FLS Energy Closes New Round of Fundraising as It Eyes Aggressive Growth Plans

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FLS Energy Closes New Round of Fundraising as It Eyes Aggressive Growth Plans

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FLS Energy, a North Carolina based full service solar energy developer and contractor, is pleased to announce an equity investment by the New Energy Capital Cleantech Infrastructure Fund, the Cleantech Alliance Direct Fund, and Novus Energy Partners to finance corporate growth and solar energy project construction and acquisition.

FLS Energy owns and operates approximately 50 Megawatts of solar projects throughout the southeastern US, all developed since its inception in 2006. FLS Energy has a project pipeline which includes 90 Megawatts of solar to be completed in 2014 and an estimated 150 Megawatts to be completed in 2015.

“We are extremely excited about the unique opportunities for expansion as a result of this investment," says Dale Freudenberger, the CEO of FLS Energy. “With our new partners, expanded relationship with New Energy Capital and infusion of new working capital, we will be in a great position to expand our solar asset base, as well as take advantage of opportunities to purchase other solar projects and/or developers. Our partners bring financial resources, industry relationships, and experience within the renewable energy sector that will open doors as we continue to grow.”

Scott Brown, the CEO of New Energy Capital commented, “New Energy Capital has been a financial partner of FLS Energy for 3 ½ years and this additional equity investment reflects our confidence in the company, as well as our long term commitment to the solar industry. The FLS leadership team has demonstrated its ability to manage the complex processes of developing, financing, constructing and operating solar projects, and has built a strong network of financing partners."

Sullivan & Worcester, LLP served as deal counsel to FLS Energy on the transaction. Rath, Young and Pignatelli, P.C. served as counsel to New Energy Capital.

About FLS Energy
FLS Energy is a full service solar energy provider that owns and operates a portfolio of solar energy assets throughout the U.S. The company operates throughout the solar energy development process, taking a project from conception to commissioning with in-house system design, engineering, construction, financing and turnkey project development capabilities. The mission at FLS Energy is to make solar mainstream, and the company is committed to building a scalable and sustainable business model that values the contributions of each of its employees while remaining good stewards of the world in which we live. For more information on FLS Energy, please visit http://www.flsenergy.com.

About New Energy Capital
New Energy Capital Cleantech Infrastructure Fund (http://www.newenergycapital.com) invests in, owns and operates renewable energy, energy efficiency, waste recycling, and distributed generation projects and companies. The Fund is managed by New Energy Capital Partners, in Hanover, NH.

About the CleanTech Alliance Direct Fund
The CleanTech Alliance Direct Fund, which is managed by North Sky Capital in Minneapolis, MN, invests in clean energy projects as well as clean technology companies throughout the United States.

About Novus Energy Partners
Novus Energy Partners is a transatlantic investment firm focused on emerging companies within the clean energy and resource efficiency space. The partners are industry pioneers from the US and Europe who have formed, financed and led some of the sector’s most successful organizations. Based in Alexandria, Virginia, and Oslo, Norway, Novus makes both minority and control investments. The company has a particular focus on the solar sector where it has made four investments to date. Novus is led by Reidar Langmo, a former founder and executive of the global solar firm Renewable Energy Corporation. Martin Aares, who leads the firm’s US operation, will manage the investment in FLS Energy. Prior to co-founding Novus, Mr. Aares was a senior vice president at GE Energy Financial Services where he led numerous infrastructure investments within the solar and wind sectors.

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Rachel Alexander
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