TAS Energy secures financing by Kleiner Perkins to grow business

TAS Energy secures financing by Kleiner Perkins to grow business TAS Geothermal-to-Power unit at the Beowave geothermal power plant in Nevada (source: TAS Energy)
Alexander Richter 2 Jul 2011

TAS Energy, a provider of modular binary technology for the geothermal power sector announces late stage financing by Kleiner Perkins Caufield & Byers (KPCB), that will support the growth of the company for its business units on renewables and energy efficiency.

This week, U.S. based TAS Energy Inc. announced it has closed a late stage financing from Kleiner Perkins Caufield & Byers (KPCB). This funding will be utilized to support the growth TAS is realizing across all four of its business units that focus on renewables and energy efficiency.

“We welcome the Kleiner Perkins team to TAS,” said TAS Chairman and CEO Craig Hurlbert. “Kleiner Perkins has a rich history in investing in winners, so their investment at this stage in our development is yet another validation point for us that we have the right team and the right strategy in place.”

What is interesting in this deal is that Kleiner Perkins already has invested in geothermal companies. The investments I am aware of is Potter Drilling (drilling technology for EGS) and Alta Rock Energy (EGS development). Now the company invests in turbine technology, definitely an interesting step.

TAS on the other hand secured in the last twelve months two deals. The first was a turnkey contract together with Benham Constructors LLC, a wholly owned subsidiary of SAIC, with TAS providing its modular binary cycle plant for the Neal Hot Spring project of U.S. Geothermal. The second is providing its turbine technology as part of an EPC contract with SAIC (Benham Constructors) and technology partner TAS Energy for the 60 MW Patua Project in Fenley, Nevada of Gradient Resources.

“TAS Energy is a leading provider of modular renewable and energy efficiency solutions for the industrial, power, geothermal, commercial and data center markets. TAS focuses on solutions that provide economic clean energy. The foundation for TAS products and services is built upon strong leadership and execution teams, intellectual property protection (including eight U.S. Patents), and a focus on continuous quality improvement (that includes ISO 9001 certification).

“We are thrilled to support the TAS team as it brings innovation to the renewable energy and energy efficiency industries,” said KPCB Partner John Denniston. “The company has leveraged its technology advantage to take a leadership position in the gas turbine efficiency, data center, geothermal, waste heat recovery, and industrial cooling sectors. Kleiner Perkins looks forward to collaborating with the TAS team to accelerate its growth.”
Denniston will join the TAS Energy Board of Directors.”

Source: Company release via Benzinga