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April 10, 2009

Clean Energy Investments Added to Portfolio

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Filed under : General Green

Concord, MA – November 8, 2008 — The Patient Capital Collaborative ‘07, LP, the first in a series of investment funds designed for the Investors’ Circle (IC) community/members is pleased to announce two investments; a new investment in Montana Renewables (”MR”) and an add-on investment for existing portfolio company Ocean Renewable Power Company (”ORPC”).

The PCC ‘07 is a unique portfolio of investments that derives its deal flow from the Investors’ Circle deal screening process. MR and ORPC join New Day Farms and Origin Biomed in the PCC ‘07 Fund. The four companies were among a select group of companies chosen to present at the Investors’ Circle Fall 2007 and Spring 2008 conferences. “These companies perfectly fit the PCC’s profile of investing in companies that not only have the potential of generating venture capital-type returns,” says Schuyler Lance, Managing Principal of the PCC, “but, more importantly, they are providing meaningful social and environmental benefit to the world.”

The new investment in Montana Renewables blends 40 years of carbo-chemical research by the company’s founder with the business acumen of the company’s professional CEO – creating a company that has the opportunity to be a meaningful revenue company while reducing the world’s dependency on petroleum-based chemicals.

Jere Kolstad, CEO of Montana Renewables, is “extremely pleased to have Patient Capital Collaborative (PCC) join the team at Montana Renewables as an investor. At Montana Renewables we are working on building a new chemical industry – the carbochemical industry. The petrochemical industry was incredibly important in the development of modern industry but the sun is setting on the feedstock for that business. We are at the dawn of a new chemical industry based on renewable sources, and Montana Renewables’ mission is to help build and enable it. Patient Capital Collaborative is the first sophisticated, professional investment group that I have encountered to bring that “institutional” approach to a start-up’s first round. PCC is literally changing the rules of early stage investment from my perspective. I think it is an incredibly important change.”

For Ocean Renewable Power Company, the additional investment will allow the company to complete the prototyping stage, positioning the company for the commercial generation of renewable power on a cost-competitive basis. Lance goes on to say, “ORPC is headed by an impressive team that has experience in both R&D/engineering and building power plants, and is applying this multi-faceted talent to underwater power generation. ”

“ORPC has made great progress in testing and proving the technical viability of its proprietary tidal turbine generator unit in Western Passage at the entrance to the Bay of Fundy in Maine,” says John Cooper, CFO of Ocean Renewable Power Company, “and we are delighted with PCC ‘07, LP’s additional commitment to our funding needs to move toward the commercialization of this technology.”

About Ocean Renewable Power Company:

ORPC was founded in 2004 for the purpose of generating emission-free electricity from tidal, river, and deep water ocean currents. For the last year, ORPC has been operating a 1/3-scale prototype of its proprietary ocean current generation (OCGenTM) unit off the northern coast of Maine. As both a technology developer and a project developer, ORPC plans to commercialize the core component of its OCGenTM technology, the turbine-generator unit (TGU), by the end of 2009 while concurrently developing tidal and river power generation projects at a variety of sites in New England, Florida and Alaska.

ORPC’s units are anchored between the ocean floor and the ocean surface, providing the benefits of minimal ocean habitat disturbance, no negative view shed issues, nor interference with shipping lanes. Moreover, the company believes its modular design is easier to maintain than other tidal systems under development today, resulting in projected costs per kilowatt hour in the attractive range of 6 to 8 cents. ORPC’s projects under development in Maine (Western Passage and Cobscook Bay) and Alaska (Cook Inlet) are expected to have total peak enerating capacities in the tens to hundreds of Megawatts (MW). The deep water ocean current sites ORPC is pursuing in the Florida Current (Gulf Stream) will support very large OCGenTM projects with generating capacities in the hundreds of MW. For more information: http://www.oceanrenewablepower.com/home.htm.

About Montana Renewables:

MR refines carbohydrate-rich grains into biodegradable chemicals, which are called carbochemicals.

MR is a spin-out from the chemistry department of the University of Montana, based upon the 40 years of work of Dr. Don Kiely. MR’s strategy is to supply the “building block” chemicals needed to enable the chemical industry to produce carbochemicals to replace petrochemicals. Petrochemicals represent use of about 7% of the world’s oil supply and are environmentally unfriendly as compared to carbochemicals that come from starch/sugars.

The company’s core competency and IP center around an efficient oxidation process for the low-cost manufacture of glucaric acid, one of the 12 carbochemical “building blocks” as identified by the Department of Energy. Glucaric acid is also used today as a dietary supplement believed to protect against certain cancers by promoting the elimination of estrogen and potentially harmful substances produced in the body.

The Company’s strategy is to first focus on selling glucaric acid and its anticorrosive byproduct in 2009, with other building block chemicals and selected polymers to be launched thereafter. For more information: http://montana-renewables.com.

About the Patient Capital Collaborative:

Sustainable Resource VenturesSM manages the Patient Capital Collaborative (PCC). PCC invests in companies that apply for financing through Investors’ Circle, an association of accredited investors who provide “Patient Capital for a Sustainable Future.” The PCC invests as the lead or participant in rounds of equity and equity-related securities as small as $500,000 and as large as $5,000,000.

Capital for PCC’s funds is provided by high net worth individuals, many of whom are successful business entrepreneurs and are leaders in the field of sustainability. For more information: http://www.SustainVC.com/Patient_Capital_Collaborative.html.

(Source: JustMeans)

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