NGP Energy Technology Partners Announces $348 Million Fund Closing

NGP Energy Technology Partners (NGP ETP) announced that NGP Energy Technology Partners II, L.P. (NGP ETP II) held a final closing on June 5, 2009 with total commitments of $348 million. NGP ETP closed its first fund, NGP Energy Technology Partners, L.P. (Fund I), in December 2005 with $148 million of capital. NGP ETP is affiliated with NGP Energy Capital Management(NGP ECM), a $9.6 billion firm that invests in all sectors of the energy industry. With $496 million in aggregate commitments, NGP ETP is one of the largest investors in the energy technology industry in the United States.

NGP ETP invests between $5 million and $25 million of growth capital in companies that provide technology-related products and services to the oil & gas, power, alternative energy and energy efficiency sectors. NGP ETP states that it is one of the first investors in the United States to focus on late stage, private equity investment opportunities in energy technology and that it has a strong track record of working with its portfolio companies to create value and establish strategic partnerships. Annual revenue for the 12 companies in Fund I exceeds $300 million. NGP ETP has invested in a diverse portfolio of companies that include TPI Composites, a leading U.S. wind blade manufacturer; groSolar, one of the country’s largest solar integrators; and Satcon Technology Corp., a leading provider of power electronics to the renewable and distributed energy markets worldwide.

Philip J. Deutch, Managing Partner of NGP ETP, said, "We are very pleased that commitments to NGP ETP II exceeded our target of $300 million. Our ability to raise $348 million in this challenging economic environment is a testament to the performance of Fund I as well as the loyalty and support of our existing partners and new investors. We believe that the current market environment offers very attractive investment opportunities for experienced and disciplined energy technology investors who have capital to invest."

Kenneth A. Hersh, Chief Executive Officer of NGP ECM, said: "For over 20 years, NGP ECM has invested in energy opportunities using fundamental investment analysis to pursue attractive risk-reward opportunities. NGP ETP II continues that strategy and demonstrates the power of the NGP ECM platform."