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April 9, 2008
Houston,
TX, USA: Standard Renewable Energy Announces $15 Million in Funding
Standard
Renewable Energy, a Houston-based provider of energy efficiency
and renewable energy solutions, has received $7 million in Series
B funding, adding to the $8 million it received less than 12 months
ago in its Series A round. The Series B funding was led by The
Quercus Trust of California, a private trust that has established
itself as a leading strategic investor in both the renewable energy
and clean energy technology sectors.
“As
energy prices continue to rise, more and more home and business
owners are turning to renewable energy and energy efficiency solutions
to have greater control over their energy use,” said John Berger,
CEO of Standard Renewable Energy. “People want to be more proactive
in their energy choices, but many haven’t had a resource that
offers them easy alternatives. With this new funding, Standard
will continue to expand its customer reach throughout its current
markets in Texas, Colorado, Oklahoma, and Louisiana, as well as
pursue plans for expansion into six additional states within the
next 12 months.”
In
conjunction with its capital raise, Standard Renewable Energy
is adding three new members to its Board of Directors: David Gelbaum,
co-trustee of The Quercus Trust; Peter L.Corsell, President and
CEO of GridPoint, Inc.; and J. Roderick Heller III, Chairman of
GridPoint, Inc. and Chairman and CEO of Carnton Capital Associates,
LP.
“The
Quercus Trust is dedicated to investing in companies that provide
exceptional return on shareholder investment, as well as those
that will have a positive impact on future generations. I believe
Standard Renewable Energy is well positioned to make that kind
of difference by providing homeowners and businesses nationwide
with simple and cost effective ways to make smart energy choices
that help them achieve greater energy efficiency and utilize clean
energy resources,” said David Gelbaum.
Standard
Renewable Energy’s $8 million in Series A funding was led by SREG,
LLC, a Houston-based renewable energy private equity fund.
Further details about: Standard
Renewable Energy
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