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Houston PE firm unveils oversubscribed $450M fund to advance nuclear power innovation

Pelican Energy Partners has raised more than it intended with its new nuclear-focused fund. Photo via Getty Images

Houston-based private equity firm Pelican Energy Partners has raised a $450 million fund to invest in nuclear energy services and equipment companies.

Pelican had aimed to raise $300 million for Pelican Energy Partners Base Zero LP and had imposed an initial “hard cap” of $400 million. Investors include endowments, foundations, family offices, and pension plans.

As of the fund’s closing date, the fund had wrapped up six investments, with several more deals expected to close by the end of this year.

In a news release, Pelican says the fund “is committed to growing and improving nuclear services companies, which are critical to sustaining and enhancing the installed nuclear power generation base.” Nuclear energy accounts for more than one-fifth of U.S. power generation and nearly half of U.S. carbon-free electricity.

“The wide-ranging enthusiasm for Base Zero is a testament to the growing interest and necessity of nuclear power. We look forward to continuing to build an outstanding portfolio where we can add substantial value and achieve excellent returns for our partners,” says Jay Surina, managing director of Pelican.

Since 2012, Pelican has raised over $1 billion for investments in companies in the energy services, equipment manufacturing, and technology sectors.

Houston-area companies that have received Pelican investments include AWC Frac Technology, Axon Energy Services, GHT, Vault Pressure Control, Epic International, P360 Management Solutions, Multilift Wellbore Technology, EnerCorp, Downhole Technology, and Capline Environmental Services.

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A View From HETI

Ace Green Recycling has secured a deal that will supply 100 percent of its phase one recycling capacity at its forthcoming Texas flagship facility. Photo courtesy Ace Green Recycling.

Houston- and Singapore-headquartered Ace Green Recycling, a provider of sustainable battery recycling technology solutions, has secured a 15-year battery material supply agreement with Miami-based OM Commodities.

The global commodities trading firm will supply Ace with at least 30,000 metric tons of lead scrap annually, which the company expects to recycle at its planned flagship facility in Texas. Production is expected to commence in 2026.

"We believe that Ace's future Texas facility is poised to play a key role in addressing many of the current challenges in the lead industry in the U.S., while helping the country meet the growing domestic demand for valuable battery materials," Nishchay Chadha, CEO and co-founder of Ace, said in a news release. "This agreement with OM Commodities will provide us with enough supply to support our Texas facility during all of its current planned phases, enabling us to achieve optimal efficiencies as we deploy our solutions in the U.S. market. With OM Commodities being a U.S.-based leader in metals doing business across the Americas and Asia with a specialty in lead batteries, we look forward to leveraging their expertise in the space as we advance our scale-up efforts."

The feedstock will be sufficient to cover 100 percent of Ace's phase one recycling capacity at the Texas facility, according to the statement. The companies are also discussing future lithium battery recycling collaborations.

"Ace is a true pioneer when it comes to providing an environmentally friendly and economically superior solution to recycle valuable material from lead scrap," Yiannis Dumas, president of OM Commodities, added in the news release. "We look forward to supporting Ace with lead feedstock as they scale up their operations in Texas and helping create a more circular and sustainable battery materials supply chain in the U.S."

Additionally, ACE shared that it is expected to close a merger with Athena Technology Acquisition Corp. II (NYSE: ATEK) in the second half of 2025, after which Ace will become a publicly traded company on the Nasdaq Stock Market under the ticker symbol "AGXI."

"As we continue to scale our lead and lithium battery recycling technologies to help support the markets for both internal combustion engines and electric vehicles, we expect that our upcoming listing will be a key accelerator of growth for Ace,” Chada said.

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