What Greenstone Capital does

Greenstone Capital is a Scottsdale, Arizona-based private advisory and project development firm founded in the late 1990s by Derek Fromm, a former UBS executive and BP M&A director with prior Shell experience. The firm operates with a small team (1-10 employees) across four integrated service lines: M&A advisory, capital raising and financing advisory, project finance advisory, and pure-play infrastructure project development, with a thematic specialization in energy infrastructure spanning solar PV, hydrogen, LNG, and alternative fuels.

The firm's product surface combines traditional fee-based advisory with direct project development and co-investment activity. Its project development arm — exemplified by the Mysterious Island 100MW+ hydrogen initiative and the Greenstone Clean Fuels platform — moves Greenstone beyond pure intermediation into principal deployment of capital and management of energy assets. The firm has established technical and regulatory partnerships with Lloyd's Register (LNG marine fuel), HawaiiGas (LNG infrastructure), and ASU LightWorks (energy R&D), and has begun cross-border capital deployment via co-investment in Bacancy Systems in India.

Greenstone monetizes through four distinct revenue mechanics: M&A advisory fees on closed transactions, capital raising and financing advisory fees, professional services fees on project finance mandates, and direct economic exposure from project development and co-investment capital. Its served client base spans regulated utilities, airports, aerospace companies, media, renewable developers, and hydrogen developers, with a relationship-driven go-to-market anchored by the founder's institutional network.

Name

Greenstone Capital

Legal name

Greenstone Capital Group, Inc.

Website

https://greenstonecap.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Greenstone Capital is a Scottsdale-based private advisory and project development firm providing M&A, capital raising, project finance, and direct infrastructure development services to energy, utility, and industrial clients.

Ownership category

akta.pro rank

Product category

Investment Banking & Advisory Services

NAICS

Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Capital Planning, Portfolio Prioritization & Funding (EUANALAB)

Keywords

• Investment banking advisory
• Mergers and acquisitions
• Project finance advisory
• Renewable energy development
• Capital raising services

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. M&A Advisory Fees: Fees from sell-side and buy-side advisory roles in mergers and acquisitions transactions across regulated industries, infrastructure, airports, aerospace, and media services sectors.
2. Capital Raising & Financing Advisory: Advisory fees for arranging private offerings of equity and debt securities relating to acquisition financing and energy project funding.
3. Project Finance Advisory: Fees for project finance structuring, tax equity financial modeling, and advisory on energy transition and special situations including valuation of gas-fired and renewable energy generation projects.
4. Infrastructure Project Development: Pure-play infrastructure project development business generating returns through development and ownership of renewable energy, green hydrogen, and alternative fuels projects.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Greenstone Capital is an investment banking and corporate advisory firm delivering M&A advisory, capital raising, project finance structuring, and energy transition advisory services to clients in regulated industries including water/wastewater utilities, independent power producers, airports, aerospace, and media services. Alongside advisory, the firm operates a pure-play infrastructure project development business owning and developing utility-scale solar PV, battery storage, green hydrogen, underground hydrogen storage (salt dome), and LNG marine fuel infrastructure projects across the U.S. Southwest, Gulf of Mexico, and Pacific regions.

Product overview

Greenstone Capital is an advisory and project development firm that operates as a single integrated offering rather than a platform-plus-modules architecture. The company provides two interconnected service lines: (1) M&A and capital advisory services including sell-side and buy-side advisory, capital raising, project finance modeling, and energy transition advisory for regulated industries including water utilities, energy transition, and alternative energy/fuels sectors; and (2) pure-play infrastructure project development covering utility-scale Solar PV with battery storage, water-electrolytic hydrogen, underground hydrogen storage (salt domes), and LNG marine fuel infrastructure across the U.S. Southwest, Gulf of Mexico, and Pacific regions.

Differentiator

Problem solved

Functional benefit

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• HawaiiGas (Macquarie portfolio company)coreStrategic or Co-development Partner · 1 January 2016From 2016-2019, worked alongside HawaiiGas to establish an end-to-end marine infrastructure for natural gas delivery via VLGC, FSU, and shuttle/bunker vessels, structured under long-term gas supply agreements and chartering arrangements.
• Lloyd's RegistercoreStrategic or Co-development Partner · 1 January 2014Starting in 2014, Greenstone professionals collaborated with Lloyd's Register to lay the foundation for use of LNG-as-a-marine-fuel in the United States, including coastal transport and bunkering infrastructure. Developed financial modeling tools to assist major vessel operators and owners.
• ASU LightWorksminorStrategic or Co-development PartnerBill Brandt, Greenstone advisor, directs ASU LightWorks accelerator programs focused on strategic collaborations and technology related to the energy/water/food nexus.
• U.S. Department of Energy (DOE)minorStrategic or Co-development PartnerBill Brandt led business development for the DOE's Regional Algae Testbed 'ATP3', demonstrating collaboration on energy research and development initiatives.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Houlihan Lokey: Larger global investment bank with established energy and infrastructure practices. Comparable in providing M&A advisory and capital raising services to regulated utilities and infrastructure clients, though it operates at materially greater scale and breadth.
• Piper Sandler: Mid-market investment bank with strong energy and power practice. Comparable in serving utility and energy transition clients with M&A advisory and capital raising, including renewable developers and infrastructure.
• Rothschild & Co: Independent global advisory firm with a dedicated power, utilities and infrastructure practice. Comparable in providing M&A and financing advisory to regulated utilities and energy infrastructure clients, though at significantly larger scale and global footprint.
• Lazard: Global investment bank with established energy transition and power, utilities & infrastructure practices. Comparable in advising regulated utilities and energy clients on M&A and capital markets transactions, with comparable advisory expertise though materially larger scale.
• Evercore: Independent investment banking advisory firm with strong energy and infrastructure M&A practices. Comparable as a higher-end advisor serving regulated utilities and energy developers, though at significantly greater scale than Greenstone.

Direct peers

• Marathon Capital: Boutique investment bank exclusively focused on the clean energy, renewable power, and sustainability sectors. Closely comparable to Greenstone in providing M&A advisory and capital raising services to energy transition clients, with a similarly specialized boutique positioning.
• KeyBanc Capital Markets: Mid-market investment bank with a dedicated energy and utilities practice including renewables. Comparable in providing M&A advisory, debt and equity capital raising for regulated utilities, IPPs, and renewable energy developers.
• CohnReznick Capital (now Point Capital): Specialty investment bank focused on renewable energy and clean technology. Comparable as a smaller specialized advisor providing capital raising and M&A services to clean energy and infrastructure developers.
• Nomura Greentech: Investment banking arm of Nomura focused on clean energy, sustainability, and infrastructure. Directly comparable as a specialist advisory firm serving renewable energy and hydrogen developers with M&A and capital raising services.

Others

• Greenberg Traurig (Energy & Infrastructure Practice): Global law firm with deep energy and infrastructure practice serving similar developer and utility clients. Comparable as a professional service provider to renewable energy developers and infrastructure investors on transactions, though legal rather than financial advisory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenstone Capital