Excerpted from Private Equity Week
November 24, 2003
“Braemar was founded last year and has three investment professionals: Managing Director George Reichenbach, a former Advent International partner; Managing Director Neil Suslak, a former executive with S.G. Warburg & Co. and Swiss Bank Corp.; and Managing Director William Lese, a former partner with venture capital firm Mantis Holdings.
Braemar has made two investments so far. The firm invested in the $2.6 million Series A round of Boston-based Enernoc, which provides software and managed services to distributed generation energy companies. Draper Fisher Jurvetson (DFJ) and Draper Fisher Jurvetson New England participated in the round, which closed in June.
Braemar also invested in the $15 million Series B round of Solicore, which develops and provides high-energy rechargeable batteries for industrial and consumer markets. Air Products and Chemicals, DFJ, Firelake Strategic Technology Fund, Hydro-Quebec CapiTech and OPG Ventures also invested.
Braemar's investment strategy focuses on advanced power conversion and storage, clean fuel processes and storage, energy supply IT and communications, power supplies and pollution control. Braemar's range of sector interests includes companies that provide energy management software and services for power grid management, high-energy fuel cells, carbon nanotubes, and emergency generator services...”
“Investments in clean energy technology have made it the sixth largest venture capital category, as venture firms pumped $488 million into U.S.-based clean energy deals last year, according to Cleantech Venture Network, a New York City-based research and information firm specializing in clean energy...”
“As a result, the market opportunity is huge. The worldwide clean energy market is forecast to grow to $89 billion by 2012, a nine-fold increase from $9.5 billion in 2002, according to Clean Edge Inc., an energy research and consulting firm based in Oakland, Calif.
In particular, wind power is expected to expand from a $5.5 billion business last year to about $49 billion in 2012. During that same 10-year period, the solar power business will flare up from $3.5 billion to more than $27.5 billion, while the fuel cell business will surge from $500 million to $12.5 billion, Clean Edge predicts...”