Huntington Beach, CA (PRWEB) June 7, 2010
Patrick S. Carter, Chief Executive Officer of Huntington Beach-based renewable energy firm, 808 Renewable Energy Corporation (http://www.808renewableenergy.com), today announced that the firm has begun the process that leads to a potential initial public offering (IPO). In preparation for a potential IPO, the firm’s attorneys are preparing a registration statement for the Securities and Exchange Commission (SEC). The company expects to be officially public within a few months, at which point, the company will announce the number of shares that will be offered to the public, along with the pricing per share.
The first firm of its kind, 808 Renewable Energy has developed an investment method that connects technology and finance – this investment method allows for the building or converting of power plants at commercial facilities, that can both generate and use renewable energy. These facilities can save on energy costs and reduce environmental impact, and investors can directly support these companies that are implementing “green energy” solutions.
“We decided to go public in an effort to give our investors liquidity in their investments, while simultaneously giving the company greater access to capital for future growth and potential acquisitions,” says Mr. Carter.
808 Renewable Energy’s projects, such as 808 Energy3 – the largest owner of cogeneration units in the State of California – are “incentivized” investment opportunities that result in on-the-ground energy solutions. 808 Renewable Energy offers membership interests in their energy projects tailored to meet their primary focus of deriving maximum net income, obtained from cogeneration power and beneficial rebates, as well as significant tax incentives.
Investor benefits include certain tax credits, relevant cash flow, and by helping America reduce its dependence on foreign oil, investors in 808 Renewable Energy’s projects, in effect, help solve America’s energy problem. Each project produces a base minimum return to investors; when usage rates are above the minimum agreed-upon baseline, investor returns increase, as well.
808 Renewable Energy is committed to acquiring or building 100 new “green energy” power plants that utilize cogeneration and solar systems to produce electricity, heat and chilled water, all to be placed at moderately-sized manufacturing, industrial and other facilities across the U.S.
Mr. Carter continues, “We’re accomplishing this goal by offering these membership interests, in essence, pro-rata ownership in these power plants, to accredited green energy investors. We then share the profits from the sale of energy and distribute these profits along with federal, state and gas company credits and rebates to our investors.”
Leading renewable energy companies include Acciona, Enercon, Gamesa, GE Energy, Q-Cells, Sharp Solar, SunOpta, Suntech, and Vestas. In the past several years, numerous renewable energy companies have gone through high-profile IPOs, such as solar PV companies First Solar (USA), Trina Solar (USA), Centrosolar (Germany), and Renesola (U.K.); wind power company, Iberdrola (Spain); and U.S. biofuels producers VeraSun Energy, Aventine, and Pacific Ethanol. Berkshire-Hathaway also invested in renewable energy in power wholesaler NRG Energy Inc., and purchased electric utility PacifiCorp for $5.1 billion.
About 808 Renewable Energy Corporation
Headquartered in Huntington Beach, CA, 808 Renewable Energy bridges the gap between industry and investors with renewable energy cogeneration investment packages. 808 Renewable Energy’s primary focus is to provide and manage renewable “green energy” projects for manufacturing companies and other large facilities. This is accomplished by installing or acquiring for clients, cost-free cogeneration, solar and other renewable energy equipment, which lowers energy costs, reduces environmental emissions, and produces a smaller carbon footprint for everyone involved. The company started as 808 Investments, LLC in 2006.
Cogeneration, also referred to as combined heat and power (CHP), can be a cost-effective source of reliable energy, as well as heating and cooling – the single most costly operating expense in typical buildings. Cogeneration is the use of a heat engine or power station to simultaneously generate both electricity and useful heat.
A typical cogeneration system consists of an engine, or steam or combustion turbine, that drives an electrical generator. A waste heat exchanger recovers waste heat from the engine and/or exhaust gas, to produce hot water or steam. Cogeneration uses this captured excess heat that would otherwise be wasted in a conventional power plant.
Major revenue drivers for 808 Renewable Energy are for the sales of generated electricity, heat, and/or chilled water. The company’s expenses center around the purchase, installation, start-up, permitting, insurance, and maintenance of the renewable energy generation equipment, as well as the cost of raising capital.
808 Renewable Energy has in place an engineering and maintenance staff capable of handling all design, permitting, maintenance, and upgrades necessary to ensure that their devices operate smoothly and efficiently. To that end, the company has a depth of experience in the design, manufacture, and supply of state-of-the-art technologies in pollution control, energy, waste-to-energy, energy efficiency systems, and combined heat and power systems (cogeneration mechanical units).
For further information and updates on 808 Renewable Energy, its potential IPO, its management team members, completed projects and services offered, please visit: http://www.808renewableenergy.com.