Green Mountain Receives $53.5 M Investment
Austin, TX-based Green Mountain Energy has received an
investment of $53.5 million to fund its growth in marketing cleaner
energy sources in deregulated markets in the United States. Oddly
enough, the investment will come overseas from Nuon, the largest
utility in the Netherlands and a leading provider of green energy
The Nuon investment, plus a recent BP investment will help the
company market its competitively priced energy from wind, hydro,
solar and other cleaner and renewable resources. Green Mountain
currently serves residential and commercial customers in
California, Pennsylvania and New Jersey with plans of entering the
Connecticut market next.
"Nuon has joined another global energy leader, BP, in
recognizing the tremendous opportunity for Green Mountain Energy
Company to change the way power is made in the United States," said
Dennis Kelly, CEO of Green Mountain. "At the same time we are
reconstituting our board and taking steps to enhance our financial
foundation and management team in order to strengthen the company's
ability to grow the Green Mountain Energy brand."
Under the agreement, the companies will also establish a
relationship looking for ways to develop new renewable energy
generation facilities, while researching future opportunities to
extend the Green Mountain Energy brand to European residential
In a related action, Green Mountain's current board Chairman Sam
Wyly will be replaced by co-chairs, one elected by BP and one by
Earlier this year, Green Mountain named the former head of BP's
gas and power business in North America, Paul Thomas, as its
president and COO.
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