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HgCapital acquires pair of wind developers

First published in Cleantech magazine, June/July 2007. Copyright Cleantech Investor Ltd, 2007

Via its dedicated renewable energy fund, Hg Renewable Power Partners, private equity firm HgCapital has purchased a stake in UK-based wind developer RidgeWind Ltd. Following the acquisition of a majority stake in the company, the firm has committed to provide expansion capital and longterm equity for the company’s wind development pipeline. RidgeWind’s portfolio includes the 16 MW Bagmoor Wind Farm in Lincolnshire, set up as a partnership with Wind Prospect, which will start construction later this year.

Intelligent Energy raises $ 17m in first funding round

First published in Cleantech magazine, June/July 2007. Copyright Cleantech Investor Ltd 2007

Fuel cell power systems company Intelligent Energy (IE), which had previously considered an AIM listing, has completed a private fundraising round, obtaining a total of $ 17m via a number of private placements, followed by an open offer to all existing shareholders. Backers of IE’s fund include Credit Suisse Securities, Black River Commodity Clean Energy Investment Fund, Black River Global Equity Fund, Meditor Capital Management and Evolution Placements Corporation. The proceeds from the fundraising will help IE to develop and exploit its technology portfolio. Law firm Speechly Bircham has provided legal advice to the IE team. John Rennocks is Intelligent Energy’s CEO.

TESLA MOTORS raises $45m

First published in Cleantech magazine, June/July 2007. Copyright Cleantech Investor Ltd, 2007

California based electric car manufacturer, Tesla Motors, completed a $45m round of financing in May. The Series D investment round was co-led by Technology Partners and Elon Musk (the founder of PayPal and CEO of Space Exploration Technologies). Capricorn Investment Group also made a significant contribution. Ira Ehrenpreis, the leader of Technology Partners’ Cleantech investment practice, has joined the Telsa Motors management board. Previous investors in Tesla have included Google founders, Larry Page and Sergey Brin; Vantage Point Venture Partners; Draper Fisher Jurvetson; JP Morgan Bay Area Equity Fund; Valor Equity Partners and Compass Venture Partners. All of the major investors participated in the latest financing round. The funds raised will be used for the development of White Star, an electric passenger sports sedan which is scheduled to be introduced in 2010.