SAN FRANCISCO, Calif., Oct. 11, 2000Nth Power Technologies, Inc., a provider in the field of energy and power industry venture capital, announced today that it completed raising $120.5 million last week from new and existing investors for its second venture capital fund.
Nth Power’s first venture fund raised $63 million from strategic investors including ABB, Cinergy, Energy East, Electricité de France, and Hydro Quebec. These organizations are also participating in Fund II, joined by new strategic and financial investors including Alliant Energy, Avistar, Ballentine Capital, Bank of America Capital, Central Hudson Gas and Electric, CIBC World Markets, First Energy Corp., Itochu International Inc., Lehman Brothers Venture Capital, Meridian Energy (New Zealand), NiSource Development, Norsk Hydro (Norway), PanCanadian Petroleum Limited and Pacific Venture Capital (a unit of PGE corporation).
Nth’s investment interest focuses on distributed generation and storage; energy-related communications, information technology and business services; power quality; and transmission and distribution automation.
Two of Nth’s portfolio companies had their initial public offerings of common stock this year. Capstone Turbine Corporation (Nasdaq: CPST) – which develops, designs, assembles and sells microturbines to provide electricity at the site of power consumption and supplemental power for hybrid electric vehicles – went public in late June at $16 per share and closed Oct. 10, at $43.44 per share.
Last week, Proton Energy Systems, Inc., (Nasdaq: PRTN) completed its IPO at $17 per share, and the stock closed Oct. 10 at $24.25 per share. This Nth portfolio company produces proton exchange membrane electrochemical products that it employs in hydrogen generating devices, and in regenerative fuel cell systems that function as power generating and energy storage devices.
In addition to Capstone Turbine and Proton Energy, Nth currently has significant investments in companies such as Allconnect.com, Electronic Power Conditioning, Evergreen Solar, Inari, MainStreet Networks, Metallic Power, NanoGram, Nexant, Pentech Energy Solutions, Silicon Energy, UtilConnect, and Water Management Services. Co-investors in Nth portfolio companies include Crosspoint Ventures, Institutional Venture Partners, Integral Capital, Morgan Stanley Ventures and Sevin Rosen, as well as Bill Gates and Paul Allen.
Nth Power Technologies is a venture capital firm focused on high-growth investment opportunities arising from the restructuring of the global energy utility marketplace. The fundamental changes taking place in the $300 billion global energy utility industry have given rise to many venture capital investment opportunities, and Nth Power has emerged as a leading source of venture capital for this sector. The firm is managed by a professional investment team with extensive experience growing successful companies in the energy and communication fields and managing venture capital funds. For further information, go to www.nthfund.com.