Energy Impact Partners (EIP) announced that it has closed an investment in Powerphase, a provider of advanced gas turbine upgrade technology.
The investment is the first institutional round of financing raised by Powerphase. It will be used to drive geographic expansion and accelerate deployments of the company's patented Turbophase product.
Powerphase has developed a compressed air injection technology for combustion turbines that increases capacity and improves efficiency. The company's Turbophase system is a modular gas turbine upgrade that results in greater profits for electricity generators through reduced capital costs, increased revenue, and meaningful fuel savings. Greentech Capital Partners served as the investment bank for Powerphase on the transaction.
"EIP invests in the full life-cycle of an electron: from generation through transmission and distribution to consumption," commented Hans Kobler, CEO and Managing Partner at EIP. "Natural gas generation is increasing at record rates globally, creating an attractive market for turbine upgrades. Powerphase technology drives gas turbine efficiency and savings, and we're pleased to be a part of their growth."
"The Powerphase team has developed a first-of-its-kind power and efficiency upgrade product for new and existing power plants that enables plant owners to add highly flexible capacity, while at the same time improve electrical grid efficiency," said Michael Donnelly, the partner at EIP who led the deal. "Powerphase has a proven team that will deliver high-value products to a global customer base."
"We are very excited to have EIP as a partner to help accelerate our business globally," added Bob Kraft, CEO of Powerphase. "We believe the EIP partnership is as important as the investment capital. We look forward to building relationships with EIP's network of utility partners during this exciting, rapid growth phase of our company."
Energy Impact Partners | http://www.energyimpactpartners.com
Powerphase | http://www.powerphasellc.com