TUUSSO Energy recently completed a $2 million financing round to fundearly-stage development of utility-scale solar projects in the WesternUnited States.
Pivotal Investments, a clean technology focusedventure capital firm based in Portland, Ore., led the investment round.Pivotal’s investment comes alongside an existing partnership with AkulaEnergy Ventures, which will be co-investing directly in TUUSSO’sdevelopment projects.
“This financing is a big step forward andaccelerates the rate at which we can turn pipeline projects into activeprojects,” said Owen Hurd, President of TUUSSO Energy.
“Thetiming couldn’t be better –- it allows us to act on opportunitiescreated by the recent economic downturn, at a time when banks andutilities are more sensitive than ever to the financial health of theirpartners. Pivotal’s involvement will also open up new opportunities,through their industry expertise and pre-existing relationships withinstitutional lenders and tax investors.”
“We are excited aboutthe investment in TUUSSO for many reasons,” explained John Miner,Managing Director, Pivotal Investments. “We really like the opportunityto invest with such a smart and promising team. This investment alsoallows us to take advantage of two significant trends -– decreasingcosts for solar technology and a rapidly growing demand for renewableenergy. We think the investment in TUUSSO provides an excellent way forour investors to take advantage of these trends,” Miner said.
TUUSSO’sfirst project, TA-High Desert, is scheduled for completion in early2011 and will supply 20MW of solar-generated power to Californianutilities.