Ex-GE execs launch clean energy private equity firm

New World Capital's founding principal, Lou Schick, was a senior scientist at GE's global research division.

A group of former General Electric executives have founded a clean energy-focused private equity firm, New World Capital, “to profit in transitioning to a clean economy”, according to a statement.

The firm will invest in middle market companies and related infrastructure projects in the clean energy, energy efficiency, environmental services, waste management, water and sustainable and biodegradable materials fields.

No unproven technologies, no venture investments, no business plans built on a future carbon price

Carter Bales

It will principally invest in the United States but will also consider opportunities in Europe, where it has partnered with Italy-based Ambienta, a private equity firm focused on environmental assets.

New World’s founding principal is Lou Schick, a former senior scientist at GE’s global research division.

Lou Schick

Other founding members include Ali Iz and Everett Smith, also ex-GE executives, as well as former New Jersey treasurer Bradley Abelow and former ING investment banker Bill Hallisey.

Carter Bales, a former director at consultancy McKinsey & Company, is also a founding partner of the firm and will be its chairman.

Bales said in the statement that the firm will “apply the most rigorous tests” to its investments. “No unproven technologies, no venture investments, no business plans built on a future carbon price,” he added.

New World Capital is based in New York.