Grey Rock investing up to $100M in C&I Energy Efficiency and Microgrid Technology firm

Private equity firm Grey Rock Investment Partners has signed an agreement for a controlling investment in power services platform Conduit Power via Grey Rock’s affiliate investment vehicles.

The firm will also fund additional growth of the company via a capital commitment of up to $100 million.

Conduit Power intends to use the capital for its strategy to offer a full-service solution for commercial and industrial customers to achieve their decarbonization goals and lower power procurement costs, improve uptime and power delivery reliability.

“Jointly with Grey Rock, Conduit has a shared vision of offering tailored electric solutions to advance decarbonization targets,” Conduit Power’s Managing Director Matt Herpich said. “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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Offerings by Conduit Power include turnkey design, procurement and construction of electrical infrastructure, power procurement and brokerage, operations and maintenance of equipment and asset financing. The company's website say it is "aggressively growing a portfolio of power generatoin that will be located at the edge," both in front of and behind the meter, to "improve reliability and resiliency for C&I customers."

Grey Rock’s perspective says it believes that renewable energy generation in the country has resulted in opportunities for lowering the carbon footprint of heavy industrial activities via electrification. It has also create pricing variability and affected the reliability of grid power.