Automated Power Exchange Raises $36.1 Million in Third Funding Round with Venture Capital and Industry Backing.Business Editors SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Oct. 11, 2000 Automated Power Exchange(R) Inc. (APX APX Approximately APX ascorbate peroxidase APX Amsterdam Power Exchange APX Automated Power Exchange APX Alt Preset Extreme (MP3 encoding preset) APX Average Page Exposure APX Ateliers de Puteaux APX Airborne Radar Transponder (R)), a leading provider of e-commerce services for the electric power industry, today announced that it has closed its third financing round with $36.1 million from venture capital and corporate investors. This Series C private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. round was led by six investors from previous rounds who have increased their investments in APX. They are: Bechtel Enterprises Inc., San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ; Woodside Fund, Woodside, Calif.; FirstEnergy Corp., Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of ; Onset Ventures, Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.; Kinetic Ventures, Chevy Chase, Md.; and Technology Partners, Palo Alto, Calif. Seven energy industry and trading corporations have made first-time investments in this round. They are: Tokyo Electric Power Company International B.V., Amsterdam, The Netherlands; Hydro-Quebec CapiTech Inc., Montreal, Quebec, Canada; ITOCHU International Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y.; Nissho Iwai American Corp., New York; Nissho Iwai Corp., Tokyo, Japan; Sumitomo Corp., Tokyo; and Sumitomo Corp. of America, New York. "The backing of these first-class venture funds and corporations casts an important vote of confidence for our e-commerce infrastructure services business," said Edward G. Cazalet, APX chairman. "This financing will fuel our expansion in the restructuring electric power market." Cazalet continued, "For this growing vertical market, APX provides the business-to-business services needed by utility companies, generators, traders, and marketers to transact with multiple parties for multiple electric power commodities and to react rapidly to changing market conditions." APX Chief Financial Officer Russ D. Kinsch said, "The size of this round combined with the continuing support of existing investors and the support of new investors validate the strength of our business model for this expanding market." The funding will be used to expand the company's exchange and transmission grid market services in North America, Asia, and Europe. Since its second round of equity financing in August 1999, APX has steadily expanded its service offerings. Driven by the demand for new infrastructure services for restructuring electric power markets, APX exchange markets for physical and financial trading now serve 13 U.S. states, and the company is preparing to open exchanges in New York, Texas New York is a hamlet in Henderson County, Texas, USA, about 11 miles east of Athens. Geography New York lies at the intersection of FM 804 and FM 607 in a stereotypically flat portion of East Texas, surrounded mostly by farm land. , and the United Kingdom. In Japan, APX and ITOCHU Corp. have agreed to jointly develop, with other partners, that country's first Internet-based electric power exchange. Automated Power Exchange operates Internet-based exchanges and clearinghouses for the buying and selling of electricity, green power, and related products, and provides the market and scheduling technologies and services needed to support power system administration. A privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , APX has its world headquarters in Santa Clara, Calif., and its European headquarters in London. More information is available at www.apx.com. |
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