Cresta Fund Management acquires major stake in Ocean Pacific to boost alternative fuel infrastructure
Cresta Fund Management LLC, a notable private equity firm focused on low-carbon solutions, announced a controlling investment in Ocean Pacific (OP), a key developer of compressed natural gas (CNG) and alternative energy fueling stations. This investment is set to significantly expand OP’s operations, enabling it to commercialize and operate its own fueling stations, thereby accelerating the decarbonization efforts within the transportation sector.
Enhancing Clean Fuel Capabilities
With this new infusion of capital and expertise from Cresta, Ocean Pacific aims to enhance its service offerings. Historically known for providing engineering, design, and construction services to third-party CNG station operators, OP is now poised to operate its own stations. This move aligns with Cresta’s strategy to develop infrastructure that supports the transition to low-carbon energy sources.
Leadership and Future Directions
Chris Rozzell, Managing Partner at Cresta, emphasized the strategic alignment with OP’s expertise in the CNG market. Rozzell highlighted the partnership’s potential to significantly boost the availability of clean fuel alternatives through enhanced capital investment and operational capabilities. Ocean Pacific, with a rich history of over 15 years in designing more than 400 CNG stations alongside blue-chip partners, brings valuable industry connections and technical know-how to the table.
Commitment to Renewable Natural Gas and Hydrogen
Under the new partnership, OP will focus on expanding its renewable natural gas (RNG) and hydrogen infrastructure. These efforts are tailored to meet the evolving fuel needs of trucking fleets and support companies in achieving their decarbonization goals. RNG, used as a fuel for CNG-powered motors, offers substantial lifecycle emission reductions, marking a significant step towards cleaner transportation alternatives.
Market Impact and Expansion Plans
The strategic investment by Cresta underscores the growing demand for alternative, clean fuel options and highlights the increasing importance of sustainable fuels in the energy transition. Timothy Nelligan, CEO of Ocean Pacific, expressed enthusiasm for the partnership, anticipating accelerated growth and the introduction of more affordable and cleaner fuel options for customers.
The partnership between Cresta Fund Management and Ocean Pacific represents a pivotal development in the alternative fuels landscape. By leveraging Ocean Pacific’s established expertise and Cresta’s strategic and financial resources, the collaboration is set to drive significant advancements in the infrastructure needed for broader adoption of CNG, RNG, and hydrogen fuels. This strategic move not only aligns with global decarbonization efforts but also positions both companies at the forefront of the clean energy transition in the transportation sector.