Wednesday, June 06, 2007

Solar Services Provider Tioga Energy Launches with $ 10 M funding

Tioga Energy, Inc., a solar electricity services provider that offers comprehensive power purchasing services to organizations and industry, launched today with an initial funding round of more than $10 million. Leading the investments were venture capital groups NGEN Partners, Draper Fisher Jurvetson, Rockport Capital, DFJ Frontier and Kirlan Ventures.

“We invest in those companies we see as being industry-changing catalysts,” added Draper Fisher Jurvetson’s Managing Director, Raj Atluru. “Tioga Energy takes power purchase agreements to a whole new level, by providing comprehensive clean power options for a very hungry market sector, while putting a priority on the channel partner relationships required to scale business quickly,” he said.

The initial funding round officially launches Tioga Energy and its products into the growing renewable energy sector, and more specifically solar electricity services. Tioga Energy’s power purchasing services are arranged to provide comprehensive management and support of solar electricity solutions, including the securing of solar financing, the partnering with top-tier installers and integrators for constructing on-site solar facilities, and the management and support required to make clean energy as seamless and easy as writing a check for a monthly electricity bill.

“The Tioga Energy management team offers a vast array of talent and experience,” said Chuck McDermott, a general partner at Rockport Capital Partners. “We look forward to seeing our participation in this early round of funding help the company further build a strong team and develop their operations to achieve the success we believe possible,” McDermott said.

The Tioga Energy management team includes CEO Paul Detering, a serial entrepreneur in the energy and technology sector, Vice President of Business Development and Finance Peter Nixon with 20 years of experience in the telecommunications and renewable energy spaces, Vice President of Sales and Marketing Matt Lugar, an 11 year solar industry professional who most recently managed sales and operations for the North American division of the world’s largest solar PV manufacturer, Sharp Corporation, and Vice President of Project Finance Kristian Hanelt, formerly of ArcLight Capital Partners, an energy infrastructure private equity fund with $4.6 billion under management.

“This initial, strong show of financing support from our investors will accelerate our ability to offer large-scale solar financing options and rapidly add to Tioga Energy’s talent base,” said Detering. “The involvement of these premier cleantech advisors not only helps secure confidence and trust among our partners and customers, but will also help influence our future.”

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