Canada-based financial services firm Canaccord Genuity announced the acquisition of energy transition-focused investment banking firm Carbon Reduction Capital, LLC (CRC-IB), which will form the basis of a new Energy Transformation group within Canaccord’s U.S. Sustainability practice.

Founded in 2008, New York-based CRC-IB provides services including M&A, project finance and capital raising in the U.S. across the renewable energy spectrum, in areas including wind, solar, storage, carbon capture and other energy transition segments. To date, the firm has executed approximately 415 transactions with an aggregate value of approximately $91 billion.

Jeff Barlow, CEO of Canaccord Genuity LLC (U.S.), said:

“Our acquisition of CRC-IB builds on the strong momentum within our advisory franchise and reinforces our strategy of focusing on our core strengths, anchored in advisory and capital raising across high-growth sectors. It also accelerates our sustainability ambitions by leveraging deep sector expertise and unlocking new opportunities to increase our market share in the U.S. and globally.”

Following the acquisition, CRC-IB partners Conor McKenna, Nick Knapp, Britta von Oesen, and Gary Durden will serve as Co-Heads of Canaccord Genuity’s newly formed Energy Transformation group within its U.S. Sustainability – Energy and Industrial Transformation investment banking platform, with the new team focused on delivering M&A, project finance, capital raising, and strategic advisory services to public and private companies and financial sponsors across the renewable energy, commercial, and industrial sectors.

McKenna said:

“Joining Canaccord Genuity marks a significant milestone for CRC-IB, enhancing our ability to serve a growing base of domestic and international clients through a fully independent structure with international reach, allowing us to deliver expanded opportunities for our clients. Equally important, both organizations share a strong cultural alignment and a complementary vision for long-term growth.”