The renewable natural gas (RNG) industry in the US is centered around generating clean energy from organic waste materials such as landfill gas, agricultural residues, and wastewater. Companies involved range from innovative startups working on gasification technologies to established energy firms committing to sustainability. With increasing regulatory support and investments aimed at reducing carbon footprints, this sector is gaining momentum. According to the EPA, RNG can significantly reduce greenhouse gas emissions, effectively transforming waste into a valuable energy resource. As technology advances and more facilities get developed, the RNG market is set to expand rapidly, contributing to a greener energy future.

The list highlights 14 prominent US investors in the renewable natural gas sector, including a mix of venture capital firms, private equity, and corporate entities. Headquartered across major cities like New York, California, and Texas, these investors range in size, with many employing over a thousand professionals. Established between 1966 and 2023, they collectively backed 1,256 deals in 2024, indicating robust engagement in the clean energy space. Noteworthy entities include Goldman Sachs and Breakthrough Energy, showcasing varied investment strategies and levels of investment involvement in the evolving RNG landscape.

Top 14 Renewable Natural Gas Investors in the US

1. 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. Their investment strategy includes funding businesses and organizations in the clean energy sector. Notably, they led a $33 million Series A funding round for Sierra Energy, which is focused on developing FastOx® gasification technology, a process that can convert waste into renewable natural gas. Additionally, they have invested in C-Zero, a startup that is commercializing a new approach to producing hydrogen, which may have implications for renewable energy applications. These transactions highlight Breakthrough Energy's active role in supporting technologies that align with the goals of renewable natural gas production.

2. 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., the IFC provides investment, advisory, and asset management services to businesses and financial institutions, facilitating access to capital and expertise to promote economic growth. The IFC operates in over 100 countries, addressing poverty challenges and promoting sustainable development. In recent years, the IFC has been involved in several significant transactions within the energy sector, including a $551 million post-IPO debt raise for Engie, a $210 million debt financing for Eni, and a $186 million post-IPO debt for Iberdrola. Additionally, the IFC contributed to a funding round for Seven Energy, which is focused on developing its gas business in Nigeria. These transactions highlight the IFC's engagement with major energy players and its potential interest in supporting renewable natural gas initiatives.

3. 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, specializing in funding and supporting deep tech startups through its development programs. With a global reach, SOSV connects innovative companies with investors, providing not only venture capital investment but also resources to help startups grow and succeed. In recent years, SOSV has been involved in several seed rounds for companies like Renewell Energy, which raised funds in 2022, 2023, and 2024, indicating a strong interest in renewable energy solutions. Additionally, they have invested in other startups like Carbonade and Hidrogenics, further showcasing their commitment to supporting technologies that can impact climate change and energy sustainability.

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 been involved in several transactions that support renewable energy initiatives. Notably, it provided a grant of $200,000 to Carbonaxion Bioénergies in September 2023, which focuses on renewable energy solutions. Additionally, it granted $135,250 to Mega Gas in February 2022 and $5 million to Novus Earth in June 2022, both of which are relevant to the renewable energy sector. Furthermore, the Government announced $25.45 million in funding for the Greenview Geothermal Power Project in Alberta, led by Terrapin Geothermics, showcasing its commitment to clean energy projects. These transactions highlight the Government of Canada's role in promoting and supporting renewable energy, including renewable natural gas initiatives.

5. 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 specializing in oil and natural gas exploration, production, and distribution. Founded in 1999 and based in Houston, Texas, Chevron operates globally, focusing on sustainable practices to meet the world's energy demands. In recent years, Chevron has expanded its portfolio to include renewable energy solutions and carbon capture technologies. Notably, Chevron acquired Renewable Energy Group in February 2022 for $3.15 billion, enhancing its capabilities in the renewable fuels sector. Furthermore, Chevron has participated in funding rounds for Raven SR, a renewable fuels company, demonstrating its commitment to investing in renewable natural gas technologies. These strategic moves reflect Chevron's efforts to diversify its energy offerings and invest in sustainable energy solutions, positioning itself as a player in the renewable natural gas industry.

6. MassVentures

• Website: mass-ventures.com
• Type: Venture Capital
• Headquarters: Waltham, Massachusetts, United States (USA)
• Founded year: 1978
• Headcount: 1-10
• Number of deals in 2024: 28
• LinkedIn: massventures

MassVentures is a venture studio based in Waltham, Massachusetts, founded in 1978. It supports early-stage companies, particularly those focused on deep tech innovation, by offering a range of funding options, including venture capital and grants, as well as business guidance and accelerator programs. In recent transactions, MassVentures has invested in companies like River Otter Renewables, which raised $75,000 in a grant, indicating their support for renewable natural gas initiatives. Additionally, they have provided funding to Emvolon and Eden, showcasing their commitment to fostering innovation in various sectors, including renewable energy.

7. 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 based in New York, New York, founded in 1998. It provides a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In recent years, Goldman Sachs has been involved in several significant transactions within the renewable energy sector. Notably, they participated in a $150 million funding round for Bloom Energy, a company specializing in fuel cell technology, which is relevant to clean energy initiatives. Additionally, Goldman Sachs has made multiple investments in ReNew Power, a leading renewable energy company in India, contributing $50 million in one round and participating in other funding rounds totaling over $400 million. These transactions highlight Goldman Sachs' engagement in the clean energy space, aligning with the goals of renewable natural gas development.

