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Houston industrial decarbonization-focused PE firm scores $725M to launch new business unit

this just in

HF Capital, the Knoxville, Tennessee-based investment arm of the Haslam family, made the multimillion-dollar commitment to set up Ara Energy Decarbonization. Photo via arapartners.com

Houston-based Ara Partners, a private equity firm that focuses on industrial decarbonization investments, is receiving up to $725 million from a Tennessee-based family office to launch an energy decarbonization unit.

HF Capital, the Knoxville, Tennessee-based investment arm of the Haslam family, made the multimillion-dollar commitment to set up Ara Energy Decarbonization. The new business will work toward reducing carbon emissions at ethanol plants, natural gas power plants, and other traditional energy assets.

The Haslam family founded Pilot Co., North America’s largest transportation fuel business and chain of travel centers. Shameek Konar, former CEO of Pilot, has been tapped to lead Ara Energy Decarbonization.

“It is an uncomfortable truth that highly pollutive energy sources are going to play an essential role in delivering an energy transition over the next several decades,” Charles Cherington, co-founder and managing partner of Ara, says in a news release. “We can ignore these staggering carbon emissions, or we can apply our proven methods and financing expertise to decarbonize the conventional energy value chain.”

The energy sector accounts for more than 75 percent of global greenhouse gas emissions.

“The world’s energy demands are increasing and complex, and renewable power needs time and support for it to fulfill rising global energy demand. Ara’s … skillset, portfolio network, and decarbonization management knowledge [are] perfectly positioned to attack the carbon-intensive energy sector,” Konar says.

Ara Partners closed its third private equity fund in December 2023 with over $2.8 billion in new commitments. As of June 30, 2024, Ara Partners had about $6.3 billion of assets under management.

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Five Point Energy closed its oversubscribed Five Point Energy Fund IV at $1.4 billion. Photo via Getty Images

Houston PE firm raises $1.4B to invest in sustainable infrastructure

money moves

A local private equity firm announced its latest round of funding that it plans on deploying into the energy transition infrastructure space.

Five Point Energy closed its oversubscribed Five Point Energy Fund IV at $1.4 billion in cumulative capital commitments. The new fund continues the firm's strategy of deploying capital into "an undercapitalized market and attractive long-term value generation," per a news release.

The firm is led by David Capobianco, CEO and managing partner, and Matthew Morrow, COO and managing partner.

"The closing of Fund IV is an endorsement of our team's demonstrated strategy of establishing and operating best-in-class sustainable infrastructure platforms, including the highly successful initial public offering of LandBridge," Capobianco says in the release.

Since its founding in 2012, Five Point has worked in midstream water management systems and addressed the produced water needs of our blue-chip clients, Capobianco says, adding that "the demand for energy, land and water resources is accelerating by the day, across all industries – we sit at the intersection of these macro and infrastructure trends."

To date, Five Point has raised around $4 billion across four funds. The fourth fund's limited partners were not disclosed.

The firm is led by David Capobianco (left), CEO and managing partner, and Matthew Morrow, COO and managing partner. Photos via fivepointenergy.com

Pelican Energy has acquired Container Technologies Industries, a manufacturer of containment solutions for the nuclear industry. Photo via containertechnologies.com

Houston energy PE firm acquires nuclear infrastructure company

M&A move

A Houston-based private equity firm has made a strategic acquisition.

Pelican Energy has acquired Container Technologies Industries from a group of private shareholders. CTI is a manufacturer of containment solutions for the nuclear industry and a certified HUBZone small-business whose customers include the U.S. Department of Energy, the U.S. Department of Defense and the commercial-nuclear space. Pelican makes investments in energy equipment and serves oil and gas companies and those in the nuclear sectors.

Pelican also named Danielle Castley as president of CTI. Castley has a PhD in material science with a background in radiation shielding material. She comes with over 10 years of experience in the nuclear industry. In addition to the majority buyout of legacy shareholders, Pelican will invest growth capital into business to expand capacity.

"CTI is a great company with a 20+ year track record of expansion,” Mike Scott, the founding partner of Pelican, says in a news release. “The company's highly-experienced team has a reputation of delivering the highest quality containment solutions, including specialty products and industry-standard containers. The business is well positioned to deliver products for growing customer demand."

The Houston company will now work closely with CTI’s homebase in Helenwood, Tennessee.

“We are excited to continue serving the Department of Energy and the thriving commercial nuclear industry,” Castley says in a news release. “I also look forward to leading CTI to innovate in manufacturing to address the emerging needs of advanced reactors.

