Viridi Energy will be supported by approximately $320 million equity commitment led by Warburg Pincus
NEW YORK, June 2, 2022 /PRNewswire/ — Viridi Energy (“Viridi”), a full-service renewable natural gas (“RNG”) platform, today announced an investment of approximately $320 million Equity line led by Warburg Pincus, a leading global growth investor. The investment will enable Viridi to build a leading, large-scale energy platform focused on the development of RNG from landfill feedstock, dairy and food waste.
Viridi is headed by the Managing Director, Andy Kelleher, who brings to the firm extensive experience building and leading energy and environmental businesses, and is also a managing partner at Green Rock Energy Partners. In addition to Mr. Kelleher, the founding management team includes Chet Benham, Matt Atkins, Jake Crouse, Dana Husnayand Bill Keller. Together, the team has over 75 years of experience developing and operating energy assets and has successfully developed over 30 projects in the RNG space. Management plans to leverage its biogas expertise to develop projects in the landfill, dairy and food waste sectors with a focus on best-in-class operations and technologies.
“Viridi has a truly differentiated approach, with the unique ability to manage all parts of the RNG value chain, spanning development, operations, funding and business strategy. Our mission is to work closely with a broad stakeholder base to develop an RNG that replaces higher-emission fuels in a cost-effective and environmentally-efficient way,” said Andy Kelleher, CEO, Viridi Energy. Prior to Green Rock Energy Partners, Mr. Kelleher was Head of US Oil Trading at Glencore and President of Supply and Trading at ConocoPhillips.
“Our team’s collective experience in sourcing, developing and leveraging RNG opportunities will be critical to building the Viridi platform and its success. With significant equity support led by Warburg Pincus, we will be well positioned to identify and develop RNG assets where the latest technology can unlock additional value potential,” said Chet Benham, President of Viridi Energy. Mr. Benham was previously President of Unconventional Gas Solutions LLC and CEO of Air Liquide Advanced Technologies US LLC, where he oversaw all RNG activities in the Americas.
Matt Atkinswho joins Viridi as VP of Operations, previously served as O&M Director at Brightmark and Project Manager at Amec Foster Wheeler and Fluor. Jake Crousewho joins Viridi as VP Origination, was previously Vice-President Biogas at Air Liquide. Dana Husnaywho joins Viridi as VP Development, previously served as Director of RNG Operations at Air Liquide. Bill Keller also joins as VP Markets & Strategy, after having been Global General Manager for Gas Separation Technologies at Air Liquide and pilot in the US Marine Corps.
Warburg Pincus has a strong track record of investing in companies committed to growing environmental, sustainability and governance (“ESG”) practices across all sectors, including low carbon opportunities. Notable energy transition investments include ClimeCo, Eco Material Technologies, Gradiant, Monolith, Scale Microgrid Solutions and Solar Mosaic.
“We view Viridi’s management team as pioneers in the RNG industry, having developed several dozen RNG assets over their careers. We believe that this equity commitment, combined with the support of our funding relationships through debt, will allow us to invest up to $1 billion in total capital to create a leading platform in the RNG space,” said Roy Ben-Dor, Managing Director of Warburg Pincus.
Viridi is currently developing several projects in the food waste, agricultural waste and landfill gas sectors, and plans to launch several RNG development assets in Q3 2022.
About Viridi Energy
Viridi Energy is a full-service renewable natural gas (“RNG”) platform founded by an experienced renewable natural gas management team. The company is developing a platform to build, own and operate RNG assets with landfill, dairy and food waste feedstock through North America. For more information, please visit www.viridirng.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The company has more than $80 billion in assets under management. The company’s active portfolio of over 245 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams looking to build sustainable businesses with lasting value. Founded in 1966, Warburg Pincus has raised 21 private equity funds and 2 real estate funds, which have invested more than $100 billion in more than 1,000 companies in more than 40 countries. The company is headquartered in New York with offices at amsterdam, beijing, Berlin, hong kong, Houston, London, Luxemburg, Bombay, Mauritius, San FranciscoSao Paulo, Shanghaiand Singapore. For more information, please visit www.warburgpincus.com. follow us on LinkedIn.
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SOURCE Viridi Energy