SEATTLE - (Business Wire) Seattle-based TUUSSO Energy recently completed a $2 million financing round to fund early-stage development of utility-scale solar projects in the Western United States. Pivotal Investments, a clean technology focused venture capital firm based in Portland, Ore., led the investment round. Pivotal’s investment comes alongside an existing partnership with Akula Energy Ventures, which will be co-investing directly in TUUSSO's development projects. “This financing is a big step forward and accelerates the rate at which we can turn pipeline projects into active projects,” said Owen Hurd, President of TUUSSO Energy. “The timing couldn’t be better – it allows us to act on opportunities created by the recent economic downturn, at a time when banks and utilities are more sensitive than ever to the financial health of their partners. Pivotal's involvement will also open up new opportunities, through their industry expertise and pre-existing relationships with institutional lenders and tax investors.”
“We are excited about the investment in TUUSSO for many reasons,” explained John Miner, Managing Director, Pivotal Investments. “We really like the opportunity to invest with such a smart and promising team. This investment also allows us to take advantage of two significant trends – decreasing costs for solar technology and a rapidly growing demand for renewable energy. We think the investment in TUUSSO provides an excellent way for our investors to take advantage of these trends,” Miner said.
TUUSSO's first project, TA-High Desert, is scheduled for completion in early 2011 and will supply 20MW of solar-generated power to Californian utilities.
About TUUSSO Energy
TUUSSO Energy, LLC is a developer of utility-scale solar power plants. The company’s principal business is developing power plants to provide renewable energy for Investor-Owned Utilities (IOUs). The company’s nimble development team consists of professionals who bring a combination of legal, financial, and engineering experience critical to such energy projects.
About Pivotal Investments
Pivotal Investments is a Portland, Ore. venture capital firm investing in companies, primarily in the Northwest, that are delivering solutions in the rapidly growing markets for clean energy, clean water, green materials, sustainable agriculture, and clean air. Pivotal’s investment team is a unique combination of investors and experienced entrepreneurs committed to delivering superior financial returns by building great companies that will be leaders in the sustainable economy.
About Akula Energy Ventures
Akula Energy Ventures, LLC (AEV) is an investment company focused on developing renewable energy projects around the world. AEV invests in early-stage projects across the renewable energy spectrum, including solar, hydroelectricity and biofuels. AEV’s experience includes developing natural gas based power plants and coal preparation plants in India. AEV has recently targeted investments and partnerships in the Northwest region of the United States and the Central West region of India.
TUUSSO Energy
Owen Hurd, President, +1 206-229-1169
owen.hurd@tuusso.com
