A group of former General Electric executives have founded a clean energy-focused private equity firm, New World Capital “to profit in transitioning to a clean economy”, according to a statement.
The firm will invest in middle-market companies and related infrastructure projects in the clean energy, energy efficiency, environmental services, waste management, water and sustainable and biodegradable materials fields, according to the statement.
No unproven technologies, no venture investments, no business plans built on a future carbon price
It will principally invest in the United States but will also consider opportunities in Europe, where it has partnered with Ambienta Sgr, a private equity firm focused on environmental assets, to source deals.
New World’s founding principal is Lou Schick, a former senior scientist at GE’s global research division, according to the biography posted on the firm's website.
Carter Bales, a former director at consultancy McKinsey & Company, is also a founding partner of the firm and will serve as its chairman, according to the statement.
Bales said in the statement that the firm will “apply the most rigorous tests” to its’ investments. “No unproven technologies, no venture investments, no business plans built on a future carbon price,” he added.
New World Capital is based in New York.
New World Capital did not return a request for comment before press time.