US cooling and energy systems company Turbine Air Systems, completes venture funding round

3 June 2009

US cooling and energy systems company Turbine Air Systems, Inc. has completed a growth equity financing round, led by private equity firm Element Partners, growth equity investor NGP Energy Technology Partners, Robeco, Credit Suisse and Potomac Energy Fund also participated in the transaction. Proceeds will primarily be used to fund the TAS’ continued growth initiatives, the company said.

TAS was founded in 1999 and is headquartered in Houston, Texas. The company manufactures packaged cooling and energy systems for markets including power generation, commercial and industrial cooling, advanced heat recovery (including geothermal), and data centres.

‘TAS has established clear leadership in their target sectors. The Company has impressive offerings in energy efficiency and alternative energy, two sectors that have long been the core of our investment thesis at Element. Their historical growth has been rapid and impressive. We look forward to partnering with TAS’s management team as they expand into new markets and continue to grow revenue and profitability,’ said Michael DeRosa, managing director at Element Partners.

‘As a leading global provider of modular energy solutions for the renewable energy, power generation, and HVAC industries, we view Element Partners as a great addition to the TAS team. Clearly, they are a front runner in the crowded space of firms wanting to invest in the clean, green energy space. They understand the challenges we face, have a global reach, and are a group of people we trust. I could not be more pleased that we are moving forward together with them as well as the other great investors participating in this financing,’ added Craig Hurlbert, CEO of TAS.

Element Partners is a US private equity firm with $800m under management exclusively focused on making investments in the energy and clean technology markets.
NGP Energy Technology Partners is a Washington, D.C.-based firm that invests in growth equity capital in companies providing technology-related products and services to the oil and gas, power and alternative energy sectors.

NGP Energy Technology Partners is affiliated with NGP Energy Capital Management, a $9.5bn firm that invests in all sectors of the energy industry.

Potomac Energy Fund is a clean technology venture capital fund that invests in companies in the areas of alternative energy, energy efficiency, infrastructure development and resource management.

Copyright © 2009 newnet

Tags: cleantech, energy efficiency, geothermal, venture capital

This story was published on Wednesday, June 3rd, 2009 at 5:50 pm and is filed under North America, deals, energy efficiency, geothermal. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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