operational by June 2023, with an additional 10 MW in Phase 2 anticipated to be operational by late 2023 or early 2024."

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