By Richard Rabicoff
NEW YORK -- Clean coal technology company CoalTek has passed the $53 million mark in financing, as it raised$2 million of a targeted $3 million in a mixed securities offering.
In 2005 the company received $8 million in Series A financing from an investment group led by New York-based Braemar Energy Ventures, and a year later took in $10 million in Series B funding from the same group. Funding for a Series C round in 2007 came from Menlo Park, Calif.-based Lightspeed Venture Partners andDraper Fisher Jurvetson, to the tune of $33 million. CoalTek also raised $250,000 in August of 2009.
The company is led by President and CEO Chris Poirier, who joined CoalTek in 2003. Prior to CoalTek, Poirier founded or led such venture-backed technology companies as Resinate Corporation, GetPlastic, and JR Medical Technology. Earlier he held technical sales, business development and management positions at MK Industries and AT&T Global Information Systems.
Named in the current SEC filing along with Poirier are directorsWilliam D. Lese, Braemar Energy Ventures; Raj Atluru, Draper Fisher Jurvetson; Ira Ehrenpreis, Palo Alto, Calif.-based Technology Partners; Peter Nieh, Lightspeed Ventures; andMatthew Neville, Radnor, Pa.-based Element Ventures.
CoalTek's technology reduces moisture content in a broad range of coals, with the goal of enhancing plant efficiency and environmental safety. The CoalTek process was developed, tested, and proven over eight years by Dr. Jerry Weinberg, the company's co-founder, along with chief geologist Neil Ginther
SEC filing: http://tinyurl.com/3jfhzfb
Director Bios
William D. Lese
William D. Lese has more than 27 years of research, operating and venture capital experience in the energy and environmental businesses. Prior to co-founding Braemar, Mr. Lese was a partner with Mantis Holdings, Inc., a venture capital firm focused on investing in environmental and energy-efficiency companies, where he concentrated on emerging technologies for converting industrial waste streams into value-added products. Prior to Mantis Holdings, he was the director of business development for NPS Industries, Inc., an international manufacturer of engineered equipment for the power industry. Mr. Lese's business development activities included managing a joint venture with Consolidated Edison Co., and managing other key customer relationships. Prior to joining NPS Industries, he was one of the original employees of Sithe Energies, Inc. (an affiliate of Vivendi, SA), which became one of the world's largest independent power producers. At Sithe Energies, Mr. Lese had project and technical oversight responsibilities, including managing several power projects.
Mr. Lese serves on the Advisory Committee of the New York City Accelerator for a Clean and renewable Economy (NYC ACRE). He currently serves on the board of directors of Coaltek, Utility Associates, CIRIS Energy, OPX Biotechnologies, Solazyme, Ioxus, CRB, General Fusion and is chairman of the board of Solicore. He serves as a board observer for Stion, Enerkem and Proterro. Mr. Lese has both a B.A. in physics and an M.S. in energy science from New York University.
William D. Lese
William D. Lese has more than 27 years of research, operating and venture capital experience in the energy and environmental businesses. Prior to co-founding Braemar, Mr. Lese was a partner with Mantis Holdings, Inc., a venture capital firm focused on investing in environmental and energy-efficiency companies, where he concentrated on emerging technologies for converting industrial waste streams into value-added products. Prior to Mantis Holdings, he was the director of business development for NPS Industries, Inc., an international manufacturer of engineered equipment for the power industry. Mr. Lese's business development activities included managing a joint venture with Consolidated Edison Co., and managing other key customer relationships. Prior to joining NPS Industries, he was one of the original employees of Sithe Energies, Inc. (an affiliate of Vivendi, SA), which became one of the world's largest independent power producers. At Sithe Energies, Mr. Lese had project and technical oversight responsibilities, including managing several power projects.
Mr. Lese serves on the Advisory Committee of the New York City Accelerator for a Clean and renewable Economy (NYC ACRE). He currently serves on the board of directors of Coaltek, Utility Associates, CIRIS Energy, OPX Biotechnologies, Solazyme, Ioxus, CRB, General Fusion and is chairman of the board of Solicore. He serves as a board observer for Stion, Enerkem and Proterro. Mr. Lese has both a B.A. in physics and an M.S. in energy science from New York University.
