San Mateo, CA, September 6, 2007 – Tioga Energy, Inc., a renewable energy services provider granting access to clean, commercial-grade power for organizations and industry, has completed its initial funding round with participation from Nth Power, a leading venture capital company. The more than $4 million dollars contributed by that group brings the total amount of first-round funding raised by Tioga Energy to more than $14 million.
Previous contributors to Tioga Energy’s A-round of funding included venture capital groups NGEN Partners, Draper Fisher Jurvetson and Rockport Capital, with supporting finance sourced from DFJ Frontier and Kirlan Ventures.
“We are very excited to participate in the funding of Tioga Energy,” said Tim Woodward, a Managing Director at Nth Power. “We see rapid growth in the PPA model to service the commercial and industrial customers for solar pv systems. Tioga’s management team is world class in their ability to execute on this opportunity and with a strong balance sheet they should be able to grow fast and become one of the leaders in the sector.”
Tioga Energy will use the full weight of the funding to invest in renewable energy systems – with an initial focus on solar electricity services – and building out for the growing market needs, like providing comprehensive renewable energy options for the market and building the channel partnerships to scale for new business.
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.
“Nth Power’s experience and expertise is a powerful addition to our already top-tier clean energy investor group,” said Tioga Energy’s CEO, Paul Detering. “These investment dollars allow us to accomplish our goal of accelerating and simplifying solar for companies and organizations looking to lower their energy costs and go renewable. We are working to build a company the old fashioned way: hiring tremendously talented people and helping our channel partners expand their market share by developing financially secure, reliable product offerings.”
About Tioga Energy:
Tioga Energy accelerates access to clean energy by owning and operating renewable energy facilities for commercial, government and non-profit organizations. With a Tioga Energy solar PPA (power purchase agreement) customers eliminate up-front capital investments and ongoing operational concerns. The company partners with trusted industry experts to install and operate efficient and reliable systems. Through deep, trusted relationships with solar industry partners, Tioga Energy provides simple, reliable, low-cost and long-term access to clean energy options without the risk of up-front capital investments or the ongoing commitments of owning and operating an independent solar facility.
About NGEN Partners:
NGEN invests in companies that focus on clean and sustainable technologies that are primarily enabled by advances in materials science. The firm has deep domain expertise in this field with an established portfolio and track record in the areas of alternative energy, pollution abatement, solid state lighting, green buildings, and water. The firm targets early to mid stage companies where functional prototypes and customer interest validate product viability.
About Draper Fisher Jurvetson:
Draper Fisher Jurvetson is the leader in seed and early-stage venture capital, typically serving as a startup’s first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $4.5 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world.
About Rockport Capital Partners:
RockPort Capital Partners is a venture capital firm based in Boston, MA that invests in companies in the energy, environmental, and advanced materials sectors. The firm is committed to companies with breakthrough technologies that deliver significant economic value to large potential markets. With the closing of RockPort Capital Partners II in January 2006, RockPort has now raised over $380 million for venture investments. For more information, visit: http://www.rockportcap.com.