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September 22, 1999

Woodside Fund Energizes Second Round Financing for Automated Power Exchange

Woodside, CA Woodside Fund is the co-lead investor in a $15.5 million second round financing for Automated Power Exchange (APX). To further fortify the company for rapid growth as a result of the deregulation underway in the utility industry, Woodside Fund Managing Partner Bob Larson has joined APXs board of directors.

APX operates Internet-based exchanges for the buying and selling of electricity, energy transmission, and related products. APX, which is privately held and headquartered in Cupertino, CA, offers buyers and sellers the benefits of standardized electricity markets around the world. It is the only exchange provider to offer a full-service approach that includes scheduling, credit management, settlement, and true price discovery while maintaining the anonymity of the transacting parties.

APX currently operates electricity exchanges in California and Ohio. The second round of financing enables APX to open New York and Illinois exchanges, continue expansion plans for other states and countries and to further expand its on-line service portfolio.

"APX is an attractive investment because of its leadership position in this large and rapidly expanding US market, and the strength of its management team," says Bob Larson, Woodside Fund Managing Director. "We are pleased to be actively involved in contributing to their on-going success as they continue to provide a valuable service that benefits the utility industry and consumers."

Wooside Fund is a leading venture capital firm with a successful sixteen-year track record of investing in early stage technology ventures. Woodside Fund principals offer decades of experience starting and running businesses, which further enables them to actively contribute to the development and success of portfolio companies.

Other investors in this round of financing for APX include co-lead Kinetic Ventures, Onset Ventures, and three leaders in the electricity industry, Commonwealth Edison Co., Chicago, Ill., FirstEnergy Corp., Akron, Ohio, and Bechtel Enterprises Inc., San Francisco. Commonwealth Edison (ComEd) and FirstEnergy both made passive, non-voting equity investments in the company.

 

www.energy-exchange.com
www.woodsidefund.com

 

                                      
 

 

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