Wind energy developer OwnEnergy closes first investment round

20 October 2008

New York-based wind farm development business OwnEnergy has completed a Series A round of financing, led by clean technology investor EnerTech Capital Partners, with early stage venture firm Contour Venture Partners and the New York City Investment Fund adding to their existing commitments. As a result of the investment, Tucker Twitmyer of EnerTech will join the board of directors.

OwnEnergy helps landowners to build ten to 80 MW wind farms and facilitating project evaluation, developing, procuring turbines, financing and construction. The company focuses on developing and owning projects as well as entering into joint venture partnerships with larger partners on projects.

Twitmyer said, ‘It is 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,’ he added.

‘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,’ added Jacob Susman, OwnEnergy 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.’

EnerTech Capital focuses on early to expansion stage ventures and manages three funds totaling $380m.

Copyright © 2008 newnet

Tags: venture capital, wind, wind energy

This story was published on Monday, October 20th, 2008 at 12:45 pm and is filed under North America, deals, wind. 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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