The industrial gases industry in the US focuses on the production and distribution of gases like oxygen, nitrogen, and hydrogen. Companies range from large corporations to innovative startups, each offering applications in manufacturing, healthcare, and energy. In recent years, the industry has been shifting towards sustainability, driven by the growing demand for cleaner energy solutions and environmental regulations. Notably, hydrogen’s role in decarbonization has spurred investments aimed at cutting emissions. As technology advances, the sector is expected to evolve further, with innovations improving efficiency and reducing costs, making it a dynamic field for investors.

Our list features a variety of 13 investors engaged in the industrial gases sector, including venture capital, private equity, and corporate firms. They are headquartered across major US cities like New York, Houston, and Washington, D.C. Ranging from established firms like Chevron with over 10,000 employees to smaller funds such as Collaborative Fund, they collectively made 498 deals in 2024, highlighting a significant commitment to the energy transition within this industry. From public entities to private equity players, these investors reflect a broad array of interests and strategies in advancing industrial gases technologies.

Top 13 Industrial Gases Investors in the US

1. Chevron

• Website: chevron.com
• Type: Corporate
• Headquarters: Houston, Texas, United States (USA)
• Founded year: 1999
• Headcount: 10001+
• Number of deals in 2024: 16
• LinkedIn: chevron

Chevron Corporation is an energy company based in Houston, Texas, specializing in oil and natural gas exploration, production, and distribution. Founded in 1999, Chevron operates globally and is committed to sustainable practices to meet the world's energy demands. In addition to their core business, Chevron has been actively investing in renewable energy solutions and carbon capture technologies. Notably, Chevron led a $150 million Series C funding round for Carbon Clean Solutions, a company focused on industrial decarbonization on a gigatonne scale. They have also invested in Aurora Hydrogen, which raised $10 million in Series A funding, indicating Chevron's interest in hydrogen production, a key area within the industrial gases sector. Furthermore, Chevron's investment in Syzygy Plasmonics, which raised $76 million in Series C, highlights their commitment to innovative technologies that can impact the industrial gases landscape.

2. Sosv

• Website: sosv.com
• Type: Venture Capital
• Headquarters: United States (USA)
• Founded year: 1995
• Headcount: 51-200
• Number of deals in 2024: 170
• LinkedIn: sosv

SOSV is a venture capital firm founded in 1995, based in the United States, that specializes in funding and supporting deep tech startups through its development programs. The firm provides venture capital investment and resources to help startups in various sectors, including health and climate technology, grow and succeed. Notably, Sosv has been involved in several transactions relevant to the industrial gases sector, such as investments in DiviGas, which raised funds in both a Seed Round and a Convertible Note, and Hidrogenics, which also secured funding in a Seed Round. These transactions highlight Sosv's engagement with companies that are directly linked to the industrial gases industry, showcasing its potential relevance in this category.

3. Breakthrough Energy

• Website: breakthroughenergy.org
• Type: Venture Capital
• Headquarters: Kirkland, Washington, United States (USA)
• Founded year: 2015
• Headcount: 51-200
• Number of deals in 2024: 38
• LinkedIn: breakthrough-energy-ventures

Breakthrough Energy is a not-for-profit organization founded in 2015, based in Kirkland, Washington, dedicated to accelerating the transition to a net-zero economy. They support innovative technologies and advocate for policies that promote clean energy solutions. Notably, Breakthrough Energy Ventures has led significant funding rounds for companies like C-Zero, which is commercializing a new approach to hydrogen production, and Sierra Energy, which is developing FastOx® gasification technology. These investments highlight their commitment to advancing technologies that are crucial for the industrial gases sector, particularly in the context of hydrogen production and gasification processes. In 2024 alone, they made 38 investments, showcasing their active role in the clean energy landscape, which includes industrial gases.

4. Government of Canada

• Website: canada.ca
• Type: Corporate
• Headquarters: Canada, Kentucky, United States (USA)
• Founded year: 1999
• Headcount: 10001+
• Number of deals in 2024: 137
• LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In recent years, the Government of Canada has made significant investments in the industrial gases sector, particularly in green hydrogen technology. For instance, in February 2024, it invested $2,547,500 in Quantum Technology Corporation to scale up production of its green hydrogen technology, which is expected to create over 20 new jobs. Additionally, it provided a grant of $3,000,000 to Aurora Hydrogen in July 2024, further demonstrating its commitment to supporting innovations in the industrial gases field. Other notable investments include grants to Westgen Technologies and Boreal Laser, which also align with the goals of advancing industrial gas technologies.

