EnCap Investments, a U.S.-based private equity firm focused on the energy industry, has made an investment in Bleutec Industries, a builder, owner and operator of Jones Act-compliant offshore wind turbine installation vessels.
Headquartered in Houston, Bleutec is focused on its binary marine installation service, which works to allow for a cost-effective alternative to jack-up wind turbine installation vessels currently being employed by the offshore wind sector for foundation and turbine installation. Bleutec management will invest alongside EnCap in the company.
“Partnering with EnCap, a strategic capital provider with a strong track record facilitating portfolio company growth, provides the necessary support for Bleutec to quickly develop our Jones Act vessels in order to build our competitive advantage in this nascent market,” says Robin Bodtmann, Bleutec founder and CEO.
PPHB LP served as financial advisor and Jones Walker as legal advisor to Bleutec. Sidley Austin served as legal advisor to EnCap.