Raj Atluru
Raj Atluru is a Managing Director at Draper Fisher Jurvetson where he has been spearheading the firm's cleantech investment practice since 2001 and its India investment operations since 2005. He has been active across technology sectors, with an emphasis on renewable energy, energy storage, smart grid and energy efficiency applications, wireless technologies and business software and services, among others. Raj's current boards include CoalTek, Great Point Energy, Konarka Technologies, Nanotune, Ping Identity, Scientific Conservation, Solicore Technologies, and Varolii, and he has been the lead partner on a variety of other companies across the cleantech sector, including EnerNOC (ENOC), Bright Source Energy, Deeya Energy, Reva Electric Vehicle, Solar Junction, and Tioga Energy. He has over 16 years of venture capital, private equity, and leveraged finance experience both domestically and in emerging markets with a specific focus on India. In 2005, Raj lead the firm's partnership with partner fund Element Partners, to launch DFJ Element, one of the largest dedicated cleantech funds. Raj is frequently cited in leading industry and national publications talking about the trends in cleantech venture capital, and speaks globally about the opportunities for innovation within this sector. Raj previously worked in the leveraged finance and Asian corporate finance groups at Credit Suisse in New York, Hong Kong and Singapore and also spent three years with TL Ventures where he focused on early stage software, wireless communications and energy technologies.
Raj sits on the advisory board of the Cleantech Investors Forum, and co-founded The Spotlight Fund, a non-profit dedicated to funding start-up educational entrepreneurs. Raj received B.S. and M.S. degrees in Civil/Environmental Engineering from Stanford University where he taught the solar and wind energy lab and was a full time research assistant on the Waste Isolation Pilot Project for Sandia National Labs (Department of Defense Nuclear Repository Study). In addition, he received an MBA from the Stanford Graduate School of Business.
Ira Ehrenpreis
Ira has been with Technology Partners since 1996. Ira leads the firm's Cleantech investment practice, investing in Energy Technology, Water Technology, and Advanced Materials opportunities.
Raj Atluru is a Managing Director at Draper Fisher Jurvetson where he has been spearheading the firm's cleantech investment practice since 2001 and its India investment operations since 2005. He has been active across technology sectors, with an emphasis on renewable energy, energy storage, smart grid and energy efficiency applications, wireless technologies and business software and services, among others. Raj's current boards include CoalTek, Great Point Energy, Konarka Technologies, Nanotune, Ping Identity, Scientific Conservation, Solicore Technologies, and Varolii, and he has been the lead partner on a variety of other companies across the cleantech sector, including EnerNOC (ENOC), Bright Source Energy, Deeya Energy, Reva Electric Vehicle, Solar Junction, and Tioga Energy. He has over 16 years of venture capital, private equity, and leveraged finance experience both domestically and in emerging markets with a specific focus on India. In 2005, Raj lead the firm's partnership with partner fund Element Partners, to launch DFJ Element, one of the largest dedicated cleantech funds. Raj is frequently cited in leading industry and national publications talking about the trends in cleantech venture capital, and speaks globally about the opportunities for innovation within this sector. Raj previously worked in the leveraged finance and Asian corporate finance groups at Credit Suisse in New York, Hong Kong and Singapore and also spent three years with TL Ventures where he focused on early stage software, wireless communications and energy technologies.
Raj sits on the advisory board of the Cleantech Investors Forum, and co-founded The Spotlight Fund, a non-profit dedicated to funding start-up educational entrepreneurs. Raj received B.S. and M.S. degrees in Civil/Environmental Engineering from Stanford University where he taught the solar and wind energy lab and was a full time research assistant on the Waste Isolation Pilot Project for Sandia National Labs (Department of Defense Nuclear Repository Study). In addition, he received an MBA from the Stanford Graduate School of Business.
Ira Ehrenpreis
Ira has been with Technology Partners since 1996. Ira leads the firm's Cleantech investment practice, investing in Energy Technology, Water Technology, and Advanced Materials opportunities.
Ira is a recognized leader in both the venture capital industry and the Cleantech sector, and in 2007, was named one of the"Top 50 Most Influential Men Under 45"by Details Magazine.
In the venture community, Ira serves on the Board of the National Venture Capital Association (NVCA) and on the Board of the Western Association of Venture Capitalists (WAVC). He is also the Co-Chairman of both the VCNetwork and the YVCA, two non-profit organizations comprising more than 1,000 venture capitalists.
In the Cleantech sector, Ira has served on several industry Boards, including the Department of Energy's (DOE) Energy Efficiency and Renewable Energy Advisory Committee (ERAC), the Clean-Tech Investor Summit (Conference Chairman 2005, 2006, 2007, 2008, 2009, 2010 and 2011), Cleantech Venture Network (Past Chairman of Advisory Board), ACORE (American Council on Renewable Energy), Energy Investors Forum (Past Conference Chairman), Energy Venture Fair, and California Climate Change Advisory Board.
In the venture community, Ira serves on the Board of the National Venture Capital Association (NVCA) and on the Board of the Western Association of Venture Capitalists (WAVC). He is also the Co-Chairman of both the VCNetwork and the YVCA, two non-profit organizations comprising more than 1,000 venture capitalists.
