Houston-based EIV Capital has agreed to invest $47 million of growth equity in a company developing renewable energy and natural gas fuels for the US trucking sector.
The private equity firm said it has backed AMP Americas, a company headquartered in Chicago that produces clean natural gas at a biogas facility in Indiana and owns and operates 20 refill stations nationwide.
“As an integrated clean energy company with production and distribution assets across the country, we wanted a partner with proven success in both the traditional and renewable energy sectors that could help us scale and execute our aggressive growth plans,” said Grant Zimmerman, AMP chief executive.
EIV invested through its third midstream vehicle, EIV Capital Fund III, which it closed in February at its $450 million hard- cap. The fund is focused on the processing, distribution, storage and marketing of oil and natural gas.
Founded in 2009, EIV manages around $800 million in equity across its funds, specialising in providing growth capital to the energy industry. It closed EIV Capital Fund II in February 2015 on $267 million, surpassing its $200 million target.