Tioga Energy, Inc., a solar electricity services provider that offers power purchasing services to organizations and industry, launched today with an initial funding round of more than $10 million. Leading the investments were venture capital groups NGEN Partners, Draper Fisher Jurvetson, Rockport Capital, DFJ Frontier and Kirlan Ventures.
This initial funding round officially launches Tioga Energy and its products into the renewable energy sector and, more specifically, solar electricity services.
According to the company, Tioga Energy's power purchasing services are arranged to provide comprehensive management and support of solar electricity solutions, including securing of solar financing, partnering with top-tier installers and integrators for constructing on-site solar facilities, and management and support required to facilitate the use of clean energy.
‘We are very excited to help support Tioga Energy with this early-round financing opportunity,’ says Steve Parry, a partner with NGEN Partners. ‘Organizations are struggling to go greener while respecting the bottom line, and a company like Tioga Energy is positioned to be there to help them quickly ramp up with clean and reliable power solutions built for the long-haul.’
The Tioga Energy management team includes CEO Paul Detering, a serial entrepreneur in the energy and technology sector; vice president of business development and finance Peter Nixon, who has 20 years of experience in the telecommunications and renewable energy spaces; vice president of sales and marketing Matt Lugar, who most recently managed sales and operations for the North American division of Sharp Corporation; and vice president of project finance Kristian Hanelt, formerly of ArcLight Capital Partners.