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New Energy Capital Closes $30 Million Financing

California Controller Steven Westly announced that the California State Teachers’ Retirement System (CalSTRS) – the nation’s third largest public pension fund – and VantagePoint Venture Partners, one of the nation’s largest and most active venture capital firms have co-invested $30 million in New Energy Capital Corp., a leading clean energy company. Westly sits on the Board of Directors of CalSTRS and has been instrumental in its efforts to increase the pension fund’s investments in clean technology. New Energy Capital will deploy the capital to acquire, build, and operate renewable energy and distributed generation projects in North America. New Energy Capital works with developers and technology companies throughout the United States to identify investment opportunities and provide equity capital. The company takes an active role in each of its project investments, providing asset management and financial structuring expertise. New Energy Capital is pursuing investments in onsite cogeneration, renewable power, and ethanol and biodiesel production projects, creating a diversified portfolio in the clean energy sector. Controller Westly commented that “the investment we are announcing today is a good example of how California public pension funds have led the nation in their commitment to ensuring strong returns for investors and advancing important public […]

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Universities Announce Landmark Clean Energy Purchases

California’s CSU and UC Make Largest University Purchase of Clean Energy in Nation June 23, 2005 Santa Cruz, California [RenewableEnergyAccess.com] The University of California (UC) and California State University (CSU) are committing to a purchase of 15 percent clean energy today during a statewide sustainability conference in Santa Cruz. The purchase will establish the two universities as the leading university purchasers of renewable electricity nationwide over the next six months. The UC and CSU will purchase 39,000 and 34,000 megawatt hours of clean energy respectively. Combined, this is enough to supply electricity to 13,800 households in California for half a year. The announcement comes on the heels of a two-year campaign run by university students and Greenpeace. The Renew CSU campaign calls for the CSU Board of Trustees to adopt a comprehensive clean energy and sustainability policy to establish CSU as a leader in efforts to stop global warming. On July 19th the Chancellor’s Office for CSU will bring a draft Sustainability Policy to their Board of Trustees that will include standards for energy conservation, clean energy generation, clean energy purchasing, and sustainable building design. Since 2003, more than 14,000 students and faculty have petitioned the CSU in support of […]

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New Energy Capital Closes $30 Million Financing

Ballard Power Systems Inc. (TSX:BLD; NASDAQ:BLDP), DaimlerChrysler AG, and Ford Motor Company have signed an agreement for the previously announced sale of Ballard’s German subsidiary, Ballard Power Systems AG (“BPSAG”), to DaimlerChrysler and Ford. “Completing this sale will have four key benefits to Ballard,” said Dennis Campbell, Ballard’s President and Chief Executive Officer. “First, it provides immediate cash benefit to Ballard with recovery of at least USD$20 million in expenses incurred since August 2004 and a reduction in annual cash consumption of approximately USD$25 million. Second, our committed and outstanding share capital is reduced by 14 per cent, on a fully diluted basis. Third, it initiates the Fourth Alliance Agreement and the next-generation development agreements with our Alliance Partners, Ford and DaimlerChrysler, under which our partners will fund up to USD$59 million for the development of our next generation vehicular fuel cell and electric drive system. Finally, by divesting BPSAG to our Alliance Partners, we can focus on our core competency, fuel cell development, and on reaching the targets outlined in our Technology ‘Road Map’.” The transaction is subject to approval by Ballard’s shareholders at a Special Meeting of Shareholders to be held in Vancouver on August 29, 2005. The […]

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Starbucks Partners with the African Wildlife Foundation

Building on its ongoing global coffee sustainability commitment to coffee farms and cooperatives throughout the world, Starbucks Coffee Company (Nasdaq:SBUX) and the African Wildlife Foundation today announced the launch of the “Coffee for Conservation” project, aimed at promoting coffee quality, environmental sustainability and natural resource conservation in East Africa. The three-year “Coffee for Conservation” project, will focus on providing training for farmers to produce high quality coffee and ensuring natural resource conservation in two East African countries. It will be launched in Kenya in the first year with plans to extend to other regions, such as Tanzania, in the following years. With more than 45 years of experience in conservation and wildlife management in Africa, African Wildlife Foundation will lead and manage the project on the ground in Kenya. Starbucks primary roles will be to provide financial and technical support in terms of training and resources. Starbucks socially responsible purchasing practices include paying premium prices for the highest quality arabica coffee, providing farmers with access to affordable credit, investing in social development projects, purchasing conservation and certified coffees (such as Fair Trade Certified(TM) and organic coffees), collaborating with farmers through the Starbucks Coffee Agronomy Company (Farmer Support Center) in Costa […]

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Trex Gets Decked

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