Canadian energy services company Kineticor Resource Corp has secured $80 million in equity financing. The investment was made by Harbert Power, the power assets investment arm of U.S.-based Harbert Management Corp. Kineticor, which has its headquarters in Calgary, provides customized on-site power generation solutions to the resources sector. It said the funding received from Harbert will be used to support growth across Canada and to advance current and future projects. The company was founded in March 2013.
Kineticor Resource Corp. Announces Closing of $80 Million Equity Financing
CALGARY, Aug. 5, 2015 /CNW/ – Kineticor Resource Corp. (“Kineticor”) is pleased to announce the closing of an $80 million equity financing agreement with Harbert Power, LLC (“Harbert”) on behalf of its affiliate Harbert Power Fund V, LLC. This committed financing will be used to fund Kineticor’s current and future projects which are in various stages of development.
With this equity funding in place, Kineticor is well positioned to grow as the leader in decentralized power generation across Canada and can actively focus on the execution of its significant pipeline of projects under development. Kineticor has assembled a strong management team with significant experience in developing, owning, and operating power projects across Canada, which is now further augmented by Harbert’s extensive industry experience across North America.
About Kineticor Resource Corp.
Founded in March 2013, Kineticor is a Calgary, Alberta based energy services company, focused on providing customized and reliable on-site power generation solutions across Canada. Kineticor purchases, develops, and owns power projects that create economic advantages for their clients, which include flare gas to power, baseload power, and cogeneration.
About Harbert Power LLC
Harbert is part of Harbert Management Corporation based in Birmingham, Alabama. Harbert has been successfully investing in power assets for over 25 years, and since 1996 has been investing in power assets through its power fund strategy. Through this strategy, Harbert has invested over $1.2 billion of equity in power assets across Canada and the USA.
SOURCE Kineticor Resource Corp
For further information: Andrew Plaunt, President & CEO, Kineticor Resource Corp., Phone: (403) 460 – 2489 (ext. 203), Email: firstname.lastname@example.org
Photo courtesy of Kineticor Resource Corp