"CTI will also expand our production capabilities to support Governor Lee's intent of establishing Tennessee as the leader of America's nuclear supply chain," she continues. "CTI is located in Helenwood, an economic development zone, where CTI will be actively recruiting to employ and train the next generation nuclear manufacturing workforce."

Merichem Company has created a new business unit that's been acquired by a private equity firm. Photo via Getty Images

Houston chemical company divests new tech arm to PE

M&A moves

A New Orleans-based private equity firm has announced the acquisition of a Houston chemical company's technology business unit, the business announced today.

Black Bay Energy Capital acquired a portion of Merichem Company’s business — including its Merichem Process Technologies and Merichem Catalyst Products, which will collectively be renamed Merichem Technologies. Merichem's caustic services business, which handles spent caustic for beneficial reuse, will be maintained by the company.

Cyndie Fredrick has been promoted to CEO of Merichem Technologies. She previously served as Merichem's senior vice president and general manager of Merichem Process Technologies. She's joined by CFO Rene Campos, Senior Vice President of Technology Jeff Gomach, and Senior Vice President of Catalysts William Rouleau, who are all former managers within Merichem.

“The Merichem Technologies team has successfully deployed highly engineered and patented technologies, chemical catalysts, and mechanical solutions to various end markets including liquified natural gas, midstream oil and gas, refining of traditional crude and renewable feedstocks, biogas/landfill/RNG production, geothermal energy production, and chemical manufacturing," Fredrick says in a news release. "Merichem Company has been a fantastic steward of this business for decades, and the entire Merichem Technologies team is excited about our new partnership with Black Bay and the ability to pursue new avenues for growth.”

Additionally, Merichem Company's CEO Kendra Lee will join the Merichem Technologies board. Lee's grandfather founded the company in 1945, and she told EnergyCapital last year that she hopes to continue the legacy of the company, which designs and fabricates equipment for sulfur removal.

“Our reputation has always stood on the principles of proven performance, unsurpassed expertise, and an uncommon commitment to our customers," Lee says in the release. "This divesture is a major milestone for Merichem Company as we continue to execute on our strategic vision, further cementing our leadership position in caustic services.”

Black Bay focuses on the energy and specialty chemical sectors, but the Merichem Technologies acquisition brings a new sulfur-treating platform to the firm.

“Sulfur treatment is a critical path item across many industrial applications around the world. Hydrogen sulfide, mercaptans, carbon dioxide, and other related impurities must be dealt with to ensure environmental compliance, sustainable operations, and a saleable end product," Tom Ambrose, partner of Black Bay, says in the release.

Ara Partners has announced the closing of its third fund. Photo via Getty Images

Houston energy tech PE group raises $3B third fund

money moves

A Houston-based private equity firm that focuses on industrial decarbonization investments has closed its latest fund.

Ara Partners has secured over $3 billion of new capital commitments for its Ara Fund III, closing $2.8 billion of limited partner commitments, which represents an oversubscription of its $2 billion initial target.

"We are grateful for the extraordinary interest in Fund III demonstrated by Ara's increasingly global, blue-chip investor base," Charles Cherington, managing partner of Ara, says in a news release. "The strong support from new and existing investors, is a testament to their confidence in our talented team, our investment strategy, and the compelling opportunities in the industrial decarbonization sector."

The third fund's institutional investors includes pension funds, insurance companies, sovereign wealth funds, endowments, and foundations from around the world. Ara Fund III will continue the firm's mission of investing in and buying out decarbonization-aligned industrial companies, specifically targeting ones headquartered in the United States, Canada, and Europe.

"The growing, global presence of Ara's platform and portfolio directly reflects the industrial economy's continued demand for the technological innovation and infrastructure needed to decarbonize," Troy Thacker, managing partner of Ara, says in the release. "The support we have received for Fund III will enable the Ara team to continue investing in high-growth companies globally that are positioned to build value while achieving positive environmental impacts."

The newly closed fund has already made four investments:

  • Vacuumschmelze, a global producer of advanced magnetic materials and rare earth permanent magnets
  • Genera, a sustainable pulp and packaging producer
  • CFP Energy, a provider of market-facing solutions in environmental and green energy products to industrial customers across Europe
  • CycleØ, a fully integrated developer of distributed biomethane facilities

Founded by Cherington and Thacker in 2017, Ara has around $5.6 billion in assets under management. It's previous fund closed in September 2021 at an oversubscribed $1.1 billion.

The deal and financial support will help Saber to expand its services within the energy transition, including the ability to build out renewables and battery resources amid the electrification of the U.S. economy. Photo via Getty Images

Houston company acquired by private equity​ firm, plans to expand support of energy transition

M&A

A Houston-based infrastructure services platform has been acquired by an energy industry-focused private equity firm.

