Quinbrook is expanding its presence in North America with the acquisition of Elemental Clean Fuels (ECF), marking the firm’s first investment in Canada.
The global infrastructure fund manager has invested an unspecified amount to acquire the majority interest in the Canadian clean energy developer from current owners, including Piney Point Capital and ECF’s founders. Both the founding team and Piney Point will remain on the board as significant minority shareholders.
As part of the deal, Quinbrook said it is committing capital to fund ECF’s development pipeline.
ECF, founded in 2023, specialises in advanced and renewable fuels, such as clean hydrogen, renewable natural gas and low-carbon methanol.
Giulia Siccardo, managing director and regional leader for North America at Quinbrook, said: “Our investment in Elemental Clean Fuels is a natural entry point into Canada’s clean energy economy and reflects our belief in the country’s potential to drive the global shift to low-carbon fuels.
“British Columbia, in particular, offers a rare combination of abundant renewable energy resources, access to Asian growth markets, indigenous leadership and regulatory support that makes it one of the most compelling regions globally for early green fuels deployment.”
Zachary Steele, CEO of Elemental Clean Fuels, said: “We’re thrilled to partner with Quinbrook. Our partnership with Quinbrook is a turning point – not just for Elemental Clean Fuels, but for Canada’s ambition to become a clean-energy superpower.
“With Quinbrook’s backing, we have the capital, the scale and the certainty to move quickly and deliver. We’re building a Canadian clean-fuels platform that can compete globally – one that decarbonises industry, creates high-quality jobs, strengthens energy security and builds lasting partnerships with first nations and local communities.”
Andrew Robbins, Piney Point Capital, said: “Having a best-in-class global infrastructure partner like Quinbrook allows Elemental Clean Fuels to accelerate the significant progress it has already made in developing key clean fuel infrastructure assets.
“We are excited to partner with Quinbrook for the next phase of ECF’s portfolio execution and expansion.”
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