Lapis Energy, a new Dallas, Texas-based carbon capture and storage company, announced Monday that private equity player Cresta Fund Management will fund the company’s origination, development, and implementation of CCS and clean hydrogen projects.

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Lapis Energy was formed in 2021 under the leadership of former Kosmos Energy chief executive Brian Maxted as chairman and Glen Cayley, former vice president of Shell UK, as projects director.

Energy entrepreneur Hamish Wilson, who started his career as a geologist at BP, will lead the company as its chief executive officer.

"Lapis Energy brings together an exceptionally talented team of people with a sound plan to identify and develop CCS opportunities. We fundamentally believe that the permanent sequestration of CO2 has a critically important role to play in enabling the energy transition,” Wilson said, adding that the company's alignment with Cresta enables Lapis to "pursue a range of opportunities."

Cresta, a private equity firm with more than $1 billion of assets under management, has portfolio companies in sectors like renewable fuels, renewable natural gas, and midstream oil and gas.

"We are pleased to partner with Lapis Energy on their global portfolio of CCS development opportunities," said Chris Rozzell, Cresta's managing partner.

"The team brings a unique skillset and expertise to solving the complex decarbonization challenges faced by heavy industry and petrochemical companies, many of which have limited near-term greenhouse gas mitigation alternatives.”