Nexamp Secures $6.5 Million in Venture Financing from Leading Renewable Energy and IT Investors
NORTH ANDOVER, Mass., Feb. 9 /PRNewswire/ -- Award-winning clean energy solutions company Nexamp today announced that it has secured $6.5 million in Series A venture financing from Good Energies, one of the world's leading private investors in renewable energy and enabling technologies; Point Judith Capital, an early stage venture capital firm focused on information technology businesses; RCG Ventures, an early stage clean energy investment firm; and individual investors. This financing will enable Nexamp to further expand its clean energy solution offerings and its presence nationwide. As part of the financing, Nexamp also announced the addition of a new CEO, Stuart R. Patterson, to succeed Henri-Claude Bailly of RCG Ventures, who remains Chairman of the Board.
"Good Energies has a proven track record of investing globally in rapidly growing renewable energy and energy efficiency companies that have the potential to be market leaders," said Michael Ware, a Good Energies Managing Director. "Nexamp's outstanding management team, robust business model, and demonstrated growth potential in the clean energy market align closely with Good Energies' portfolio investment criteria. We are excited to partner with Nexamp—our first investment in a full-service clean energy solutions company—in their next phase of growth."
"The clean energy sector is the next frontier for information technology," said David Martirano, General Partner at Point Judith Capital. "Nexamp has not only become a leading provider of clean energy solutions, but has developed innovative, IT-based tools for identifying and implementing cost-effective, customized energy solutions for organizations. This strategy, combined with a top-notch management team, makes Nexamp an excellent fit for Point Judith and our investment objectives in the fast-growing, clean energy market."
"We are pleased to join with Good Energies and Point Judith Capital to take Nexamp to the next level of growth," said HC Bailly, Managing Partner of RCG Ventures. "Nexamp has made great strides over the past several years, and I am proud of all that we have accomplished together. Looking ahead, I am confident that Nexamp will continue to excel as the premiere clean energy solutions company in New England and, eventually, the nation. I thank the management team and staff of Nexamp for their ongoing contributions to a greener future."
Nexamp provides advisory services and turnkey solutions to help businesses, governments, and homeowners implement clean energy projects that reduce energy costs and carbon emissions. With solutions that include renewable energy, energy efficiency, and energy management, Nexamp employs technologies ranging from geothermal heating and cooling to solar energy and energy-efficient lighting. Nexamp combines energy project construction experience with expertise in energy technology, markets, finance, and policy analysis to make clean energy simple and profitable for its clients.
Nexamp was co-founded in 2007 by Dan Leary and Will Thompson—who had founded clean energy company NexGen Energy Solutions, LLC in 2006—and RCG Ventures. The company achieved 100% growth in revenues in 2008 and over 80% in 2009—and now employs more than 45 people, with plans to accelerate its growth as a result of the most recent investment.
"We feel privileged to have earned the support of Good Energies and Point Judith Capital and the continued support of RCG Ventures. Their investments demonstrate their recognition of Nexamp's potential," said Dan Leary, Nexamp President and Chief Operating Officer. "Their resources and expert support, combined with Stuart's background and management experience, will enable us to capitalize on our extraordinary momentum in providing state-of-the-art, technology-based, clean energy solutions to valued customers across the nation."
Stuart Patterson, an expert in growing technology-related enterprises, is the former CEO of eQuilibrium Solutions, a provider of a software-as-a-service solution enabling large organizations to measure, manage, and mitigate their carbon emissions. Patterson led the sale of eQuilibrium to EnerNOC (ENOC) in 2009. Among other successful ventures, Patterson guided voice recognition leader SpeechWorks (now Nuance, NUAN) from startup to the 12th most successful IPO of the year 2000. While at SpeechWorks, he was recognized as a Technology Pioneer by the World Economic Forum. He began his career at ICF International as an analyst of energy conservation programs for utilities such as the Tennessee Valley Authority.
"Dan and the management team have positioned Nexamp for ongoing success, and I am confident that, working together with Good Energies, Point Judith, and RCG Ventures, we can launch Nexamp onto the national clean energy scene," said Patterson.
Patterson, Ware, and Martirano join Bailly and Leary on the company's Board of Directors.
Nexamp has been named 2010 Best of Boston™ Home green consultant by Boston magazine and received the prestigious Association of Energy Engineers' 2008 Energy Award for Best Energy Reduction Project in New England for its clean energy project and related savings (87% overall) at Boston Sand & Gravel's maintenance facility. The Commonwealth of Massachusetts has also recently selected Nexamp for a $20 million contract to install 4.1 megawatts of solar projects at public facilities across the state.
About Good Energies
Good Energies is one of the world's leading private investors in renewable energy and enabling technologies. The firm invests in solar, turbine-based renewables, green building technologies and other emerging areas within clean energy. Guided by the "3-P" principle of People-Planet-Profit, Good Energies looks for meaningful, long-term investments in companies with outstanding growth potential. The firm's mission is to accelerate the global transition to a low-carbon economy. Founded in 2001, Good Energies manages the renewable energy portfolio of COFRA, a family owned and managed group of companies. The firm operates globally from offices in London, New York, Toronto, Washington, D.C., and Zug, Switzerland. Current and previous investments include REC, Q-Cells, 3TIER, Tendril Networks, EverPower, and SolarReserve. For more information, please visit: http://www.goodenergies.com.
About Point Judith Capital
Point Judith Capital (PJC) is an early stage venture capital investment firm focused on the healthcare technology, internet and digital media, and communications and software industries. PJC partners with exceptional entrepreneurs to solve real problems in their industries with novel technologies, products, and business models. Together PJC works with them build the next generation of market-leading companies. The firm has a strategic partnership with Tudor Investment Corporation whereby the firms share deal flow and investment professionals share information regarding investment opportunities. Tudor is a multi-billion dollar investment management firm, with a global reach in hedge funds, private equity, and other investment strategies. In most cases, PJC invests in a company's first or second round of institutional funding. http://www.pointjudithcapital.com
About RCG Ventures
RCG Ventures is a Boston-based early stage venture capital firm focused on clean energy technologies and services for the built environment. Since its inception, the company has incubated several start-ups including Nexamp, Lunera Lighting, and PanelClaw.
About Nexamp, Inc.
Nexamp is a leading turnkey clean energy solutions company. Nexamp analyzes, designs, builds, and maintains clean energy projects that reduce energy costs and carbon emissions for businesses, governments, and homeowners. Our solutions include renewable energy, energy efficiency, and energy management. Nexamp combines energy project construction experience with expertise in energy technology, markets, finance, and policy to make clean energy simple and profitable for our clients. For more information: http://www.nexamp.com/.
SOURCE Nexamp, Inc.