VCs Back Pete Cartwright's New Company

Advanced Power Projects Inc. has raised an undisclosed amount of Series A funding. Bay Partners and Sequoia Capital co-led the round, with Redpoint Ventures and Aubrey McClendon (CEO of Chesapeake Energy Corp.) also participating.

 

The Fremont, Calif.-based company plans to acquire and commercialize new technologies to reduce the cost of power generation with green results. Advanced Power Projects is run by former Calpine founder and CEO Pete Cartwright.

 

PRESS RELEASE

Innovative technology by energy leaders to produce reliable electricity and less greenhouse gas is now available for commercialization. Pete Cartwright, co-founder and CEO of Advanced Power Projects, Inc. (POWER), has secured the support of investors to apply the Simplified Combined Cycle (SCC) process to existing power plants and new alternative energy facilities.

 

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 in POWER.

 

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.

 

Cartwright, founder and former CEO of Calpine, has teamed with Tom Mason to create POWER to seek, acquire, and commercialize advanced technologies to reduce the cost of power generation with green results.

 

Sequoia Capital, Bay Partners and Redpoint Ventures have invested in more than 1000 successful companies including Google, Apple, Cisco and eBay. They are leaders in the venture capital industry's investment in clean energy technologies. McClendon invests in venture capital through McClendon Venture Company, L.L.C., Oklahoma City, OK and Deep Fork Capital, Menlo Park, CA.

Mason, POWER's President, noted, “This investment will facilitate our offering SCC to power plant owners to increase capacity, decrease fuel cost and dramatically reduce emissions in America.” He added, “Our customers need to know we have more than technology; we have the team, experience, commitment and resources to deliver.”

 

The SCC technology and POWER's management expertise can help solve the challenges facing the industry: reduction of greenhouse gas and the need for additional generating capacity. The SCC technology was created by Dr. Dah Yu Cheng.

Pete Cartwright is a respected leader in the energy industry with extensive experience in engineering and management, having founded and built the Nation's largest independent power producer, Calpine.

 

Tom Mason 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.

Former Calpine executives Ann Curtis and Fred Manuel have joined POWER, 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. For more information about POWER, its technologies, people and job opportunities, visit the website at www.advancedpowerprojects.com .