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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

Energytech Nexus has named its first COPILOT accelerator cohort. Photo via Getty Images.

Energytech Nexus, a Houston-based incubator for energy startups, has named its inaugural cohort of 14 companies for the new COPILOT accelerator.

COPILOT partners with Browning the Green Space, a nonprofit that promotes diversity, equity and inclusion (DEI) in the clean energy and climatech sectors. The Wells Fargo Innovation Incubator (IN²) at the National Renewable Energy Laboratory backs the COPILOT accelerator.

The eight-month COPILOT program offers mentorship, training and networking for startups. Program participants will be tasked with developing pilot projects for their innovations.

Two Houston startups are members of the first COPILOT class:

  • GeoFuels, housed at Houston’s Greentown Labs, has come up with a novel approach to hydrogen production that relies on geothermal power and methane decomposition.
  • PolyQor, which converts plastic waste into eco-friendly construction materials. Its flagship EcoGrete product is an additive for concrete that enhances its properties while reducing carbon emissions. PolyQor’s headquarters is at Houston’s Greentown Labs.

Other members of the COPILOT cohort are:

  • Birmingham, Alabama-based Accelerate Wind, developer of a wind turbine for commercial buildings.
  • Ann Arbor, Michigan-based Aquora Biosystems, which specializes in organic waste biorefineries.
  • Phoenix-based EarthEn Energy, a developer of technology for thermo-mechanical energy storage.
  • New York City-based Electromaim, which installs small hydro-generators in buildings’ water systems.
  • Chandler, Arizona-based EnKoat, an advanced materials company whose flagship product, the IntelliKoat System, is a patented two-layer thermal and weather barrier roof coating for flat and low-slope commercial buildings.
  • Calgary, Canada-based Harber Coatings, which manufactures electroless nickel coating and electroless nickel plating.
  • Dallas-based Janta Power, which designs and makes 3D solar towers.
  • Miami-based NanoSieve, a developer of gas remediation technology.
  • Palo Alto, California-based Popper Power, which has developed a platform that turns streetlight networks into resilient, maintenance-free distributed charging infrastructure.
  • Buffalo, New York-based Siva Powers America, developer of small wind turbines for farms, utility companies and others with annual energy needs of 300,000 to 2 million kilowatt-hours.
  • Los Angeles-based Thermoshade, which specializes in cooling panels for outdoor environments.
  • Waukesha, Wisconsin-based V-Glass, Inc., developer of a vacuum-insulated glass for affordable high-efficiency windows.

“These startups reflect the future of energy access and resilience innovation,” said Juliana Garaizar, founding partner of Energytech Nexus. “By connecting them directly with partners through

COPILOT, we’re helping them overcome the ‘pilot gap’ to build solutions that scale.”

The startups will run pilot projects along the Gulf Coast for their inventions.

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