Nth Power charges up fourth fund

Energy investment firm Nth Power has raised $132.4 million toward its fourth fund, which is targeted at $200 million, according to a recent regulatory document.

Nth Power Technologies IV counts Masdar Clean Tech Fund, Robeco Clean Tech Private Equity II and the Oregon State Treasury as limited partners. The Michigan Strategic Fund considered making a commitment in January, but it is not known if the state pension fund is a limited partner of fund IV.

Previous LPs in Nth Power funds include ABB, Banc of America Securities, ChevronTexaco, Cinergy, Dominion Power, First Energy, Lehman Brothers, PacifiCorp and Pantheon, according to a presentation the firm made at the World Energy Technology Summit in Paris during 2004.

Nth Power raised its last large fund in two tranches. It raised $122 million for Nth Power Technologies II in 2000 and then added $57 million more to it in 2001 with Nth Power Technologies II-A. The firm raised an $8.5 million fund in 2005 called the Nth Power Clean Energy Fund, according to Thomson Financial (publisher of VCJ). This fund may be specifically tailored to work with The California Clean Energy Fund, a $30 million public benefit investment fund created to spur investment in California’s clean energy market.

The firm took software company Comverge (Nasdaq: COMV) in April. Comverge had raised $39.7 million from Nth Power, EnerTech Capital, Rockport Capital Partners and others before its $95.4 million IPO. Shares in the company have increased more than 23% since its April 13 offering.

Nth Power also backed flywheel maker Pentadyne Power Corp., which filed for a $30 million IPO on the London Stock Exchange’s Alternative Investment Market at the end of April. Pentadyne had raised $29.3 million from Nth Power, Accera Venture Partners and Rustic Canyon Partners.

Nth Power has already invested $7.3 million of its fourth fund into five startups, according to Thomson. —Alexander Haislip