5. Kkr

• Website: kkr.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1976
• Headcount: 1001-5000
• Number of deals in 2024: 74
• LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR has established itself as a global leader in asset management, providing tailored investment solutions to institutional and individual clients. Among their notable transactions, KKR acquired A-Gas in June 2017, a company that plays a significant role in the industrial gases market by managing refrigerants and other gases. Furthermore, KKR's acquisition of a 42% stake in Port Arthur LNG through Sempra Infrastructure in September 2023 highlights their strategic investment in the natural gas sector, which is closely linked to industrial gases. These transactions demonstrate KKR's active engagement in the industrial gases industry, alongside their broader investment portfolio.

6. IFC - International Finance Corporation

• Website: ifc.org
• Type: Venture Capital
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1956
• Headcount: 1001-5000
• Number of deals in 2024: 107
• LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, dedicated to fostering private sector development in emerging markets. Based in Washington, D.C., IFC provides investment, advisory, and asset management services to businesses and financial institutions, helping them access capital and expertise to promote economic growth. IFC operates in over 100 countries, addressing poverty and promoting sustainable development. Notably, IFC has been involved in several transactions relevant to the industrial gases sector, including a $255 million funding round for Seven Energy, which aims to enhance its gas business in Nigeria. Additionally, IFC participated in debt financing for Engie Energia Chile, which raised $400 million, and Eni, which secured $210 million, both of which are significant players in the energy and gas markets. These transactions highlight IFC's engagement in the industrial gases industry, reinforcing its role as an investor in this sector.

7. Apollo Global Management, Inc.

• Website: apollo.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1990
• Headcount: 1001-5000
• Number of deals in 2024: 46
• LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm based in New York, specializing in alternative assets and retirement solutions. Founded in 1990, the firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Recently, Apollo has made significant strides in the industrial gases sector, acquiring a majority interest in Composite Advanced Technologies, Inc. (CATEC), a manufacturer focused on hydrogen and compressed natural gas solutions, to support the energy transition. Additionally, they acquired Freedom CNG, a Texas-based operator of compressed natural gas and renewable natural gas fueling infrastructure. These investments reflect Apollo's strategic focus on enhancing capabilities in the growing market for low-carbon fuel solutions, aligning with their broader investment strategy aimed at empowering retirees and providing innovative capital solutions.

8. Goldman Sachs

• Website: goldmansachs.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1998
• Headcount: 10001+
• Number of deals in 2024: 59
• LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm founded in 1998, headquartered in New York, New York. With a workforce exceeding 10,000 employees, Goldman Sachs provides a comprehensive range of services, including investment banking, asset management, and wealth management. The firm serves a diverse clientele, including corporations, financial institutions, and individuals, helping them navigate complex financial challenges and achieve their financial goals. In recent years, Goldman Sachs has been involved in several significant transactions relevant to the industrial gases sector. For instance, in April 2023, Goldman Sachs participated in a $2.97 billion post-IPO debt raise for Sasol, a company that operates in the chemicals and energy sector, which includes industrial gases. Additionally, Goldman Sachs was part of a funding round for Bloom Energy, a manufacturer of fuel cells, which raised $150 million in venture capital. These transactions highlight Goldman Sachs' active role in the industrial gases industry, alongside its broader investment strategy.

9. Honeywell

• Website: honeywell.com
• Type: Corporate
• Headquarters: Charlotte, North Carolina, United States (USA)
• Founded year: 2017
• Headcount: 10001+
• Number of deals in 2024: 7
• LinkedIn: honeywell

Honeywell International Inc. is a technology company based in Charlotte, North Carolina, that provides innovative solutions across various sectors including aerospace, building automation, and energy. Founded in 2017, Honeywell has a workforce of over 10,000 employees and is known for enhancing operational efficiency and sustainability through advanced technologies and services. In the context of industrial gases, Honeywell has made several strategic acquisitions that bolster its position in this market. For instance, the acquisition of RMG Group for approximately $400 million in 2009 allowed Honeywell to enhance its offerings in natural gas measuring and control products, integrating these capabilities into Honeywell Process Solutions. Additionally, the acquisition of Honeywell Gas Technologies further solidified its presence in the industrial gases sector. These transactions highlight Honeywell's active role in the industrial gases industry, alongside its broader technological pursuits.

