Jimmy Haslam's HF Capital Launches $725M Effort to Decarbonize Heavy Industry
Key Ideas
- HF Capital LLC commits $725 million to decarbonize heavy industry, managed by Ara Partners aiming to reduce 50 million tons of greenhouse gas emissions.
- Initiative targets investments in power generation, biofuels for marine shipping, and energy supply businesses, with a focus on emissions reduction and waste management.
- Effort led by Shameek Konar will also work on reducing emissions from natural gas power plants by changing fuel inputs, improving plant efficiency, or capturing CO2 at the smokestack.
- Ara Partners, with over $6 billion in assets under management, has a track record of investing in businesses like hydrogen maker Utility Global and battery recycler Blue Whale Materials.
Jimmy Haslam's family office, HF Capital LLC, has pledged $725 million to launch an initiative aimed at decarbonizing heavy industry, managed by Ara Partners. The effort will be overseen by Shameek Konar, targeting investments in power generation, biofuels for the marine shipping industry, and energy supply and distribution businesses. The goal is to cut 50 million tons of greenhouse gas emissions. Ara Partners, founded in 2017 with over $6 billion in assets under management, focuses on investing in businesses that reduce emissions and manage waste. The new initiative will also work on reducing emissions from natural gas power plants by implementing various strategies. Konar emphasizes the importance of addressing carbon as the main enemy in reaching net-zero emissions. The firm has a history of investing in environmentally friendly companies like hydrogen maker Utility Global and battery recycler Blue Whale Materials. Haslam's net worth of $8.7 billion positions him to make significant commitments towards sustainability efforts.