Powerphase Announces Investment from Strategic Investors Including Xcel Energy
Latest Investment Will Expand Global Reach of Powerphase Products, Which Increase Efficiency of Clean Power Production
JUPITER, FLA. (PRWEB) Powerphase announced that it has closed an investment from strategic investors including Xcel Energy (NYSE: XEL), the nation’s top wind energy provider. In addition to the investment from Xcel Energy, Powerphase is welcoming ClearSky Managing Director James Huff to its Board of Directors. This latest investment will be used to grow global sales of the Powerphase products through expanded strategic partner relationships.
Powerphase was founded in 2012 by energy industry veteran Bob Kraft. The company has multiple global installations of its flagship product, Turbophase, a quick response time and cost-effective way to upgrade new or existing gas turbines to produce more power, more efficiently while increasing grid operational flexibility. Kraft’s previous company, PSM, was first acquired by Calpine, a U.S. independent power producer, then in 2007 by the global manufacturing conglomerate, Alstom, for $241 million.
“As an energy provider serving millions of customers, we’re always searching for innovative technologies that increase energy efficiencies while reducing the environmental impacts of energy production,” said Ben Fowke, chairman, president and CEO of Xcel Energy. “We’re pleased to partner with Powerphase, a company that shares our commitment to providing quality products and services to customers.”
Natural gas power generation is increasing at record rates globally, creating an attractive market for turbine enhancements. Powerphase’s Turbophase technology drives gas turbine efficiency and savings through a modular system that can be used both to upgrade existing generators and augment new installations. The Turbophase product benefits from three macro trends in power: increasing renewable energy, increasing use of natural gas, and increasing distributed generation.
“The power industry is moving rapidly in the direction of natural gas power generation, and Powerphase’s groundbreaking patented air efficiency technologies are leading the way in innovation, with significant market-changing potential. Powerphase is looking forward to introducing its disruptive turbine enhancement products to leading energy providers around the globe,” said ClearSky Managing Director and Powerphase Board member, James Huff.
About Powerphase
Powerphase has commercialized advanced quick response aero-thermal technology for power generation and industrial applications to use air more efficiently and effectively in combustion turbines leading to revolutionary advancements in renewable energy support and grid efficiency. The management team has leading expertise in combustion turbine design and technology, combined with deep experience in the power industry. There are 10 patents awarded and more than 80 patents pending on the company’s technology. The company was founded in 2012 and is headquartered in Jupiter, Florida. For more information, visit powerphase.com.