Trace Midstream enlists partner to pursue NorAm CCS
SUMMARY
Partnership extends Trace Midstream's work with Quantum Energy Partners.
By Dale LunanPOSTED IN:
Trace Midstream said September 27 it had secured a $400mn equity commitment from Quantum Energy Partners to form Trace Midstream Partners II and its affiliate, Trace Carbon Solutions (Trace II).
Headquartered in Houston, Trace II will be focused on developing carbon capture and storage (CCS) assets and supporting midstream infrastructure across North America. It will be headed by CEO Josh Weber and industry veteran David Dell’Osso as COO.
Trace Midstream was formed with an initial equity contribution of $200mn from Quantum, a global provider of private equity capital to the energy industry. Its investment in Trace II continues that support, Weber said.
“We are excited to continue our partnership with Quantum as we pursue the development of CCS assets and the midstream infrastructure required to service these projects,” he said. “With the addition of David and a dedicated subsurface team, we have assembled the in-house expertise required to develop, construct, and operate projects across the CCS value chain.”
