Turbine Air Systems has completed a growth equity financing led by Element Partners.
Turbine Air Systems has completed a growth equity financing led by Element Partners.
NGP Energy Technology Partners, Robeco, Credit Suisse and Potomac Energy Fund also participated in the transaction.
Proceeds will primarily be used to fund the company’s growth initiatives, both internationally and in new vertical markets.
TAS was founded in 1999 and is headquartered in Houston, Texas. The company is a manufacturer of packaged cooling and energy systems for multiple end-markets, including power generation, commercial and industrial cooling, advanced heat recovery (including geothermal), and data centres.
"TAS has established clear leadership in their target sectors. The company has impressive offerings in energy efficiency and alternative energy, two sectors that have long been the core of our investment thesis at Element. Their historical growth has been rapid and impressive. We look forward to partnering with TAS’s management team as they expand into new markets and continue to grow revenue and profitability," says Michael DeRosa, managing director at Element Partners.
"As a leading global provider of modular energy solutions for the renewable energy, power generation, and HVAC industries, we view Element Partners as a great addition to the TAS team. Clearly, they are a front runner in the crowded space of firms wanting to invest in the clean, green energy space. They understand the challenges we face, have a global reach, and are a group of people we trust. I could not be more pleased that we are moving forward together with them as well as the other great investors participating in this financing," says Craig Hurlbert, chief executive of Turbine Air Systems.
