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October 16, 2000 Woodside Fund Funds Third Round Financing for Automated Power Exchange (APX)
Santa Clara, CA -- Woodside, CA Woodside Fund is an investor in a $36.1 million Series C round for Automated Power Exchange (APX). APX s technology platform and services enable Internet-based exchanges for the efficient and cost-saving buying and selling of electricity, including green power and related products. APX also provides comprehensive support services for power system transactions. The round was led by Woodside Fund and five other investors from previous rounds who have increased their investment in APX. They are: Bechtel Enterprises Inc., Kinetic Ventures, Onset Ventures, FirstEnergy Corp., and Technology Partners. Seven new investors in the round are: Tokyo Electric Power Company International B.V., Hydro-Quebec Capitech Inc., ITOCHU International Inc., Nissho Iwai American Corp., Nissho Iwai Corp., Sumitomo Corp., and Sumitomo Corp. of America. This round of financing will enable APX to continue the rapid expansion of the company's exchange and transmission grid market services around the world. Spurred by new competitive threats arising from ongoing utility deregulation, utility companies are increasingly seeking e-commerce solutions in an effort to cut costs, improve service and attract new customers. APX has established power exchanges in several strategic regions across the US, and the company is entering international markets in Asia and Europe. Through a number of strategic alliances with industry leaders, APX is creating additional exchanges and enhancing the functionality of its product line. Woodside Fund has been an active investor in APX since co-leading the Series B round, with follow-on investments in C, and has made a significant contribution to the on-going success of APX. APX founder and Chairman Edward Cazalet states, "The business and power industry experience of Bob Larson, Managing Director of Woodside Fund and a member of the APX Board of Directors, is of immense value to us. Woodside Fund has also provided great leadership in bringing in other investors." APX is a tremendously exciting business to be working with, said Mr. Larson. Their state-of-the-art solutions benefit everyone in the supply chain, from a cost and supply point of view. The flexibility and ease of use of their next generation Market 2000 platform clearly lead the market. Founded in 1983, Woodside Fund has one of the longest and strongest track records of success in early stage venture capital investing. All Woodside Funds have performed in the upper quartile of the industry for venture capital partnerships formed in their respective years. Woodside Fund s latest partnership, Woodside Fund IV, which had its final close in April, invests between $5 and $10 million in early stage ventures in Internet and electronic commerce, computer software, telecommunications, and networking, located in Northern and Central California. The Fund serves as the lead or co-lead investor in most of its portfolio companies.
www.apx.com APX is a registered trademark of, and Automated Power Exchange is a trademark of Automated Power Exchange Inc. EcoPower is a service mark of the Environmental Resources Trust (ERT).
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