A co-founder of the National Fuel Cell Research Center at the University of California Irvine campus, Sempra Energy’s Southern California Gas Co. (SoCalGas) has invested $1 million in Oregon-based fuel cell manufacturer ClearEdge Power. The utility has been involved in the testing and demonstration of fuel cells for the past four decades. ClearEdge has a product that is a combined heat-power (CHP) fuel cell that claims to reduce carbon emissions by one-third and other pollutants, such as volatile organic compounds, ash and particulates, to trace levels. The Sempra utility cited a recent business intelligence report for the fuel cell industry, projecting a 10-fold increase in the sector from, $2 billion to $20 billion. SoCalGas said it envisions the advance of fuel cells as greatly reducing the nation’s reliance on coal and helping boost its use of natural gas.
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U.S., Canadian Onshore a Magnet for Money
Majors and European-based international oil companies (IOC) invested heavily in U.S. onshore shale natural gas through both asset and corporate mergers and acquisitions (M&A) in 2009, lifting the percentage of global spending for the United States to more than 40% of worldwide transaction value, according to energy research firm IHS Herold.
U.S., Canadian Onshore a Magnet for Money
Majors and European-based international oil companies (IOC) invested heavily in U.S. onshore shale natural gas through both asset and corporate mergers and acquisitions (M&A) in 2009, lifting the percentage of global spending for the United States to more than 40% of worldwide transaction value, according to energy research firm IHS Herold.
U.S., Canadian Onshore a Magnet for Money
Majors and European-based international oil companies (IOC) invested heavily in U.S. onshore shale natural gas through both asset and corporate mergers and acquisitions (M&A) in 2009, lifting the percentage of global spending for the United States to more than 40% of worldwide transaction value, according to energy research firm IHS Herold.
Haddington Looking for Midstream Investments
Houston-based Haddington Ventures LLC closed a new private equity fund with total committed capital of $182 million to be invested in the North American midstream sector. The new fund and its related vehicle are Haddington Energy Partners III, LP (Fund III).
Merrill Invests $150M in Privately Held E&P
A subsidiary group of Merrill Lynch & Co. Inc. has invested $150 million into privately held Leor Exploration & Production LLC, giving it an undisclosed stake in the Houston-based producer. Leor is targeting natural gas in the Deep Bossier trend of Texas and Louisiana.
Sempra Sees Power Demand Doubling in Baja, Mexico
Having invested more than $650 million in Mexico since 1997, Sempra Energy International is looking to continue developments to keep pace with the 8-10% annual energy growth expected in Baja, Mexico over the next ten years.
Industry Brief
Rand Capital Corp. invested $500,000 in convertible promissory notes in Buffalo, NY-based Somerset Gas Transmission Co. LLC as part of a $3 million private placement bridge loan. Rand’s investment also provided a warrant for a minority equity interest in the company, which is planning to provide interstate natural gas pipeline transportation services from the Chicago hub and Appalachian producing basins to markets in the Northeast and Mid Atlantic. Somerset’s plan involves gas transportation through its own pipelines and the lines of others. One of Somerset’s initial acquisitions was a 40-mile section of gathering line and related facilities in Indiana County, PA, from Columbia Gas Transmission Corp. “The Somerset management team has worked for more than five years to assemble a network of pipelines and rights-of-way to transport natural gas,” said Rand CFO Daniel P. Penberthy. “Rand’s funding will allow the company to continue this acquisition strategy as the company completes their pipeline network. In this regard, Rand’s investment is structured to provide both a current return and provides the option for Rand to participate in the company’s next round of financing.”
Industry Brief
Rand Capital Corp. invested $500,000 in convertible promissory notes in Buffalo, NY-based Somerset Gas Transmission Co. LLC as part of a $3 million private placement bridge loan. Rand’s investment also provided a warrant for a minority equity interest in the company, which is planning to provide interstate natural gas pipeline transportation services from the Chicago hub and Appalachian producing basins to markets in the Northeast and Mid Atlantic. Somerset’s plan involves gas transportation through its own pipelines and the lines of others. One of Somerset’s initial acquisitions was a 40-mile section of gathering line and related facilities in Indiana County, PA, from Columbia Gas Transmission Corp. “The Somerset management team has worked for more than five years to assemble a network of pipelines and rights-of-way to transport natural gas,” said Rand CFO Daniel P. Penberthy. “Rand’s funding will allow the company to continue this acquisition strategy as the company completes their pipeline network. In this regard, Rand’s investment is structured to provide both a current return and provides the option for Rand to participate in the company’s next round of financing.”
Peoples Commits $5 Million to Deregulation Fund
Peoples Energy Corp. has invested $5 million in EnerTech CapitalPartners II LP, a private equity firm specializing in investmentopportunities for the deregulated energy, utility andtelecommunications industries. With Peoples’ monetary commitment,EnerTech now has $235 million in committed capital to makeinvestments.
