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Green Mountain Receives $53.5 M Investment

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 in Europe.

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 energy markets.

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 Nuon.

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.

Alex Steis

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