GreenGas, IFM Partner for Renewable Energy Growth
The IFM Net Zero Infrastructure Fund (NZIF) has reached an official agreement to purchase the majority ownership stake in GreenGasUSA (GreenGas), a company that develops, owns, and operates renewable natural gas (RNG) in the United States.
GreenGas is a comprehensive renewable energy platform based in Charleston, South Carolina. It has a track record of developing, managing, and running RNG projects using proven technologies to collect, clean, and transport biogas from sources of organic waste. Then, GreenGas sells the RNG and the environmental benefits that come with it through long-term contracts with companies like Mercedes-Benz, Berkshire Hathaway Energy, and Duke University.
Its RNG projects can significantly reduce emissions from waste streams by capturing methane, which is 25 times more harmful to the atmosphere than CO2, according to the Environmental Protection Agency. This demonstrates that GreenGas' projects align well with its intention to transition to net zero energy.
Marc Fetten, CEO and Founder of GreenGas, will continue to lead the company after the acquisition, along with the rest of the current management team. This acquisition is a big win for the company because it gives it long-term investment capital to grow its renewable natural gas projects and stay true to its mission of helping food processors, farmers, and industrial manufacturers capture their greenhouse gas emissions.
“Our new partner IFM will be investing in GreenGas as a platform to meet the growing demand for renewable energy solutions across the United States,” said Fetten. “Our projects not only reduce greenhouse gas emissions but also help RNG buyers decarbonise their energy-intensive operations. We look forward to working with IFM to grow the platform.”
IFM NZIF was established in 2022 to invest in critical infrastructure assets that support the transition to a zero-emissions economy. GreenGas represents NZIF’s first investment in the low-carbon fuels sector, a core target sector of the fund.
“We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth,” said Kyle Mangini, Global Head of Infrastructure at IFM Investors. “RNG projects operated by GreenGas can deliver significant emissions reductions, which is well aligned with IFM’s net zero commitments and our purpose to protect & grow the long-term retirement savings of working people.”
Source: IFM
