June 3, 2009
Based in Houston, Texas, Turbine Air Systems announced that it finalized a deal to receive an undisclosed amount of equity funding with Element Capital leading the funding. Other vc firms participating in this growth equity funding include NGP Technology Partners, Robeco, Credit Suisse, and the Potomac Energy Fund.
Turbine Air Systems was founded in 1999 and is a high growth company that manufactures packaged cooling and energy systems designed for a wide variety of industries, including for the generating of electricity, commercial and industrial cooling, and advanced heat recovery, which includes geothermal energy as well.
Some of the products that Turbine Air Systems manufacture include the Turbine Intel Chilling, which is a packaged industrial cooling system that cools the air that is going into a gas powered turbine, allowing for more efficient air flow and in the end improves the turbine output. The other system that Turbine Air Systems has available to the market is the Packaged and Centralized Cooling, which is for industrial output and delivers chilled water systems to commercial and industrial plants for effective cooling for their generators or turbines and prevent dangerous overheating of the systems in the plant. Turbine Air Systems also has their Advanced Heat Recovery System, which is a modular binary system that is able to recover heat from different geothermal sources or even from heat generated from garbage at city landfills. What makes this system so revolutionary is that besides recovering heat, it can also generate electricity from the energy produced by decaying waste. Turbine Air Systems also has their Modular Data Centers, which are container based data systems that are not only fully functional, but also mobile. This data center also has several uninterrupted energy sources, such as diesel fuel, chillers, and data modules.
According to Michael DeRosa, managing partner at Element Partners, Turbine Air Systems is good investment for Element Partners, because of the fact that the company has established a leadership which is clear and to the point to their targeted markets. Furthermore, Turbine Air Systems’ management team is very diligent and driven for success, resulting in the company showing amazing growth yields in their market sectors.
According to Craig Hurlbert, CEO of Turbine Air Systems, since Turbine Air Systems is a growing company, the team of the company believes that the support from such a prominent vc firm, such as Element Partners is a significant step forward for the company.
Proceeds from this round of equity funding will go to help Turbine Air Systems to advance into other vertical markets and the company also plans to market its products globally.
Element Partners is a private equity firm that plays a leading role among investors who invest in the energy and clean-tech industries. The companies of choice for Element Partners’ investments are companies that are high growth companies, which have innovative solutions to disrupt the energy or clean-tech markets. Element Partners has over $800 million under its management. Some companies in Element Partner’s portfolio include BiofuelBox, CoalTek, Deeya Energy, DynaPump, Petra Solar, and others.
Based in Washington DC, NGP Energy Technology Partners has $95 million under its management and mainly invests in companies who have technologies that deal with oil, fuel, and clean energy sources. Some companies in NGP’s portfolio include GeoDigital, GreatPoint Energy, DynaPump, ISE Corporation, groSolar, and others.
For more information about Turbine Air Systems, click here.