Pete Cartwright, founder and former CEO of Calpine (NYSE: CPN), has secured venture capital funding for his newest venture, Advanced Power Projects, Inc.
The company, of which he is the co-founder and CEO, seeks to commercialize a simplified combined cycle (SCC) process to employ in existing power plants and new alternative energy facilities.
The company’s website says SCC provides existing power plant owners with more power at lower cost and reduces greenhouse gases and other pollutants. It adds that the company intends to use SCC to improve and complement wind, solar and biomass fueled projects.
Sequoia Capital, Bay Partners and Redpoint Ventures are funding the new company. Bay Partners and Sequoia Capital led this Series A financing. Aubrey K. McClendon, CEO of Chesapeake Energy Corporation, is also an investor.
Pete Cartwright stated, "The backing of these prestigious investors is a strong endorsement of our team, our technologies and our business plan." As a result of this round, Atul Kapadia from Bay and Mike Goguen from Sequoia will be joining Pete Cartwright and Tom Mason on the Power Board of Directors.
Tom Mason, co-founder and president of Power, served as President of Calpine Power Company and President and COO of CalEnergy. Prior to that, he also held positions with a turbine manufacturer and an electric utility.
Sequoia Capital, Bay Partners and Redpoint Ventures have invested in more than 1000 companies including Google, Apple, Cisco and eBay.
Former Calpine executives Ann Curtis and Fred Manuel have joined the company, along with former GE executive John Redding and attorney Mike Ross.
Offices are located in Fremont, CA, with a regional network to serve customers throughout the country.
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