NEW YORK--(BUSINESS WIRE)--NOVA Infrastructure (“NOVA”), a middle-market infrastructure investment firm, today announced that it has partnered with Nopetro Energy (“Nopetro”) to create a renewable energy platform focused on renewable natural gas (“RNG”) and biofuels called Nopetro Renewables. As part of the transaction, Nopetro Renewables will construct one of Florida’s first landfill-gas-to-RNG facilities in Vero Beach, Florida.
“NOVA’s new RNG-focused partnership with Nopetro Energy capitalizes on the strong, increasing trend towards decarbonization of the natural gas value chain and benefits from Nopetro’s strong track record of commercializing renewable energy projects,” said Chris Beall, founder and managing partner of NOVA Infrastructure. “Our new platform, Nopetro Renewables, seeks to build and operate renewable energy infrastructure, starting with a shovel-ready landfill-gas-to-RNG project in Vero Beach. Our joint venture will generate significant ESG benefits to all stakeholders, as both compressed natural gas (CNG) and RNG assets play a key role in reducing carbon emissions and facilitating the energy transition.”
Nopetro was founded in 2007 with the goal of displacing petroleum consumption with a cleaner, cost-effective and domestic natural gas fuel. Led by Jorge Herrera, the company has developed a strong reputation in the Southeast and currently operates 16 CNG fueling facilities where it serves government, waste, and industrial customers. In addition to investing in the newly formed Nopetro Renewables’ platform, NOVA also has made an equity investment in Nopetro Energy.
“We’re thrilled about the growth opportunities presented with this partnership,” said Jorge Herrera, CEO of Nopetro. “NOVA’s experience and relationships in the environmental services industry and its strong investment record are all tremendous value-adds to our platform. Since we began our mission over 15 years ago, we’ve been committed to producing and supplying renewable energy to our customers across the country and we couldn’t be more excited to continue and expand on this work with NOVA.”
In July 2022, NOVA announced the close of its $565 million Infrastructure Fund I, which attracted commitments from a diverse group of leading North American and global institutional investors including public and private pension funds, insurance companies, family offices and asset managers. NOVA’s investment in Nopetro marks its seventh platform investment as part of Fund I and is a continuation of its strategy of targeting middle-market providers across the infrastructure landscape.
About NOVA Infrastructure
Founded in 2018, NOVA Infrastructure (http://www.novainfra.com) is a value-added, middle market infrastructure investment firm focused on North America. NOVA seeks to make investments which pair the downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. NOVA targets investments in environmental services, transportation, energy / energy transition, and communication sectors, with a current portfolio of seven platform investments including: a vertically integrated waste management platform; a US Flag maritime logistics business; a fixed base operator (FBO) platform; a port-centric storage and logistics platform; a renewable natural gas and biofuels platform; and fiber-to-the-home and fixed wireless businesses.
About Nopetro Energy
Founded in 2007, Nopetro Energy (www.nopetro.com) is a leading energy infrastructure company focused on pragmatic decarbonization through the production and distribution of renewable and liquefied natural gas. Nopetro owns and operates renewable natural gas (RNG) distribution facilities in Florida, and is the long-term energy partner to transit agencies, school districts, public works divisions, and major Fortune 500 companies. Nopetro’s vision is building a better tomorrow – one that is transformational and positively redefining our future.
