Energywell Announces $100 Million Capital Commitment to Create Best-In-Class Sustainable Energy Platform

NEW YORK–(BUSINESS WIRE)–Energywell LLC (“Energywell”) announced a $100 million capital commitment from funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Hartree Partners L.P. (“Hartree”) to create a technology-driven sustainable energy platform. Energywell will be led by industry veterans Michael Fallquist and Christian McArthur as co-Chief Executive Officers and Roop Bhullar as Chief Financial Officer plus the addition of Jonathan Rubenstein as General Counsel.

“Recent volatility in global energy markets has highlighted the real challenges that exist with integrating renewable generation sources into our aging electricity grids. Use of electricity is expected to increase materially as we move away from fossil fuels, further highlighting the need for consumer targeted behind-the-meter solutions. We are excited to create the next generation energy platform which will leverage our proprietary technology to deliver innovative energy products to consumers and leverage data and automation to ensure these products are used sustainably,” said Michael Fallquist, Energywell Director & co-Chief Executive Officer. “Partnering with elite organizations like Oaktree and Hartree creates a significant tailwind for us as we look to execute on our innovative business model.”

Messrs. Fallquist, McArthur and Bhullar served in executive roles at Crius Energy, an independent energy marketer of retail electricity, natural gas and solar products to residential and commercial customers, until July 2019, when it was acquired by Vistra Energy. Under their leadership, Crius Energy went public on the Toronto Stock Exchange and achieved total returns to public unit holders of approximately 10% CAGR (compound annual growth rate), including distributions paid to unit holders of more than C$200 million while serving 1.4 million residential customer equivalents across 19 States and the District of Columbia at its peak. Mr. Rubenstein most recently served as a partner in the Dallas office of international law firm, Baker Botts L.L.P., where he spent nearly two decades representing clients in the energy and technology industries, including Crius Energy.

Alex Raksin, Senior Vice President at Oaktree, said, “We are excited to be partnering with the Energywell team. The executive team brings a strong track record in the US electricity space and has positioned Energywell to be a leader in this fast-growing industry. We look forward to advancing our ESG goals through this exciting new platform.”

Steve Semlitz, Founding Managing Director at Hartree said, “Over 25 years, Hartree has built a diversified wholesale commodity platform that supports the principal, intermediation and warehousing of various risks across worldwide markets for ourselves and our customers. We look forward to leveraging the Hartree experience to support the Energywell team as it targets strategic opportunities in the US electric retail space.”

Energywell is actively seeking acquisition opportunities in the sustainable energy industry.

Oaktree was represented by Kirkland & Ellis LLP and Energywell was represented by Baker Botts L.L.P. in connection with the capital commitment and platform formation.

About Energywell

Energywell is a newly-formed entity combining the financial strength of Oaktree and commodities expertise of Hartree Partners with a seasoned team of energy industry veterans. Energywell’s strategy is to create a best-in-class sustainable energy platform powered by its proprietary technology. Energywell intends to scale quickly through opportunistic acquisitions and the development of innovative products and sales channels. For additional information, please visit Energywell’s website at

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $158 billion in assets under management as of September 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at

About Hartree

Hartree is a well-established global merchant commodities firm with a background in energy and associated industries. Founded in 1997, the firm focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities. In the past few years, Hartree has expanded its business to include principal investments in energy assets and in the reduction of carbon emissions. Hartree is jointly owned by its senior management and Oaktree. For more information, please visit



Michael Fallquist

Director & Co-Chief Executive Officer