The former electric utility in Canada’s largest province has created a venture company to invest in emerging energy companies.
TORONTO, Ontario, CA, 2001-03-26 <SolarAccess.com> Ontario Power Generation has created the subsidiary, OPG Ventures Inc., to invest in new emerging energy and related energy technology companies. “We are investing in our collective future,” says OPG president and CEO Ron Osborne. “Investing in new, leading edge energy technologies such as those that are green, small and distributed complements our core business of electricity generation, and it builds on our power technology expertise. Investments like these position us for continued growth and success and respond to our customers’ needs.” The venture company will make up to $100 million of investments over the next three years in companies that have alternative generation or related energy technologies in the advanced start-up or advanced stage of growth. Target investments of $3 million will be made to create a portfolio of 20 to 25 companies. In addition, up to one-quarter of the fund will be invested in established energy related venture funds with a predominately North American focus. “Energy technology investment is taking off, just like similar investments did when the telecommunications industry deregulated,” says Peter Crombie, president and CEO of the new company. “The outcome then was new, innovative products and services.” “We are excited about being in on the ground floor for the energy sector developing the new innovative energy solutions that will help to meet the growing energy demands of the future,” he adds. Crombie’s background is in high tech companies, venture capital and business acquisitions. The Board will be comprised of OPG executives and representatives from the outside business community. OPG was the main element of Ontario Hydro, before the provincial utility was restructured to prepare for deregulation this year.