PG Energy
  • Building a company based on human capital

PG Energy

Who are we?

We are building a company based on entrepreneurship and human capital

- Paweł Gricuk -


In case of interest in collaborating with the PG Energy Group or need for further details, please do not hesitate to contact us.

Paweł Gricuk is the founder of PG Energy Capital Management. (“PG Energy”). The company is continuing the activity of the investment boutique Jade Investments Ltd., which acquired an industrial company Wheelbrator Inc from Denver, for the price of $175 million.

PG Energy is a holding company focused on investment in the industrial and energy sectors. It increases its participation in foreign markets through portfolio companies in Europe and the Middle East.

PG Energy is a majority shareholder in the company PG Energetyka based in Radom, of which BNP Paribas bank is a minority financial investor. Through his involvement in PG Energetyka, Paweł Gricuk has financial and operational control over other significant business entities:

  • Elektromontaż Poznań S.A.
  • CoalTech Poland Sp. z o. o.

Elektromontaż Poznań S.A. - the leading supplier of electronic installation services and producer of power devices. The company has a representative office in Moscow.

CoalTech Poland Sp. z o. o. is a joint venture with the London-based company CoalTech LimitedClean Africa Investment. The British public company possesses Coaltech technology, which was devised and implemented in South Africa. CoalTech Poland’s aim is to firstly start the production of solid ecological fuel (pellets/granulate), which is created from coal dust, the production waste deposited near each coal mine.
At present, the commercial production of CoalTech Limited pellets is conducted in mines in South Africa.

PG Energy is constantly engaged in acquisition activity. The planned investments for 2019 are meant to complement what the group already has to offer and broaden the scope of its activities.

Behind the successes of PG Energy are the people, who make up the group. The group’s owners have access to a highly qualified and experienced team of engineers, financiers and industry experts. The high management standards allow us to carry out contracts we have been entrusted with and apply the highest standard of management to our companies.



Paweł Gricuk - Founder


Paweł Gricuk is the founder of PG Energy Capital Management and PG Energetyka. He has over twenty five years of experience in the finance and energy sectors, which he acquired in both Polish and international companies.

From 1993 to 2005 he worked at J.P. Morgan in London and was the president of J.P. Morgan Chase Bank in Warsaw (2001-2005). While in London, he was responsible for organising financing on international capital markets. He was also a member of the JP Morgan Capital team, which was directly responsible for investing in Central and Eastern Europe, as well as the Middle East and Africa. Throughout his career in investment banking, Paweł Gricuk organised a total of over $14 billion worth of financing for governments and companies in Europe. In Poland, among other things, he was responsible for the financing and stock exchange debut of TVN S.A and the capital investment of J.P. Morgan in Bank Handlowy in Warsaw.

After twelve years at J.P. Morgan, Paweł Gricuk founded his own investment boutique Jade Investments. In collaboration with Mid-Europa fund and the Bank of Scotland, he acquired the company Wheelbrator Inc. in Denver, a world producer of machines for polishing steel surfaces.

Between 2007 and 2010, Gricuk held the position of Chairman of the Board of Petrolinvest S.A, the first Polish upstream company, which was engaged in oil exploration in Kazakhstan and Russia. He successfully entered the company on the Warsaw Stock Exchange in 2007, allowing him to gain further capital for oil exploration in Kazakhstan and Russia.

He was a member of the board of directors of Wheelbrator Inc. Starting in 2005 and for ten consecutive terms he was a member of the supervisory board of TVN S.A, and in 2014-2015 he was a member of the supervisory board of Tele-Fonika Kable S.A, where he was responsible for the restructuring of the company’s 1,4 billion zloty debt.

From 2013 to 2018 he was the chairman of the Polish Development Fund investment committee and a member of the Infrastructure Investment Fund committee. From 2015 to 2016 he was a member of the board of supervisors for Paradyż S.A and is currently a member of the supervisory board of Eques TFI S.A.

In 2012 he acquired Trans-Energo S.A., a specialized engineering company providing services for power stations and telecommunication firms. After restructuring, the company changed its name to PG Energetyka.

In 2017 he set up CoalTech Poland, a joint-venture with the London-based company Clean Africa Investment

In 2018 he purchased 98.6% of shares of Elektromontaż Poznań S.A from the Budimex group and acquired operational control of Elektromontaż Gdańsk S.A.

Paweł Gricuk graduated with a degree in Foreign Trade from the Socio-economic Department of the University of Lodz. He studied for a year at Beijing Foreign Studies University. He is fluent in English and Russian and has elementary knowledge of German and Chinese.

At present he is running his investment group PG Energy Capital Management, focusing primarily on the energy and industrial sectors.

