DETROIT, MI /PRNewswire/ -- Under a new agreement NextEnergy, Michigan's non-profit alternative energy accelerator, will identify and cultivate alternative energy venture capital investment opportunities in Michigan for California-based Nth Power, one of the nation's premier emerging technology investment firms. The agreement calls for close collaboration between Nth Power and NextEnergy in transitioning alternative energy development companies from start-ups to viable business enterprises.
"NextEnergy's partnership with Nth Power gives us a great opportunity to uncover and help develop Michigan-based companies powering the 21st century economy," said Jim Croce, NextEnergy CEO. "This will help facilitate growth in Michigan's steadily increasing high tech business sector—a necessity in our state's transition from a manufacturing-oriented business climate to a more diversified, technology-focused economy."
In addition to new investment opportunities uncovered by NextEnergy, Nth Power will direct Michigan-focused deal flow to NextEnergy for evaluation and investment diligence support. As part of the collaboration NextEnergy will provide Nth Power with connections to key Michigan resources, including universities, government agencies, Smart Zones, and alternative energy business leaders throughout the state. NextEnergy will also provide support to Michigan-based Nth Power investments in the form of marketing/communications, networking, grant proposals, and conference organization and attendance.
Nth Power will be drawing, in part, from funds provided by the Michigan 21st Century Investment Fund and the Venture Michigan Fund. The 21st Century Investment Fund and the Venture Michigan Fund make investment dollars available for new companies focused, among other areas, on advanced energy, automotive and material/nano technologies.
About Nth Power
Nth Power LLC is a San Francisco, California-based venture capital firm and a pioneer in the identification of and investment in emerging energy technology companies. Nth Power LLC has invested in two Michigan-based portfolio companies. The most recent investment is in Microposite, a Novi, MI based manufacturer of energy efficient building materials. Nth Power has been investing since 1997 and has funds under management totaling more than $450 million.
NextEnergy, Michigan's alternative energy accelerator, is a non-profit corporation founded to enable the commercialization of energy technologies that positively contribute to economic competitiveness, energy security and the environment. NextEnergy drives energy technology collaborations, market development, and new business venture support to position Michigan as a leader in the emerging alternative energy industry. For more information please visit its Web site.