US Grid Company, a power distribution business headed up by Jacob Worenklein, is in talks with financial institutions to raise $1 billion for its power distribution projects, including microgrids.
Talks are still preliminary, and the company is looking to sign early‐stage letters of intent for both equity and debt. Binding commitments should occur when the projects are fully developed, according to Worenklein.
The company has also launched fundraising for $10 million working capital, which will be used to fund operations. Investors will get a stake in US Grid Company in exchange for the investment. Utilities, technology providers and financial institutions are among interested investors, said Worenklein. The company aims to close the $10 million raise in May 2015.
Worenklein, along with Ray Gogel and David Mohler, founded the company earlier this year. Earlier this month, Mohler left the company for a new position at the US Department of Energy (DoE). He is now the deputy assistant secretary for clean coal and carbon management at DoE.
At the moment, the company is focusing on two immediate products: microgrid development and cybersecurity services.
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