Lime Rock New Energy (LRNE), a Westport, Connecticut-based growth equity firm focused on the energy transition, has made a strategic growth investment in Iconic Power Systems Inc., a Calgary-headquartered provider of electric utility substation construction and grid infrastructure services.

Founded in 2008, Iconic delivers integrated services including substation engineering, procurement and construction, overhead and underground line construction, civil earthworks, and panel fabrication. The company serves utilities, independent power producers, EPC firms, and general contractors across Western Canada, with additional offices in Edmonton, Guelph, Ontario, and Buffalo, New York.

The investment aligns with LRNE's strategy of backing companies that support grid modernization, resilient infrastructure, and decarbonization. The firm has pursued a similar approach with prior portfolio companies, including its growth investment in Hawk Line Construction, a Midwest electric utility infrastructure services provider.

Financial terms of the Iconic transaction were not disclosed.