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Last updated on April 23, 2014 at 21:24 EDT

Craton Equity Partners Announces Second Closing for EnLink Geoenergy Services, Inc.

April 9, 2009

Geothermal company relocating to Los Angeles area

LOS ANGELES, April 9 /PRNewswire/ – Craton Equity Partners (http://cratonep.com/) has commenced its second round of funding for EnLink Geoenergy Services (http://www.enlinkgeoenergy.com/). This round, when completed later in the year, will be approximately $10 million; it follows Craton’s original investment of approximately $10 million in March 2008. Medley Partners also participated in the second round.

The announcement comes as EnLink is in the process of relocating its headquarters to the Los Angeles area and adding key personnel.

“We are very pleased that our commitment to EnLink is proceeding as we anticipated, despite the overall state of the economy,” said Bob MacDonald, a Managing Partner in Craton and the newly named Chairman of EnLink. “EnLink has made significant strides to become the best supplier of Geothermal Heat Pump systems, which is the premier base load energy efficient and renewable technology.”

Tom Soto, a Managing Partner in Craton added, “The recognition by the federal Department of Energy and the California Energy Commission of the substantial role that GHP can play in addressing climate change — and specifically the implementation of AB 32 in California — is significant, and validates our investment and EnLink’s initial focus in the Southwest.”

“We are pleased to have a clean tech leader such as EnLink relocating to the Los Angeles area,” said Soto. “We have worked closely with local officials on the move and the resulting creation of green jobs; we are happy that the investment in EnLink of major California public pension funds through Craton will result in a California based company that will create jobs, pay state tax revenues, and play a major role in the climate change efforts that are critical to all Californians.”

Ray List, President and CEO of EnLink noted, “We are pleased that the last year has validated our original strategic plan; we exceeded our revenue targets for 2008, and we have acquired and are executing two major projects in California: San Francisco Community College and American Canyon High School in Napa County.” San Francisco Community College is the largest GHP project in California, and has been featured in three U.S. Green Building Council tours, List noted.

List added that EnLink has also won and is performing four GHP projects in Nevada, including three for the Clark County School District in Las Vegas, the fastest growing major school district in the country. Over the last fifteen years, EnLink has completed more than seventy-five projects in fourteen states.

“The awareness of the great value of GHP technology has increased dramatically,” said List. “It is a renewable, energy efficient base load distributed energy source, with no need for transmission; has a superior cost/value relationship to traditional HVAC (heating, ventilating, and air conditioning) and competing renewables; it has no emissions and uses no water; and its cost-effectiveness is enhanced by new tax credits and accelerated depreciation.

“EnLink’s unique intellectual property (thirteen patents) and unparalleled track record makes us a strong partner for owners who want the best for the riskiest part of GHP projects, the underground design and installation,” List said. “With nearly $15 billion of federal stimulus funds earmarked specifically for energy efficiency programs, we expect the already strong demand for geothermal heat pump technology will increase substantially.”

Other investors in EnLink include HM International of Austin, Texas and the aforementioned Medley Partners of New York.

EnLink Geoenergy Services, Inc. (http://enlinkgeoenergy.com/) is a national leader in GHP technology, design, and construction. The company specializes in GHP systems that can substantially reduce HVAC energy use and cost and increase energy security for large users such as commercial buildings, campuses, data centers, district heating and cooling applications, and grid independent systems.

Craton Equity Partners (http://cratonep.com/) is a leading Southern California clean technology fund, focused on bringing to market technologies that mitigate the effects of climate change and environmental degradation. Craton’s investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels. Craton is one of the country’s leading voices on sustainable investing and using investment models to respond effectively to the urgent environmental challenges of our time.

Safe Harbor Statement:

This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “will,” “expects,” and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations.

SOURCE Craton Equity Partners


Source: newswire