8. Deep Tech Fund (an Alumni Ventures Fund)

• Website: av.vc
• Type: Venture Capital
• Headquarters: Manchester, New Hampshire, United States (USA)
• Founded year: 2023
• Headcount: 51-200
• Number of deals in 2024: 258
• LinkedIn: deep-tech-fund-av-focused-fund

The Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has been involved in several notable transactions, including investments in Bloom Energy, which raised significant funding for clean energy solutions, and Carbo Culture, which focuses on carbon dioxide removal technologies. These investments reflect the fund's engagement in sectors that contribute to sustainability and renewable energy, aligning with the goals of the renewable natural gas industry.

9. Blackstone

• Website: blackstone.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1985
• Headcount: 1001-5000
• Number of deals in 2024: 57
• LinkedIn: blackstonegroup

Blackstone Inc. is a leading investment management firm based in New York, specializing in alternative investments. Founded in 1985, the firm offers a diverse range of services, including private equity, real estate, and credit solutions to both institutional and individual investors. Blackstone is known for its strategic approach to building strong businesses and delivering lasting value through its extensive portfolio. Notably, Blackstone has made significant investments in the renewable energy sector, including a follow-on equity investment of $1 billion in Invenergy, which brings its total investment in Invenergy's renewables business to nearly $4 billion. This investment underscores Blackstone's commitment to supporting the expansion of renewable energy initiatives. Additionally, Blackstone's involvement with companies like Tallgrass Energy further highlights its engagement in the energy sector, which may include renewable natural gas projects.

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 investment firm based in New York, founded in 2010. The firm focuses on backing innovative companies across various sectors, including renewable energy, consumer goods, and health technology. They provide financial support and strategic guidance to entrepreneurs and startups aiming to create positive societal and environmental impacts. Notably, Collaborative Fund has participated in significant transactions such as Amogy, which raised $3.1 million in a seed round to develop ammonia-based renewable energy solutions, and Quaise Energy, a geothermal startup that raised $40 million in a Series A round, showcasing their commitment to advancing sustainable energy technologies. Their investment strategy is centered around identifying businesses that align with their mission of pushing the world forward, making them a relevant player in the renewable energy landscape.

11. 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 founded in 2004, based in Menlo Park, California. The firm specializes in providing funding and strategic guidance to startups across various sectors, including technology, healthcare, and sustainability. Notably, Khosla Ventures has been involved in multiple funding rounds for Gevo, a company that focuses on renewable fuels, including renewable natural gas. Their investments in Gevo span several years, with significant funding rounds such as $2.5 million in Series A (2007), $17 million in Series C (2008), and $40 million in a venture round (2009). These transactions highlight Khosla Ventures' active role in supporting companies that are innovating in the renewable energy space, particularly in the context of sustainable fuel alternatives.

12. IndieBio

• Website: indiebio.co
• Type: Venture Capital
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 76
• LinkedIn: indiebio

IndieBio is a venture capital firm based in San Francisco, California, founded in 2015. It specializes in biotechnology and supports startups by providing investment, mentorship, and networking opportunities to help them develop innovative solutions across various sectors, including climate and food. In 2023, IndieBio participated in a seed round for Carbonade, a company that may be involved in carbon management or renewable energy solutions. Additionally, they have invested in Khepra, which has raised funds in multiple rounds, and NitroFix, both of which could potentially align with renewable energy initiatives. IndieBio's focus on biotechnology and climate solutions positions them as a potential player in the renewable natural gas space, as they support innovations that could lead to advancements in sustainable energy.

13. 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 specializing in alternative assets and retirement solutions. Founded in 1990 and based in New York, the firm manages a diverse portfolio of investments across credit, private equity, and real assets, serving institutional investors, corporations, and individual clients seeking financial security and growth. Notably, Apollo has been active in the renewable natural gas sector, having recently acquired a majority interest in Freedom CNG, a Texas-based operator of compressed natural gas and renewable natural gas fueling infrastructure. This acquisition reflects Apollo's commitment to investing in innovative energy solutions. Additionally, their involvement with New Fortress Energy, which focuses on natural gas infrastructure, further demonstrates their engagement in the energy sector, including renewable natural gas initiatives.

14. 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. They specialize 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 that develop innovative solutions in sustainability, climate, and health. Notably, Hax has been involved in several transactions relevant to the renewable natural gas sector, including multiple seed rounds for Renewell Energy, which raised funds in 2022, 2023, and 2024. This indicates Hax's active role in fostering companies that contribute to renewable energy solutions. Additionally, their investment in Hidrogenics and XFuel further demonstrates their engagement with technologies that may intersect with renewable natural gas applications.

Renewable Natural Gas Insights: Key Investors in the US

Investor	Headquarter	Size	Founded	Deals 2024
Breakthrough Energy	Kirkland, Washington, United States (USA)	51-200	2015	38
IFC - International Finance Corporation	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1956	107
Sosv	United States (USA)	51-200	1995	170
Government of Canada	Canada, Kentucky, United States (USA)	10001+	1999	137
Chevron	Houston, Texas, United States (USA)	10001+	1999	16
MassVentures	Waltham, Massachusetts, United States (USA)	1-10	1978	28
Goldman Sachs	New York, New York, United States (USA)	10001+	1998	59
Deep Tech Fund (an Alumni Ventures Fund)	Manchester, New Hampshire, United States (USA)	51-200	2023	258
Blackstone	New York, New York, United States (USA)	1001-5000	1985	57
Collaborative Fund	New York, New York, United States (USA)	11-50	2010	29
Khosla Ventures	Menlo Park, California, United States (USA)	51-200	2004	97
IndieBio	San Francisco, California, United States (USA)	1-10	2015	76
Apollo Global Management, Inc.	New York, New York, United States (USA)	1001-5000	1990	46
Hax	San Francisco, California, United States (USA)	11-50	2012	55

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