Saber Power Services announced last month that it has been acquired by an investor group led by Greenbelt Capital Management from funds managed by Oaktree Capital Management. The acquisition was in partnership with funds managed by Schroders Capital, StepStone Group, and Wafra Inc., according to the company's news release.

Saber, founded in 2010, is an electrical services firm that provides design, construction, testing, and maintenance services and solutions across the energy spectrum — renewables, battery storage, utility, industrial, and energy infrastructure markets. The company's customers are located throughout Texas and the Southeast.

“With over a decade of experience, the Saber Power team has demonstrated its ability to provide a safe, reliable and high-performance service offering that excels in complex environments," Brian Bratton, CEO of Saber, says in the release. "We are excited for Saber’s next chapter and believe this investment from Greenbelt demonstrates the market leading position of our business and our customers’ trust in the quality of our work."

The terms of the deal were not disclosed, but some of Saber’s management team will maintain ownership of a significant stake in the company, according to the news release. Greenbelt, the acquiring party, secured debt and equity financing from Blackstone Credit.

“We are excited to partner with Greenbelt and look forward to supporting Saber with the next phase of its growth," say Blackstone representatives in the release. "Blackstone Credit invests in market leading energy-transition companies and believes Saber is well-positioned to play an important role in this space.”

The deal and financial support will help Saber to expand its services within the energy transition, including the ability to build out renewables and battery resources amid the electrification of the U.S. economy.

“The energy landscape is rapidly evolving as electrification trends continue to impact commercial and industrial end markets," Sam Graham, principal at Greenbelt, says. "Both physical assets and power markets will need to adapt to support load shifting, bi-directional power flows, and meaningfully increased power demand, all of which require increased grid complexity and strengthens demand for Saber’s specialized engineering, design, construction and maintenance services.”

Chris Murphy, partner at Greenbelt, adds that modernization of the grid is an important sector focus for the company.

"We believe Saber’s end-to-end service platform is critical to facilitate the growing penetration of distributed energy resources across the grid, as well as meet the increasing demands of mass-scale industrial electrification," he says. "We are thrilled to partner with Saber’s experienced and talented executive team and believe our history of investing across the new energy economy will allow us to help accelerate the Company’s growth.”

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Nominate Houston's energy trailblazers for the 2025 Innovation Awards

Awards Season

Calling all Houston energy innovators: The Houston Innovation Awards return this fall to celebrate the best and brightest in the Houston innovation ecosystem, and that includes those leading the energy transition.

Presented by InnovationMap, the fifth annual Houston Innovation Awards will take place November 5 at TMC Helix Park.

The awards program will honor the top startups and innovators in Houston across 10 categories, and we're asking you to nominate the most deserving Houston innovators and innovative companies, including those in the energy transition sector.

This year's categories are:

  • Minority-founded Business, honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation.
  • Female-founded Business, honoring an innovative startup founded or co-founded by a woman.
  • Energy Transition Business, honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy, and beyond.
  • Health Tech Business, honoring an innovative startup within the health and medical technology sectors.
  • Deep Tech Business, honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics, and space sectors.
  • Startup of the Year (People's Choice), honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an interactive voting experience.
  • Scaleup of the Year, honoring an innovative later-stage startup that's recently reached a significant milestone in company growth.
  • Incubator/Accelerator of the Year, honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups.
  • Mentor of the Year, honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs.
  • Trailblazer, honoring an innovator who's made a lasting impact on the Houston innovation community.

Nominations may be made on behalf of yourself, your organization, and other leaders and institutions in the local innovation scene. The nomination period closes on August 31, so don't delay — nominate today at this link, or fill out the embedded form below.

A panel of esteemed judges will review the nominations, and determine the finalists and winners. Finalists will be unveiled on InnovationMap.com on September 30, and the 2025 Houston Innovation Awards winners will be announced live at an event on November 5.

Tickets will go on sale this fall. Stay tuned for that announcement.

Interested in Innovation Awards sponsorship opportunities? Please contact sales@innovationmap.com.

Texas solar project strikes deal with Meta and more energy news to know

Hot Topics

Editor's note: We're looking back at the top trending energy transition news from the first half of August. Enbridge and Meta strike a deal, a Houston startup raises pre-seed funds, an innovative recycling support center breaks ground, and more. Here are the five most-read stories on EnergyCapitalHTX from August 1-15:

1. Enbridge's new Texas solar project to power Meta data centers

Meta has agreed to purchase 100 percent of the power generated by Enbridge's $900 million solar project near San Antonio. Photo via Getty Images.

