Greenfire Resources
We partner with management teams in the acquisition of traditional energy infrastructure around the world. Following the pandemic in 2020 and 2021, we identified a significant gap between the intrinsic value of energy companies and the value attributed to them in public and private markets around the world. In 2021, we backed the management team of Greenfire Resources, a Canadian oil producer, in the management buy-out of the company’s assets in western Canada, in partnership with Trafigura, one of the world’s largest oil traders. Soon thereafter, we oversaw Greenfire’s acquisition of the Canadian operations of JAPEX, the Japanese National Oil Company, comprising facilities with a capacity of over 35,000 bbl/d of bitumen production. In 2023, Greenfire Resources was listed on the New York Stock Exchange (2023), followed by a dual listing on the Toronto Stock Exchange (2024). See www.greenfireresources.com for further details.
ARQ
We are firm believers in the power of technology to unlock change and innovation in traditional industries. We were the founding shareholders and partners of Arq, an innovative energy technology business focused on converting waste from the coal mining process into specialty carbon products. Over a seven-year period, we helped grow Arq from a start-up to an international business operation building the world's first coal waste reprocessing facility in Corbin, Kentucky, through strategic partnerships with Vitol, Mitsubishi, Peabody and Hafnia. The business was eventually sold to Advanced Emissions Solutions Inc, a NASDAQ listed activated carbon manufacturer in February 2023, creating the US’ first fully vertically integrated activated carbon producer. The first granular activated carbon using Arq’s innovative products are expected to be sold in 2024. See www.arq.com for further details.
Moreld
We are key enablers of the energy transition. We believe that energy transition means a holistic solution for the energy needs of humanity today while conserving the environment for our children tomorrow. Thus, energy transition in lockstep with energy security, is the need of the hour. An investment that aptly demonstrates this balanced, holistic approach to energy transition, is Moreld Offshore. Acquired in 2024, Moreld is a leading industrial multi-disciplinary engineering group offering services across the marine and offshore energy industries. Moreld is the go-to partner for oil and gas operators in the Norwegian North Sea and a key player in the renewable and green industries. See www.moreld.com for further details.
Ocean Installer
In 2024, Moreld acquired Ocean Installer a leading provider of Engineering, Procurement, Construction and Installation services in Norway. The combination of Moreld and Ocean Installer creates a formidable powerhouse in the Norwegian Continental Shelf that is well positioned for future opportunities and provides a truly comprehensive solution for customers. See https://oceaninstaller.com/ for further details.
