Monday, 26 January 2015
Last updated 26 min ago
Aug 20 2008 | 1:39pm ET
Hedge fund Och-Ziff Capital Management Group is digging deep to go green.
The New York-based firm has agreed to invest up to $500 million in projects to bury greenhouse gases run by emissions credit company Blue Source. Och-Ziff has also taken a 10% stake in Salt Lake City, Utah-based Blue Source.
“We are excited to be able to jointly build a carbon asset business with Blue Source,” Och-Ziff founder Daniel Och said in a statement. “We consider the firm and its principals to have a unique leadership position in the industry.”
“To us, it’s pretty dramatic,” Blue Source CEO Bill Townsend told Bloomberg News. “We think that this will probably fund us for the next three years of investments.”
Blue Source will put the money into projects that pump greenhouse gases into underground storage facilities, including abandoned oil wells and saltwater aquifers.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…