Huck Capital

Huck Capital acquires and converts legacy power-generation infrastructure—such as retired coal plants, peaker units, and industrial energy sites—into lower-carbon assets. The firm targets control-equity buyouts of middle-market operating businesses and physical assets, then overlays new technologies like battery storage, solar, and renewable gas processing. It focuses on sites that already hold interconnection rights and environmental permits to compress development timelines.

Founder and CEO Steve McBee leads the investment committee. McBee spent over a decade at NRG Energy before launching Huck, and he has built an investment team drawn from power-sector operators rather than purely from traditional private equity backgrounds. The firm also maintains an in-house operating group that participates in due diligence and post-acquisition asset management.

Huck concentrates on US power markets, with particular emphasis on deregulated regions. Confirmed activity includes assets within the ERCOT (Texas), PJM (Mid-Atlantic), and CAISO (California) grid footprints. In 2024, the firm announced a project in New Mexico, expanding its reach into the Western interconnection.

No. Huck Capital explicitly avoids greenfield development. Its model centers on acquiring existing energy infrastructure that already holds operating permits and grid-interconnection rights, then retrofitting those sites. This brownfield approach allows the firm to bring converted assets online years faster than competitors waiting in new-project permitting queues.

Huck closed Huck Capital I at over $300 million in 2021 (per Bloomberg, 2021). The fund drew commitments from institutional limited partners and family offices, according to the firm's own disclosures at closing.

Huck does not invest in early-stage technology companies, pure-play software, or venture-stage startups. It also avoids long-dated greenfield renewable development. The firm's mandate is explicitly infrastructure-heavy, targeting owning and operating physical assets in the energy transition rather than backing unproven energy-tech platforms.

Unlike large-cap infrastructure funds that write billion-dollar equity checks for stabilized contracted assets, Huck targets the middle market with operational complexity. Its team combines investment professionals with former power-plant operators capable of managing the physical conversion and commercial repositioning of acquired sites internally, without fully outsourcing to third-party operators.