NGP Energy Technology Partners has closed its second fund with $348 million in capital commitments. The fund will make growth equity investments in companies offering tech-related products and services to the oil & gas, power, alternative energy and energy efficiency sectors.
NGP Energy Technology Partners (“NGP ETP”) announced that NGP Energy Technology Partners II, L.P. (“NGP ETP II”) held a final closing on June 5, 2009 with total commitments of $348 million. NGP ETP closed its first fund, NGP Energy Technology Partners, L.P. (“Fund I”), in December 2005 with $148 million of capital. NGP ETP is affiliated with NGP Energy Capital Management (“NGP ECM”), a $9.6 billion firm that invests in all sectors of the energy industry. With $496 million in aggregate commitments, NGP ETP is one of the largest investors in the energy technology industry in the United States.
NGP ETP invests between $5 million and $25 million of growth capital in companies that provide technology-related products and services to the oil & gas, power, alternative energy and energy efficiency sectors. The principals of NGP ETP are among the most experienced energy technology investors in the United States, having begun investing in the sector in 1997. NGP ETP is one of the first investors in the United States to focus on late stage, private equity investment opportunities in energy technology and has a strong track record of working with its portfolio companies to create value and establish strategic partnerships. Annual revenue for the 12 companies in Fund I exceeds $300 million. NGP ETP has invested in a diverse portfolio of companies that include TPI Composites, a leading U.S. wind blade manufacturer; groSolar, one of the country’s largest solar integrators; and Satcon Technology Corporation, a leading provider of power electronics to the renewable and distributed energy markets worldwide.
Philip J. Deutch, Managing Partner of NGP ETP, said: “We are very pleased that commitments to NGP ETP II exceeded our target of $300 million. Our ability to raise $348 million in this challenging economic environment is a testament to the performance of Fund I as well as the loyalty and support of our existing partners and new investors. We believe that the current market environment offers very attractive investment opportunities for experienced and disciplined energy technology investors who have capital to invest.”
Kenneth A. Hersh, Chief Executive Officer of NGP ECM, said: “For over 20 years, NGP ECM has invested in energy opportunities using fundamental investment analysis to pursue attractive risk-reward opportunities. NGP ETP II continues that strategy and demonstrates the power of the NGP ECM platform.”
The senior members of the NGP ETP investment team include Philip Deutch, Chris Sorrells, Jason Hicks, Michael LeBourgeois, Brad Barton, and Rodd Macklin. The firm is headquartered in Washington, D.C. and has offices in Irving, TX and New Orleans, LA.
NGP Energy Technology Partners
NGP Energy Technology Partners (“NGP ETP”), established in 2005, is a Washington, D.C.-based private equity firm investing growth capital in companies that provide technology-related products and services to the oil & gas, power, alternative energy and energy efficiency sectors. The firm, with $496 million in capital under management, is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP ETP is affiliated with NGP Energy Capital Management, a $9.6 billion firm that invests in all sectors of the energy industry.
For Information: www.ngpetp.com
NGP Energy Capital Management
NGP Energy Capital Management, founded in 1988, is the premier investment franchise in the energy industry. The firm’s $9.6 billion investment platform includes the $6.9 billion Natural Gas Partners (“NGP”) family of private equity funds that invest in oil and gas production, midstream and oilfield service companies plus $350 million of co-investment funds that invest in direct oil and gas property interests alongside NGP’s portfolio companies. In addition to the NGP funds, NGP ECM’s investment platform includes NGP Capital Resources Company (NASDAQ:”NGPC”), a $450 million publicly-traded business development company that focuses on providing senior debt and mezzanine capital to the energy industry; NGP Energy Technology Partners; and NGP Midstream & Resources, L.P., a $1.4 billion fund that makes direct investments in energy infrastructure and all facets of the mining, minerals and related power sectors.
For Information: www.ngpenergycapital.com