October 10, 2008
OwnEnergy, Next Generation Renewable Energy Developer Completes Financing Round
NEW YORK, Oct. 10 /PRNewswire/ -- OwnEnergy, Inc., a company that enables landowners to develop and own wind farms on their land, has completed its Series A round of financing. EnerTech Capital Partners, an experienced clean tech investor, led the round, with Contour Venture Partners and the New York City Investment Fund adding to their existing commitments to the Company. As a result of the investment, Tucker Twitmyer of EnerTech will join the Board of Directors.
"The EnerTech investment comes at an excellent time and further improves our position in the dynamic and growing market for local, community owned wind generation," remarked Jacob Susman, the Company's founder and CEO. "The corporate capital will allow us to accelerate the expansion of our team and our business. In partnership with our local landowners, we are looking forward to adding significantly to the existing basket of great projects while building the advanced platform and processes required to efficiently and profitably complete these projects."
OwnEnergy has created a business model focused on partnering with landowners and communities, sharing ownership in the resulting local renewable energy projects. OwnEnergy's expert operational teams work closely with their partners, guiding them through every step of building 10-megawatt to 80-megawatt wind farms and facilitating project evaluation, developing, procuring turbines, financing, and construction.
To provide this expertise, OwnEnergy has brought together a team of specialists in renewable energy, project development, engineering and finance, from firms such as Goldman Sachs, FPL Energy, General Electric and the AES Corporation. Susman was one of the founding members of Goldman Sachs' Alternative Energy Investing group and played an instrumental role in Goldman's investment in Horizon Wind Energy. Cindy Crooks, OwnEnergy's Development Director, brings thousands of megawatts worth of development, procurement, construction and operational experience in conventional and renewable power from her time at FPL Energy.
Many landowners have property well suited for profitable generation of energy from renewable resources. They also have the entrepreneurial drive and business know-how to build a renewable energy franchise. Turning that idea into reality, a daunting task for a first-timer, is the business of OwnEnergy.
"It's challenging for landowners and local developers to gain access to offtakers, equipment suppliers, financiers and other key participants in renewables development projects. Jake and the team have deep, long-standing relationships with these parties.
They offer their development partners, the landowners, a streamlined, cost-effective and scaleable path to profitable, locally generated renewable energy," said Tucker Twitmyer of EnerTech Capital.
OwnEnergy, Inc. is a renewable energy developer focused on the underserved mid-sized (10 to 80 MW) segment of the market, enabling landowners and communities to build and profit directly from their own local wind farms. The Company focuses on developing and owning projects as well as entering into joint venture partnerships with larger partners on projects. OwnEnergy is led by a team with industry leading experience in developing and financing renewable energy projects. The company is based in Brooklyn, New York. http://www.ownenergy.net/
About EnerTech Capital Partners
EnerTech Capital has been successfully investing in energy and clean energy technology companies since 1996. The Firm focuses on early to expansion stage ventures that dramatically improve the profitability of producing and consuming alternative and incumbent energy. The company manages three funds totaling $380 million. EnerTech is located in Philadelphia and Toronto. For more information visit http://www.enertechcapital.com/.
About Contour Venture Partners
Contour Venture Partners is a New York based early stage venture capital firm focused on working with companies that provide leading edge technology enhanced products and services in the financial services, internet and business services sectors.
About the New York City Investment Fund
The New York City Investment Fund (http://www.nycif.org/) is the vision of Henry R. Kravis, founding partner of Kohlberg, Kravis, Roberts & Co., who serves as its Founding Chairman. The Investment Fund has raised over $100 million to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. It has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors. The Fund is governed by a Board of Directors co-chaired by Russell L. Carson, General Partner of Welsh, Carson, Anderson & Stowe; and Richard M. Cashin, Managing Partner of One Equity Partners. The Investment Fund is the investment and the economic development arm of the Partnership for New York City (http://www.pfnyc.org/), the city's largest business organization.
CONTACT: Christine Duemig, Business Manager,[email protected], +1-646-898-3696
Web Site: http://www.enertechcapital.com/http://www.nycif.org/http://www.ownenergy.net/