Newly Formed Integrated Retail Energy, DER Provider Enters Agreement To Acquire Retail Energy Supplier

December 1, 2020

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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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U.S. Energy Partners LLC (USEP) has entered into a transaction under which Catalyst Power REPCo LLC (Catalyst Power REPCo) will acquire 100 percent of the limited liability company interests in U.S. Energy Partners LLC from Robert Kreppel

Upon closing of the Transaction, USEP will be a wholly-owned subsidiary of Catalyst Power REPCo.

Catalyst Power REPCo LLC is owned by Catalyst Power Holdings LLC, which, as recently reported by EnergyChoiceMatters.com, is a new integrated retail energy and distributed energy solutions provider, which has received an initial equity backing of up to $60 million from the energy-focused private equity fund BP Energy Partners (BPEP) and Catalyst management. Catalyst Power Holdings LLC has previously stated that such funding would allow it to begin purchasing electric and gas retail energy providers (REPs) and fund the development of, "novel, difficult-to-access and highly repeatable energy supply options for underserved middle-market commercial and industrial end-use customers."

Catalyst is led by energy industry entrepreneur Gabriel Phillips, who previously founded and grew GP Energy Management

See more background on Catalyst here

USEP is currently 100 percent directly owned by its single-member, Robert Kreppel. USEP is a competitive retail electricity supplier and natural gas broker operating in the state of New York. USEP provides services primarily to commercial end-users. USEP is authorized to operate as an Energy Services Company (or ESCO) and provider of distributed energy resources (or DERs) in New York

Currently, Catalyst Power REPCo has one wholly-owned subsidiary, Catalyst Power & Gas LLC (Catalyst P&G), a newly-created entity that will provide competitive energy supply options for commercial and industrial end-users as a retail energy provider

Catalyst Power REPCo is 100 percent wholly owned by Catalyst Power Holdings LLC (Catalyst Holdings). Catalyst Holdings also wholly owns Catalyst Power LLC and Catalyst Power AssetCo LLC. Currently, neither Catalyst Power LLC nor Catalyst Power AssetCo LLC has any operations or owns or controls any assets. Catalyst Holdings is 100 percent wholly owned by Catalyst Power E&O LLC (Catalyst E&O), a Delaware limited liability company. Catalyst E&O is a holding company formed to own all of the LLC interests in Catalyst Holdings. Catalyst E&O is, in turn, 99.8 percent directly owned by Catalyst Power Parent LLC (Catalyst Parent), a Delaware limited liability company. Therefore, Catalyst Parent indirectly owns all of the LLC units of Catalyst Holdings.

Catalyst Parent has two direct upstream owners: GP Energy Ventures LLC (GP Energy Ventures) and BP-Catalyst Power Holdings LLC

GP Energy Ventures is a Delaware limited liability company, formed to hold the interests of Mr. Gabriel Phillips in Catalyst Parent and the Catalyst Power Companies. Mr. Phillips owns 100 percent of GP Energy Ventures. GP Energy Ventures owns a minority interest (that is greater than 10 percent) in Catalyst Parent.

BP-Catalyst Holdings, a Delaware limited liability company, is the majority owner of Catalyst Parent and was created to hold the interests of BP Natural Gas Opportunity Partners II, L.P. (BP NGOP II) in Catalyst Parent and the Catalyst Power Companies. BP-Catalyst Holdings is wholly owned by BP NGOP II.

BP NGOP II is organized in Delaware as a limited partnership. BP NGOP II is an investment fund advised by BP Capital Energy Advisors, LLC, a registered investment advisor, which is owned by BP Energy Partners LLC (BP Energy Partners), a middle market private equity firm focused on the energy industry.

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