Construction is underway on a new 600-megawatt solar project in Texas that will supply renewable energy to Meta Platforms Inc., the owner of Facebook, Instagram and other tech platforms. Calgary-based Enbridge Inc., whose gas transmission and midstream operations are based in Houston, announced that Meta has agreed to purchase 100 percent of the power generated by its new $900 million solar project known as Clear Fork. Continue reading.

2. Houston clean-chemicals startup Solidec raises $2M to scale tech

Houston-based Solidec has closed an oversubscribed pre-seed round led by New Climate Ventures. Photo courtesy Greentown Labs.

Solidec, a Houston startup that specializes in manufacturing “clean” chemicals, has raised more than $2 million in pre-seed funding. Houston-based New Climate Ventures led the oversubscribed pre-seed round, with participation from Plug and Play Ventures, Ecosphere Ventures, the Collaborative Fund, Safar Partners, Echo River Capital and Semilla Climate Capital, among other investors. Continue reading.

3. Houston-area logistics co. breaks ground on recycling center tied to circularity hub

Chambers County has helped fund a new recycling support center in Mont Belvieu that will process post-consumer plastic materials. Photo via Getty Images.

TALKE USA Inc., a Houston-area arm of German logistics company TALKE, broke ground on its new Recycling Support Center in Mont Belvieu August 1. The facility will process post-consumer plastic materials, which will then be further processed at Cyclyx's new Houston-based Circularity Center, a first-of-its-kind plastic waste sorting and processing facility that was developed through a joint venture between Cyclix, ExxonMobil and LyondellBasell. The materials will ultimately be converted into recycling feedstock. Continue reading.

4. Japanese energy tech manufacturer officially relocates U.S. HQ to Houston

TMEIC Corporation Americas has moved its U.S. headquarters to Houston. Photo via tmeic.com

TMEIC Corporation Americas has officially relocated its headquarters from Roanoke, Virginia, to Houston. TMEIC Corporation Americas, a group company of Japan-based TMEIC Corporation Japan, recently inaugurated its new space in the Energy Corridor. The new HQ occupies the 10th floor at 1080 Eldridge Parkway. The company first announced the move last summer. Continue reading.

5. Energy experts: Executive order enhances federal permitting for AI data centers

A new EO could streamline regulatory burdens for the development of data centers supporting AI. Getty Images

In an effort to accelerate the development of artificial intelligence, President Trump signed an executive order (EO) aimed at expediting the federal permitting process for data centers, particularly those supporting AI inference, training, simulation, or synthetic data generation. The EO seeks to streamline regulatory burdens and utilize federal resources to encourage the development of data centers supporting AI, as well as the physical components and energy infrastructure needed to construct and provide power to these data centers. Continue reading.

UH launches latest micro-credential program focused on energy risks

coming soon

UH Energy at the University of Houston will launch a new micro-credential program this fall focused on risks associated with today's changing energy landscape.

The new self-paced, hybrid program, known as Managing Non-Technical Risks in Energy, is geared towards energy professionals and those who aspire to work in the industry. Enrollment must be completed by Sept. 15 to participate.

According to UH, it will equip participants with "tools, strategies, and real-world insights needed to lead confidently" as they face pressure to meet increased energy demand while also operating under sustainable guidelines.

The program will be led by expert instructors, including:


  • Suryanarayanan Radhakrishnan, Managing Director of UH Energy
  • Amy Mifflin, Principal Consultant and Partner at Sustrio Inc.
  • Chris Angelides, Honorary Consul of The Republic of Cyprus to Texas, Managing Director at Ernst & Young LLP
  • Carolina Ortega, Vice President, Sustainability and Communications at Milestone Environmental Services
  • Krish (Ravi) Ravishankar, Senior Director ESG Analytics & Reporting, Sustainability, Worldwide Environmental Affairs at Oxy

Participants can earn up to three "badges" through the program. Each badge consists of two modules, which can be completed virtually and take about 10 hours to complete over four weeks.

Each module will also include one in-person engagement session that will last about two hours.

The three badges include:


  • Badge 1: Managing Environmental and Social Risks and Impacts
  • Badge 2: Frameworks, Standards, and Implementation
  • Badge 3: Advanced Applications

Badges can be earned individually or as a series of three, and participants must complete assessments to earn each badge.

Badge 1 Module 1 will start on Sept. 15, followed by Badge 1 Module 2 on Oct. 20. Find more information here.

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