Grey Rock Investment Partners will invest up to $100 million in Conduit Power LLC for the company to execute its full-service electrification strategy, a press release announced on Aug. 8.
With the capital acquired from Grey Rock, Conduit will offer its commercial and industrial customers a single-source solution to reach their decarbonization goals while lowering the costs of power procurement and improving the delivered power's uptime and reliability.
The company's services will include turnkey design, procurement and construction for electrical infrastructure, ongoing operations and maintenance of equipment, power procurement and brokerage, and asset financing.
"Through Conduit, Grey Rock can help commercial and industrial customers work toward their decarbonization goals while simultaneously lowering their power costs and allowing for redeployment of capital into growth projects in their core businesses,” Grey Rock co-founder and managing director Matt Miller commented in the release.
The growth of renewable energy generation in the U.S. has created opportunities for electrification to lower the carbon footprint of heavy industrial activities but has also created high variability in both pricing and reliability of grid power, according to Grey Rock.
Dallas-based Conduit, led by industry executives Matt Herpich, Travis Windholz and Matt Whitaker, has developed a network of actionable projects initially focused on Texas but expanding across the southern United States.
"Jointly with Grey Rock, Conduit has a shared vision of offering tailored electric solutions to advance decarbonization targets," Conduit managing director Matt Herpich added. "We believe that the Grey Rock and Conduit teams will be able to address the needs of commercial and industrial customers not currently being served by traditional power service companies and conglomerates.”
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