Protonex Snaps Up Mesoscopic Devices

Protonex, a fuel cell system pioneer with a heavy focus on the military sector, has entered into an agreement to acquire Mesoscopic Devices, an industry leader in solid oxide fuel cell (SOFC) technology, fuel reforming and desulfurization systems for a total consideration of $12.4 million.

Protonex cites a number of synergies resulting from the deal. The SOFC technologies will enable Protonex fuel cell systems to take advantage of multiple fuels, including propane, gasoline, diesel and JP8.

Mesoscopic Devices' SOFC technology complements that of Protonex, which are based on high-performance proton exchange membrane (PEM) technology. Protonex believes that both technologies have advantages and applications.

This deal comes on the heels of Protonex $3.5 million contract (March 16) with the US Army Research Office to develop a 250-watt portable fuel cell power source that is significantly smaller, lighter, quieter and more efficient than alternative battery or generator systems. This brings the total value of the company's secured government development or joint development contracts to more than $11 million.

General Compression Raises $5 Million

Attleboro Mass.-based General Compression, a wind power company, announced an initial $5 million round. Investors include Chestnut Capital and Booner Capital. The company plans to use the money to build out the team and execute on its plan.

General Compression aims to make wind energy available on demand. The company markets a Dispatchable Wind Turbine System, which has three components: a compressed air wind turbine, a pipeline network that collects and stores compressed air, and a power plant of expanders and generators. By shifting the time when power is sold, the wind project can sell power on peak at a higher price, be more compatible with the needs of the grid, and become eligible for capacity payments. According to the company, this solution will double the profitability of wind farms.

Energy East Files for Public Offering

Energy East [NYSE: EAS] today announced it will seek to issue up to 10 million common shares generating gross proceeds of approximately $240 million. The company is a super regional energy services and delivery company, whose customer base has almost tripled in three years, says the company website.

According to today's press release, Energy East plans to invest over $3 billion through 2011. Major planned investments include:

• $500 million for advanced metering infrastructure in New York and Maine, providing customers with pricing info throughout the day, promoting conservation and improving operational efficiencies
• $500 million in transmission investments, predominately in maine, which will improve electric grid reliability and promote renewable generation
• $500 million for the repowering the Russell Station power plant using clean coal technologies

The company estimates that these efficiency investments could result in CO2 reductions of close to 1 million tons annually, the equivalent of taking 175,000 cars off the road.

Catamount Energy Corp. Buys Fuel Cell Technology

Rutland, Vermont-based Catamount Energy Corp., a wind energy company, has acquired 50% of EPG Fuel Cell, LLC, a developer of power projects based on fuel cell technologies. EPG Fuel Cell is a subsidiary of Elemental Power Group, a New York-based renewable energy development company.

EPG Fuel Cell will be run as a joint venture between its two owners, with plans to expand its development efforts across the U.S. in states that have electricity constrained grids in urban environments that can particularly benefit from the ultra-clean generation that fuel cell projects enable.

Earthanol - Waste to Ethanol Venture - Gets a Round from @Ventures

@Ventures, the venture capital business of CMGI, Inc., announced today that it has made an investment in Earthanol, Inc. (You've gotta love the name.) According to the company's temporary website, the company's strategy is to develop, build and operate plants that use waste streams from industry, municipalities and agriculture as the feedstock to produce clean-burning ethanol. @Ventures chipped in $2 million. The other investors were Nth Power, Sail Venture Partners, and Calvert Funds and the total round was $7.1 million. Earthanol refers to these firms as clean-energy focused VC investors.

From the press release: "In order to fully realize the promise of biofuels, it is critical that the industry move beyond corn-based ethanol", said Matt Horton, a Principal with @Ventures. "By using waste materials as a feedstock for biofuels production, Earthanol avoids many of the costs and limitations associated with corn-based ethanol."

The site has a helpful explanations of the two methods of producing ethanol: fermentation and synthetic gas catalysis. It also reports that the Earthanol team, led by Larry Folks (CEO and CFO), Scott Noll and Jeff Lee have extensive experience in the development and operation of energy projects, including eight biomass-based power projects in North America, and will focus on developing innovative projects that employ commercially practicable and financeable technologies to convert waste feedstocks to clean-burning ethanol.

Car Talk Does Global Warming

Even Car Talk is going green. Car Talk has posted a fun and educational interview with Adam Stein, VP of marketing for TerraPass, and Tom Boucher, president and CEO of NativeEnergy.

TerraPass' mission is to develop and market economically viable products that combat global warming by mitigating human-made environmental emissions. I've written a bunch about NativeEnergy, which is a noted provider of carbon offsets.

(Thanks to the folks at autobloggreen.com for flagging this interview.)

An excerpt:

Car Talk: What does it mean to offset the carbon dioxide that's emitted by your car?

Tom: Think of offsetting as a counterbalance. You're simply taking an extra step to reduce your impact on the environment. Assuming you need to drive, you can't stop your car from emitting carbon dioxide. But, you can fund the construction of new, renewable energy projects that will displace carbon emissions from other sources, like coal burning electricity plants. That's the offset, which is done on your behalf.

Adam: You can sponsor a verified, measurable reduction in carbon dioxide emissions by, for example, funding clean energy projects such as wind farms, methane digesters or efficiency projects. At first it may sound like a shell game, but it really works. And it's surprisingly cheap.


Car Talk: But, just to be upfront, you guys are making money by being a broker. You're getting people to donate to clean energy, and taking a piece off the top, right?

Adam: Yes, there's nothing mysterious about it. We're a retailer. We buy wholesale, sell to customers, and add enough margin to keep our web servers running. Solar panel makers, wind farm developers, biodiesel manufacturers — all are for-profit enterprises. We think it's a good thing when companies can sustain themselves by providing an environmental service. Climate change is a long-term problem, and we hope to be around for the long term as well.

Tom: Business is a very powerful tool, and to solve the climate crisis we need every tool at our disposal. We imagine a world where everyone does well by doing good.

Snow Bowl Ski Area Goes Green

Those folks at NativeEnergy have gotten to be really popular lately. They pop up in my Google Alerts daily with yet another outfit that has bought their carbon offsets. The roster includes such diverse organizations as Salesforce.com and the Global Green pre-Oscar party. Now the Snow Bowl, a ski area run by Middlebury College, has gone green, according to our very own Boston Globe:

Middlebury College, which owns and operates the Snow Bowl, is paying to offset every molecule of carbon dioxide -- the primary "greenhouse gas" that contributes to global warming -- emitted from groomers, lift operations, base lodge heating, off-site electric generation used to power lights and appliances, and even the carbon dioxide emitted by the cars skiers and snowboarders use to drive there. The college's alpine and cross-country ski teams are also on board, paying to offset their air and car travel to and from training and races, as well as the electricity used in the coaches' offices.

The idea was the brainchild of Thomas Hand, a Middlebury graduate, who now works for NativeEnergy, a Native American-owned company headquartered in Charlotte, Vermont. NativeEnergy funds Native American, farmer-owned and community-based renewable energy projects. Organizations buy carbon offsets from NativeEnergy, which in turn invests in wind farms, methane projects and the like.

NativeEnergy was just named to Fast Company's Fast 50, which highlights "50 profit-driven solutions for what ails the planet." You can read their write-up here.