US-based Cresta Fund Management (Cresta) will work with carbon capture and storage (CCS) specialist Lapis Energy LP (Lapis) to develop and deploy technology that will help decarbonise the industrial sector.
The partnership will involve Cresta funding CCS and clean hydrogen projects to be implemented by Lapis, which combines expertise pulled from strategic consultancy BlueEnergy and Viridis Resources.
Commenting on the agreement, Hamish Wilson, CEO, Lapis Energy, said that the permanent sequestration of carbon dioxide (CO2) has a ‘critically important’ role to play in enabling the energy transition.
“Our alignment with Cresta allows Lapis to pursue a range of opportunities which I look forward to being able to provide more detail on in the near future,” he added.
Wilson will be supported several industry experts including Brian Maxted, former CEO of Kosmos Energy, Glen Cayley, former Vice President (VP) of Shell UK, and Brian Mitchener, former exploration head of BG Group.
Dallas-based Cresta will use this as an opportunity to build on its current portfolio of companies with sustainable business plans that aim to reduce greenhouse gas emissions, according to Chris Rozzell, Managing Partner, Cresta.