ImpactAlpha, December 7 – Amid a frenzy of big-ticket climate deals and energy-transition funds, oil and gas investor Lime Rock raised less than it planned for its debut clean energy fund. The Lime Rock New Energy fund had targeted $600 million, The Wall Street Journal reports.
Lime Rock New Energy is looking to cut checks of up to $90 million in clean energy ventures. It has invested in two companies: Smart Wires, whose technology helps utilities and grid operators manage power flow; and Qmerit, which is helping residential and small commercial users switch to electric products.
Lime Rock hasn’t gone green. Since 1998, the firm has raised nearly $9 billion to invest in upstream oil and gas. Its fossil fuel investments continue to climb, though at a slowing rate.