Aster Capital, a Paris-based cleantech venture capital firm, sold its CPower portfolio company to Constellation Energy Group Inc. Financial terms were not disclosed. Aster Capital, along with Bessemer Venture Partners and Expansion Capital Partners, led a first round funding of New York-based CPower in September 2007. CPower provides energy management services and solutions
Aster Capital, a leading European Cleantech Venture Capital Firm, is pleased to announce the sale of CPower to Constellation Energy, a $16 billion energy utility based in Baltimore, Md.
“I am very proud of this high-profile exit, which confirms our sponsor venture business model. By leveraging our sponsor, Schneider Electric, and maintaining a strong partnership, we have generated significant value to the company and very good financial return for the fund”
CPower designs programs that allow its commercial, utility and public sector customers to reduce electricity demand during peak periods. The company manages and aggregates demand response capacity programs in New York, New England, the Mid-Atlantic states (PJM), California, Texas and Ontario, Canada. Supported by key partners such as Schneider Electric, the company became one of the three leading demand-response providers in the U.S.
Aster Capital, along with two premier Cleantech VC funds, Bessemer Venture Partners and Expansion Capital Partners, led the first round of funding in September 2007.
“I am very proud of this high-profile exit, which confirms our sponsor venture business model. By leveraging our sponsor, Schneider Electric, and maintaining a strong partnership, we have generated significant value to the company and very good financial return for the fund,” said Benoit Toulouse, Partner at Aster Capital and Board Observer at CPower.
“In early 2007, Aster Capital was one of the first to support CPower founders in its ambition to build a leading player in Demand Response. CPower’s outstanding performance leading to a major exit proves our ability to successfully identify and invest in great opportunities in all geographies,” said Jean-Marc Bally, General Partner at Aster Capital.
Terms of the transaction were not disclosed.
About Aster Capital
Founded in 2000, Aster Capital is a global leader in venture capital active in Europe, North America and Asia, and focused on innovative technologies in energy and environment. With current offices in France, United States, China and Japan, Aster Capital manages two venture capital funds currently totaling EUR 120 million (US$ 175 million). The portfolio of the first fund currently includes 17 active companies in Europe and North America. To learn more about Aster Capital, visit www.aster-capital.com.