He is the father of two children. He is an avid fan of football, basketball, tennis, skiing and the mountains.

Artur Cąkała - Partner

Artur has acquired over 25 years of experience in the investment and financial sectors working in Polish and international companies such as Arthur Andersen, the European Bank for Reconstruction and Development, Innova Capital and CAIB Fund Management.

In 1997, after two years of working in EBOiR where he was responsible for the bank’s investment portfolio in Poland, Artur joined the founders of the fund Poland Partners, one of the first venture capital funds in Poland.

In 1998 he founded the Innova Capital fund in collaboration with the founders of the Poland Partners fund, where he was a partner until 2003. During this time he managed the funds investments with a total capitalization of over 300 million Euro. He was a member of numerous supervisory boards of the fund’s portfolio companies as well as a member of the board of Innova Capital.

In 2003 he was asked to lead the company CAIB Fund Management, which was created as part of the CAIB group to carry out direct capital investment of the bank. In 2004 the fund acquired three National Investment Funds with a total capitalization of over 150 million Euro. Together with his team, Artur Cąkała managed the investment portfolio of the fund until 2006.

In 2006 Artur Cąkała founded the private investment fund specialising in capital investment in non-public companies in early stages of development, mainly in the outsourcing and service industries. Since 2006, the fund has carried out six capital investments, of which three (Merservice, Goldenegg and Centrum Podróży) have been sold.

Since 2010, Artur Cąkała has been actively collaborating and investing with PG Energy Capital Management, which specialises in direct investment in the energy and industrial sectors. He is the co-owner of PG Energetyka and Elektromontaż Poznań.

So far in his career, Artur Cakala has been a member of many supervisory boards and investment committees. He was one of the founders and a board member of the Polish Private Equity and Venture Capital Association.

He graduated from the Warsaw University of Technology, Faculty of Power and Aeronautical Engineering. He is a Chartered Certified Accountant (ACCA).

He is the father of two daughters. He is a passionate skier and sailor. As an avid traveller, he has visited all the continents in the world.

Elektromontaż Poznań

The origins of this company go way back to 1949 when it was just a field unit of the Wroclaw-based Electroinstallation Unit. Exactly ten years later, Elektromontaż Poznań the independent company Elektromontaż Poznań came to life. Thus, in 2019 the company is celebrating two major anniversaries. Over the years, Elektromontaż Poznan has completed numerous projects.

The company has participated in the building of factories and plants that play a part in Polish history: Cegielski, Fabryka Łożysk Tocznych, Stilon and Ursus, Zastal, Elana, Chemical Plant in Police. In the 70s, Elektromontaż began to successfully conquer international markets. It has participated in projects in the Middle and Far East, Africa, as well as Europe, in Germany, Austria, Switzerland, Czech Republic and present-day Ukraine and Russia. In 1999 the company was privatised. In 2004 it received a license allowing it to open an office in Moscow.

In its recent history, Elektromontaż Poznań has been involved in contracts for the industry leaders such as Mercedes, Volkswagen, Honda, Unilever, Coca Cola, KGHM and many others.

Elektromontaż Poznań implements projects in the field of:
  • - Electric and mechanical installation
  • - Installation design
  • - Delivery of electric equipment
  • - Energy and power infrastructure
  • - Cable lines and energy distribution
  • - Production of low and medium voltage switchgear and transformer substations
  • - Industrial and environmental engineering
  • - General contracting
  • Transport
Elektromontaż Poznań is proud to present excellent references as well as management certificates of management systems ISO 9001, ISO 14001, ISO 27001, AQAP 2110.

Elektromontaż Poznań S.A

Coaltech Poland Sp. z.o.o is a joint venture of PG Energy and the British company Clean Invest Africa, which made its debut on the London Stock Exchange in 2018. The British company is the owner of CoalTech technology, which was devised and implemented in South Africa with the backing of capital from Bahrain. The company’s core business is the production of solid ecological fuel (pellets/granulate), which is created from coal dust, the production waste deposited near each coal mine. The fine heaps remaining in the mines have had a negative impact on the environment. The patented technology allows the waste to be changed into coal pellets, which are fit for commercial and industrial use.

CoalTech’s mission is to start production in Poland directly in the mines. Currently, the commercial production of CoalTech Limited pellet is taking place in mines in South Africa. CoalTech Poland is a partner of JSW S.A. in terms of implementing the technology for producing pellet from coal waste.


Contact with PG Energy

PG Capital Management Sp. z o.o.
Koszykowa 59/10
00-660 Warszawa, Poland
(+48) 22 626 14 80
(+48) 22 626 14 89

Bartosz Moczydłowski
+48 501 189 630
Jan Nowicki
+48 668 466 593