Control-oriented growth equity firm focused on the energy transition

Lime Rock New Energy

At a glance

Latest fundLime Rock New Energy Fund II, $640M (Apr 2026) S5
Check size$30M to $90M S6
Deal typesPlatform, Growth S1
GeographyNorth America S2
SectorsConstruction Services, Industrial & Manufacturing

What Lime Rock New Energy buys

Lime Rock New Energy backs only energy transition companies: renewable power and the grid, energy efficiency, and cleaner transportation. It wants proven, profitable businesses and says it is neither a venture nor a project finance investor. Its focus is North America, plus global companies committed to that market. Founders often stay and keep a real stake, as at Hawk Line Construction, a Missouri utility contractor, and Boulder Imaging, a Colorado machine vision company. It will also buy outright: in September 2026 it purchased all of Holton Concrete Products in Tennessee to start a low-carbon precast concrete platform.

The firm closed Fund II at $640 million in April 2026. It publishes no revenue or EBITDA range. A 2021 announcement put its investments at $30 million to $90 million, and that range may have moved up with the larger fund. Checks that size point to established companies. A smaller precast producer could meet it as an add-on to HCP Infrastructure, which was formed to hold several acquisitions.

Recent deals

Announced in the 24 months before November 3, 2026.

DateCompanyTypeSectorSource
Sep 2026Holton Concrete ProductsBought 100% from the founders through new precast platform HCP Infrastructure; Aligned Climate Capital took a minority stakePlatformIndustrial & ManufacturingSource
Apr 2026Lime Rock New Energy Fund IIFinal close at $640 million, above its $500 million targetFund closeSource
Apr 2026Boulder ImagingMachine vision maker for wind farms and factories; founder and president kept meaningful ownershipGrowthIndustrial & ManufacturingSource
January 2026Iconic Power SystemsCalgary grid infrastructure contractor doing substation and power line work across CanadaInvestmentConstruction ServicesSource
Nov 2025Hawk Line ConstructionMissouri electric utility contractor; the two co-owners kept significant ownership and the team stayedGrowthConstruction ServicesSource
Jan 2025Electric Power EngineersFully realized its December 2021 investment when Berkshire Partners invested in the power engineering firmExitSource

Portfolio by sector

From the firm's portfolio page S3.

Active

  • HCP Infrastructure
  • Boulder Imaging
  • Iconic Power Systems
  • Hawk Line Construction
  • GroundWork Renewables
  • Power TakeOff
  • Aperia Technologies

Past investments: Electric Power Engineers, Smart Wires, Qmerit

Greymont’s take

How Lime Rock New Energy fits a seller

Lime Rock New Energy suits owners of profitable companies that serve utilities and the power grid, or that cut energy use or emissions, and that can show a clear environmental benefit. Recent deals point to two very different outcomes. At Hawk Line and Boulder Imaging the owners kept meaningful stakes and stayed in charge. At Holton Concrete the founders sold everything and handed over the business.

Because the firm calls itself control-oriented, an owner should ask early how much of the company it wants and who decides on future add-ons. Holding periods have varied: Electric Power Engineers was held for about three years and Qmerit for little more than one. An owner keeping a stake should ask how long this fund expects to hold and what the next sale might look like.

Questions owners ask

Does Lime Rock New Energy invest in electric utility contractors?

Yes. It backed Hawk Line Construction, a Missouri distribution line contractor, in November 2025 and Iconic Power Systems, a Calgary substation and power line contractor, in January 2026. Both sit within its grid modernization focus.

How much does Lime Rock New Energy invest?

A 2021 announcement put its investments at $30 million to $90 million. That was for its first fund. Fund II closed at $640 million in April 2026, and the firm has not published an updated range.

Do owners keep a stake after Lime Rock New Energy invests?

Often, but not always. Hawk Line's co-owners, Boulder Imaging's founder and GroundWork's founder all kept significant ownership and stayed in their roles. The founders of Holton Concrete Products sold 100% of their company in September 2026.

Is Lime Rock New Energy connected to the wider Lime Rock business?

It runs its own team and its own funds for energy transition companies. Its 2021 fund announcement said the team draws on the wider Lime Rock Management platform, and its website names Lime Rock Management LP as the SEC-registered adviser.

Sources

  1. S1Lime Rock New Energy home page Accessed November 3, 2026
  2. S2Lime Rock New Energy: Our Focus Accessed November 3, 2026
  3. S3Lime Rock New Energy: Portfolio Accessed November 3, 2026
  4. S4Lime Rock New Energy: Contact Accessed November 3, 2026
  5. S5Lime Rock New Energy Closes Fund II at $640 Million of Committed Capital (April 22, 2026) Accessed November 3, 2026
  6. S6Lime Rock New Energy Announces Final Close of Debut Fund (November 30, 2021) Accessed November 3, 2026
  7. S7Hawk Line Construction Announces Growth Investment from Lime Rock New Energy (November 18, 2025) Accessed November 3, 2026
  8. S8Boulder Imaging Receives Growth Investment from Lime Rock New Energy (April 8, 2026) Accessed November 3, 2026
  9. S9Lime Rock New Energy's HCP Infrastructure Acquires Holton Concrete Products (September 16, 2026) Accessed November 3, 2026
  10. S10Lime Rock New Energy: HCP Infrastructure Accessed November 3, 2026
  11. S11Lime Rock New Energy: Iconic Power Systems Accessed November 3, 2026
  12. S12Electric Power Engineers Receives Strategic Growth Investment From Berkshire Partners (January 7, 2025) Accessed November 3, 2026
  13. S13Lime Rock New Energy: Electric Power Engineers Accessed November 3, 2026
  14. S14Lime Rock New Energy: Qmerit Accessed November 3, 2026
  15. S15Lime Rock New Energy Partners with GroundWork Renewables (April 16, 2024) Accessed November 3, 2026
  16. S16Lime Rock New Energy: Disclosure Accessed November 3, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Lime Rock New Energy. Figures are as reported on the dates shown and may have changed. Request a correction

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