FreshTracks led the transaction, with follow-on participation by existing investor TSG Equity Partners. In addition, SolarOne welcomes FreshTracks' Managing Director, Tim Davis, to its Board of Directors.
April 22, 2008. Framingham MA: SolarOne® Solutions, Inc. is pleased to announce that FreshTracks Capital of Shelburne, VT and TSG Equity Partners of Stow, MA completed a second round investment in the company. FreshTracks led the transaction, with follow-on participation by existing investor TSG Equity Partners. In addition, SolarOne welcomes FreshTracks' Managing Director, Tim Davis, to its Board of Directors.
SolarOne's product offering includes solar-powered commercial-scale lighting using the latest in photovoltaic and LED technologies with its patent-pending SO-Bright' technology. This advanced solution provides unprecedented efficacy, reliability and control for its own solar lighting systems as well as for major lighting manufacturers, such as Hadco® Lighting. SolarOne's systems illuminate a wide range of applications, including pathways, shelters, parking lots, streets, flags and signs at college campuses, government facilities, national parks and municipalities across North America. Recent installations include the Bethel Woods Center for Performing Arts in New York State and Valle de Bravo National Park outside of Mexico City. The investment will accelerate the sales and marketing efforts of the company, while also supporting on-going product development activities.
FreshTracks Capital Managing Director Tim Davis commented, "SolarOne operates in two very dynamic growth markets: photovoltaics and LED lighting. We are very excited to work with a company that has such a compelling and well-positioned product offering in this space." SolarOne's President, Moneer Azzam added, "This investment will help SolarOne solidify its market position, and continue to grow its customer base in the U.S. and throughout the world. We look forward to working with Tim Davis in the months and years to come. His many years of experience working with high-tech manufacturing companies will be a great asset to the Company."
TSG Equity Partners led SolarOne's prior capital raise. Mr. Azzam continued, "TSG representatives Tom Shepherd and John Nugent have brought invaluable lighting industry domain expertise to our Board of Directors. Their respective experiences as President of GTE Lighting Products (GTE Sylvania), and as CFO of North American Philips Lighting Corporation will be very beneficial in navigating this next phase of the Company's growth. Overall, the caliber of the Board and management team, when combined with this financing, will ensure that SolarOne continues to be a formidable presence in the rapidly evolving marketplace for commercial-scale solar powered LED lighting."
About SolarOne Solutions, Inc.:
Founded in 2004 with support from the Massachusetts Technology Collaborative SEED loan program, SolarOne Solutions (www.solaronesolutions.com) has become a leader in commercial-scale solar powered LED lighting systems. The company also provides simple and effective autonomous solar powered solutions for high value commercial applications. SolarOne's portfolio of products include SolarOne® Lighting Systems with its patent-pending SO-Bright' technology and its patented Harvester' grid-independent solar powered generator. For further information on SolarOne®, e-mail: email@example.com or call Toll Free 877-527-6461.
About FreshTracks Capital:
Founded in 2001, FreshTracks Capital, L.P. (www.freshtrackscap.com) is a venture capital fund based in Shelburne, VT with $23MM under management. FreshTracks Capital II has invested in 4 companies to date, including NativeEnergy, ISIS, NEHP and SolarOne. The Fund focuses its investments in private growth-oriented businesses, primarily companies in close geographic proximity to Vermont. FreshTracks is an affiliate fund in the Village Ventures national network of funds, which collectively have close to $500 million in capital under management, directed by some 35 venture professionals in 14 distinct funds.
About TSG Equity Partners:
Founded in 1996, TSG Equity Partners LLC (www.tsgequity.com) is a private equity firm providing growth and acquisition financing. TSG focuses on companies located in the Northeastern U.S. with exceptional management, defensible competitive advantages, and unique products and services. Through its operations based business model, TSG's Operations Partners provide extensive Board and operational experience and services. TSG Principals have invested $250 million of equity capital in more than 30 companies.