In the Cleantech sector, Ira has served on several industry Boards, including the Department of Energy's (DOE) Energy Efficiency and Renewable Energy Advisory Committee (ERAC), the Clean-Tech Investor Summit (Conference Chairman 2005, 2006, 2007, 2008, 2009, 2010 and 2011), Cleantech Venture Network (Past Chairman of Advisory Board), ACORE (American Council on Renewable Energy), Energy Investors Forum (Past Conference Chairman), Energy Venture Fair, and California Climate Change Advisory Board.
He has also served on the Advisory Boards of the Southern California Tech Coast Alliance, Forum for Women Entrepreneurs (FWE), and the Comerica Venture Capital Advisory Board. Ira is also an active leader at Stanford University, where his contributions have included helping to teach the course on Venture Capital and serving on the Board of Visitors of Stanford Law School. He is a Contributor to Nimmer on Copyright, the leading copyright treatise.
Ira received his JD/MBA from Stanford Graduate School of Business and Stanford Law School, where he was an Associate Editor of Stanford Law Review. He holds a B.A. from the University of California, Los Angeles, graduating Phi Beta Kappa and Summa Cum Laude.
Peter Nieh
Peter is a founder of Lightspeed, covering the areas of cleantech, software and the Internet. He has fourteen years of venture capital experience and seven years of operating experience.
Ira received his JD/MBA from Stanford Graduate School of Business and Stanford Law School, where he was an Associate Editor of Stanford Law Review. He holds a B.A. from the University of California, Los Angeles, graduating Phi Beta Kappa and Summa Cum Laude.
Peter Nieh
Peter is a founder of Lightspeed, covering the areas of cleantech, software and the Internet. He has fourteen years of venture capital experience and seven years of operating experience.
Prior to Lightspeed, Peter worked in business development and product marketing at General Magic, a startup that before the emergence of the Web pioneered the development of e-commerce and electronic media services by partnering with the world's largest telecommunications service providers and consumer electronics companies. He also managed Acer's portable PC business in North America, where he launched the company's first laptop PCs. Before Acer, Peter was a strategy consultant at Bain & Company where he worked predominately with high-technology clients on product, sales and distribution strategies. While an undergraduate at Stanford, he worked at Apple Computer, where he helped to develop the power management system for Apple's first portable computer.
Peter holds a BS in Electrical Engineering, an AB in Economics and an MBA from Stanford University.
Matthew Neville
As an Operating Partner, Matthew is responsible for helping to support Element's advanced material and advanced fuels investments. Matthew is currently Chairman of one of Element's portfolio companies and a technical consultant to another.
Matthew Neville
As an Operating Partner, Matthew is responsible for helping to support Element's advanced material and advanced fuels investments. Matthew is currently Chairman of one of Element's portfolio companies and a technical consultant to another.
Matthew founded and was formerly the Chief Executive Officer, Chairman, and President of Cabot Microelectronics. Matthew brings over 25 years of experience in the general management of high technology manufacturing companies and advanced material suppliers. He spent his early career at Cabot Corporation, where he advanced through managerial positions in research, material development, and engineering for a broad suite of base materials. In 1992, Matthew recognized a unique opportunity for Cabot Corporation to build a highly profitable semiconductor materials business. Over the next several years Matthew led the development and market launch of a proprietary technology platform for metal CMP. As a result of tremendous success in the market, Sam Bodman, the former CEO of Cabot Corporation, asked Matthew in 1995 to build a new business for Cabot Corporation. The creation and funding of the Microelectronics Materials Division became the cornerstone of what is now Cabot Microelectronics Corporation.
From 1992 until 2003, under Matthew's leadership, Cabot Microelectronics grew into a global public company that is the market leader in chemical mechanical planarization (CMP), polishing slurries that enable the manufacturing of leading edge semiconductor devices. While Matthew served as Chief Executive Officer, Chairman, and President, Cabot Microelectronics increased revenues from $2 million annually to over $250 million annually, while sustaining 50% gross profit margins and obtaining 80% market share in semiconductor slurry sales. Cabot Micro became a global business, growing the workforce from 4 employees to over 500 employees located in 11 different countries and expanding operations to 5 dedicated manufacturing facilities in 3 key regions; US, Asia and Europe.
In 2000, Matthew successfully led the initial public offering of Cabot Microelectronics onto the Nasdaq. Under his leadership, the market capitalization of the company grew to over $1.5 billion. Matthew was later credited for successfully managing Cabot Microelectronics through the worst downturn in the semiconductor industry, while growing revenues and maintaining both corporate earnings and margins.
Mathew previously served as Chairman of the Board of Cabot Microelectronics. Mathew holds a BS in Chemical Engineering and a ScD in Chemical Engineering from Massachusetts Institute of Technology.c
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