Recast Energy Closes Initial Equity Raise, Acquires Generation Portfolio from Former Intrinergy
RICHMOND, VA (June 1, 2011) – Recast Energy LLC announces it has closed its initial round of equity private placement, conducted by Cary Street Partners. Recast Energy commenced operations in October 2010 when it acquired the renewable energy generation operations, personnel, and related project development pipeline from IN Group Companies, LLC, formerly known as Intrinergy, LLC.
“The acquisition of the portfolio of energy generation facilities, the retention of management and operations personnel, and the completion of the initial equity placement position Recast Energy to deliver practical and sustainable solutions to its heavy industrial and utility clients,” explains Matthew Markee,
President of Recast Energy and Intrinergy co-founder. “The company’s renewed focus on industrial thermal and power applications, coupled with the team’s extensive biomass operating and development experience, distinguish it as a leader in the renewable energy market.”
Intrinergy was founded in 2004 to build, own, and operate renewable energy plants serving industrial clients. From 2004 through 2010, the company evolved into two distinct lines of business – biomass energy generation and biomass fuel aggregation and processing. In March 2010, the company spun-off its fuel supply business (now called Enviva, LP), and in October 2010 it spun-off its energy generation business to Recast Energy.
Recast Energy configures its energy facilities using proven technologies fueled with clean, cellulosic biomass such as energy crops and forestry / agricultural residuals, with the ability to integrate conventional fossil fuels like natural gas to optimize overall system efficiency and reliability. Unlike other renewable energy technologies whose availability depends on real-time weather conditions, using biomass fuels enables the company to deliver base load thermal and electric energy to its clients in a safe, efficient, and reliable manner any time of day throughout the year. Serving clients in the chemical, pulp/paper, textile, food processing, and pharmaceutical industries, Recast Energy owns and operates industrial energy facilities in Mississippi and Kentucky, and operates a client-owned facility in the Dominican Republic. Today, Recast Energy manages over 500 million BTU per hour of installed energy capacity. In addition to its established operating footprint, Recast Energy is developing projects in the United States, Central America, and the Caribbean.
Brandon K. Ogilvie
Executive Vice President and Chief Financial Officer