Investment accelerates the development of
necessary infrastructure to deliver low-carbon fuel to the
transportation industry
DALLAS, May 22, 2024
/PRNewswire/ -- Cresta Fund Management LLC (Cresta), a private
equity firm that invests in low-carbon molecule infrastructure and
solutions, today announced it has made a controlling investment in
Ocean Pacific (OP), a developer of compressed natural gas (CNG) and
alternative energy fueling stations. OP has historically provided
engineering, design and construction services to third-party CNG
station operators and, with Cresta's investment, will expand its
capabilities and begin to commercialize and operate their own
fueling stations to accelerate the decarbonization of the
transportation industry.
"Our investment in Ocean Pacific aligns perfectly with our
strategy to seek opportunities to build low-carbon molecule
infrastructure that provides a solution for the energy transition,"
said Chris Rozzell, Managing Partner
at Cresta. "OP's leadership in the CNG market, combined with our
capital and both operational and development expertise, will
significantly enhance the availability of clean fuel
alternatives."
Based in California, the OP
management team has a 15-plus-year history of designing over 400
CNG stations with blue-chip partners and maintains a vast network
within the trucking and transportation industry. Building on these
relationships, OP will develop solutions around companies'
decarbonization goals and the fuel needs of trucking fleets. CNG is
an economic and readily available clean alternative, lower-emission
fuel for the trucking industry. To further decarbonize, renewable
natural gas (RNG) can be used as the fuel for CNG-fueled motors,
providing significant lifecycle emission reductions for
transportation fleets.
"We are thrilled to partner with Cresta," commented Timothy Nelligan, CEO of Ocean Pacific. "This
investment will not only provide the financial resources needed to
accelerate our growth but also bring valuable strategic insights
from a team that deeply understands the renewable fuel landscape.
Together, we will make significant strides in expanding our RNG and
hydrogen infrastructure, providing cleaner, affordable fuel options
to our customers."
The investment supports the growing demand for alternative,
clean fuel options and reiterates the increasing recognition of the
importance of alternative fuels in the energy transition.
About Cresta Fund Management
Cresta Fund Management
(Cresta) is a Dallas-based private
equity firm providing growth equity for sustainable and
conventional energy infrastructure solutions for the industrial,
logistics and agricultural sectors. With approximately $1.6 billion of assets under management, Cresta
is led by a strong, operations-focused team with decades of
experience in the energy and infrastructure industries. For more
information, please visit crestafunds.com.
Contact
Jessica
Groshek
Cresta Fund Management
External.Affairs@crestafunds.com
(945) 468-6564
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SOURCE Cresta Fund Management LLC