10. Collaborative Fund

• Website: collabfund.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 2010
• Headcount: 11-50
• Number of deals in 2024: 29
• LinkedIn: collaborative-fund

Collaborative Fund is a venture capital firm based in New York, founded in 2010, that focuses on backing innovative companies across various sectors, including renewable energy, consumer goods, and health technology. They aim to provide financial support and strategic guidance to entrepreneurs and startups that create positive societal and environmental impacts. Notably, they participated in the seed funding round for Osmoses, a startup developing molecule-scale membranes for the hydrogen market, which is directly relevant to the industrial gases industry. Additionally, they have invested in other startups like Ammobia and Amogy, which may also have applications in energy and industrial processes. Their investment strategy is centered around identifying businesses that align with their mission of pushing the world forward, which may include companies in the industrial gases sector, particularly those innovating in hydrogen and related technologies.

11. Hax

• Website: hax.co
• Type: Venture Capital
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 2012
• Headcount: 11-50
• Number of deals in 2024: 55
• LinkedIn: hax

Hax is a venture capital firm and startup incubator based in San Francisco, California, founded in 2012. The firm specializes in supporting hard tech startups by providing funding, engineering support, and access to manufacturing resources. Hax aims to accelerate the growth of early-stage companies through a collaborative environment and extensive networks. Notably, Hax has been involved in several transactions relevant to the industrial gases sector, including investments in DiviGas, which raised funds through multiple rounds, including a Seed Round and Convertible Notes. This involvement highlights Hax's interest in innovative gas solutions, positioning them as a player in the industrial gases industry. Additionally, their investment in Hidrogenics, a company focused on hydrogen technologies, further emphasizes their commitment to advancing sustainable energy solutions within the industrial gases context.

12. Khosla Ventures

• Website: khoslaventures.com
• Type: Venture Capital
• Headquarters: Menlo Park, California, United States (USA)
• Founded year: 2004
• Headcount: 51-200
• Number of deals in 2024: 97
• LinkedIn: khosla-ventures

Khosla Ventures is a venture capital firm based in Menlo Park, California, founded in 2004. The firm specializes in providing funding and venture assistance to startups, particularly in technology, healthcare, and sustainability sectors. Khosla Ventures supports entrepreneurs with resources and strategic guidance to help them navigate the challenges of building their businesses. Notably, Khosla Ventures has been involved in multiple funding rounds for Gevo, a company focused on renewable energy and biofuels, which has implications for the industrial gases industry. Their investments in Gevo include several rounds from Series A to Series D, indicating a sustained interest in the company's potential to innovate within the energy sector, which is closely related to industrial gases.

13. The Carlyle Group

• Website: carlyle.com
• Type: Private Equity
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1987
• Headcount: 1001-5000
• Number of deals in 2024: 25
• LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on providing tailored investment solutions to institutional investors, Carlyle has built a diverse portfolio. Notably, they have made significant acquisitions in sectors related to industrial gases, including ENVEA, which specializes in environmental monitoring solutions, and Nobian, a major player in chemical production. These transactions highlight Carlyle's strategic interest in industries that intersect with industrial gases, showcasing their capability to drive long-term value in this sector.

Industrial Gases Insights: Key Investors in the US

Investor	Headquarter	Size	Founded	Deals 2024
Chevron	Houston, Texas, United States (USA)	10001+	1999	16
Sosv	United States (USA)	51-200	1995	170
Breakthrough Energy	Kirkland, Washington, United States (USA)	51-200	2015	38
Government of Canada	Canada, Kentucky, United States (USA)	10001+	1999	137
Kkr	New York, New York, United States (USA)	1001-5000	1976	74
IFC - International Finance Corporation	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1956	107
Apollo Global Management, Inc.	New York, New York, United States (USA)	1001-5000	1990	46
Goldman Sachs	New York, New York, United States (USA)	10001+	1998	59
Honeywell	Charlotte, North Carolina, United States (USA)	10001+	2017	7
Collaborative Fund	New York, New York, United States (USA)	11-50	2010	29
Hax	San Francisco, California, United States (USA)	11-50	2012	55
Khosla Ventures	Menlo Park, California, United States (USA)	51-200	2004	97
The Carlyle Group	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1987	25

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