Community Energy, Inc, raised $4m in a Series A round of funding, led by SJF Ventures, a venture capital fund with offices in Durham, NC, New York and san Francisco. NGP Energy Technology Partners also invested. The deal includes an option to invest another $2 million. Community Energy will use the funds to develop solar energy projects in the Northeast, Mid-West, and West.
SJF Ventures, joined by NGP Energy Technology Partners (NGP ETP), completed a Series A Preferred Stock investment in Community Energy, Inc. (CEI), a leading renewable energy developer and marketer. The investment will fund CEI’s plan to expand its pipeline of utility scale solar generation projects under development in the Northeast, Mid-West, and West. In announcing the Series A funding, the Company emphasized the strategic relationships with these two firms as it moves to expand its solar project pipeline. “SJF and NGP ETP bring the industry-leading credentials and depth in the energy industry that we were seeking as we scale up our solar development plan,” said CEO Brent Alderfer; “We have a 10-year track record of building on strategic partnerships to develop renewable energy projects, and these two investment partners are among the best in the business.”
“In the past, we’ve looked at the renewable energy project development space, but haven’t found a match until now,” said Chris Sorrells, Managing Director at NGP Energy Technology Partners. “We are pleased to join SJF Ventures in backing a very proven management team to aggressively pursue utility scale solar development in their target markets.”
SJF Ventures led the Series A investment totaling $4 million, with an option to invest another $2 million. “We liked the seasoned leadership team at CEI, and their 10-year track-record of success in early-market renewable energy development and renewable power marketing,” said David Kirkpatrick, Managing Director of SJF Ventures, who has joined the CEI Board of Directors. “The solar power market is just opening up at scale, and we look forward to advancing that market with Community Energy.”
About SJF Ventures.
SJF Ventures is a venture capital fund with offices in Durham, NC, New York and San Francisco. SJF has an eleven-year successful record of assisting visionary and talented management teams in building industry-leading firms. SJF provides strong expertise and networks in the cleantech, sustainability and technology enhanced services sectors, including particular experience in renewable energy. SJF portfolio firms include groSolar, CleanScapes, eRecyclingCorps, Fieldview, MediaMath, ServiceChannel, and Ed Map. For more information, visit www.sjfventures.com.
About NGP Energy Technology Partners.
NGP Energy Technology Partners established in 2005, is a leading private equity firm investing equity capital for growth and buyout transactions for companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors. NGP ETP, with $496 million in capital under management, is managed by investment professionals with extensive experience investing in virtually all types of energy technology and a strong track record of identifying strong management teams and working with them to create significant value. NGP ETP is affiliated with NGP Energy Capital Management, a $9.5 billion firm that has been a leading investor in the natural resources sector since 1988. NGP ETP is headquartered in Washington, D.C. and has offices in Irving, TX and New Orleans, LA.
About Community Energy, Inc.
Community Energy, Inc. (CEI) has been leading renewable energy development since its founding in 1999. By launching the market for direct sales of renewable energy to retail electric customers, CEI first leveraged electric choice to build demand for new renewable projects, and went on to deliver wind energy at significant scale. In 2009, CEI expanded into solar project development, focusing on utility-grade projects in advancing solar markets. CEI continues to lead the industry by offering the full economic and environmental advantages of solar and wind energy to its array of customers and utility partners. The Company has a proven track record of delivering on its mission of a renewable energy future that works for its customers, partners and investors. For more information, visit www.CommunityEnergyInc.com.