Cresta Fund Management LLC (Cresta), a private equity firm that invests in low-carbon molecule infrastructure and solutions, today announced it has made a controlling investment in Ocean Pacific (OP), a developer of compressed natural gas (CNG) and alternative energy fueling stations.
OP has historically provided engineering, design and construction services to third-party CNG station operators and, with Cresta’s investment, will expand its capabilities and begin to commercialize and operate their own fueling stations to accelerate the decarbonization of the transportation industry, according to a news release.
“Our investment in Ocean Pacific aligns perfectly with our strategy to seek opportunities to build low-carbon molecule infrastructure that provides a solution for the energy transition,” said Chris Rozzell, Managing Partner at Cresta. “OP’s leadership in the CNG market, combined with our capital and both operational and development expertise, will significantly enhance the availability of clean fuel alternatives.”
Based in California, the OP management team has a 15-plus-year history of designing over 400 CNG stations with blue-chip partners and maintains a vast network within the trucking and transportation industry. Building on these relationships, OP will develop solutions around companies’ decarbonization goals and the fuel needs of trucking fleets. CNG is an economic and readily available clean alternative, lower-emission fuel for the trucking industry. To further decarbonize, renewable natural gas (RNG) can be used as the fuel for CNG-fueled motors, providing significant lifecycle emission reductions for transportation fleets.
“We are thrilled to partner with Cresta,” commented Timothy Nelligan, CEO of Ocean Pacific. “This investment will not only provide the financial resources needed to accelerate our growth but also bring valuable strategic insights from a team that deeply understands the renewable fuel landscape. Together, we will make significant strides in expanding our RNG and hydrogen infrastructure, providing cleaner, affordable fuel options to our customers.”
The investment supports the growing demand for alternative, clean fuel options and reiterates the increasing recognition of the importance of alternative fuels in the energy transition.
