PRESS RELEASE - Hyperion Power Generation Inc receives an investment
Altira Group LLC -- the pioneer and leader in venture capital and private equity funding for energy technology companies -- announced today an investment in Hyperion Power Generation, Inc. (HPG), of Santa Fe, New Mexico. HPG is developing a new type of small, self-contained, transportable nuclear power reactor to produce heat, steam and electricity for a variety of commercial applications that require reliable power independent of the common grid.
Altira's investment in HPG was made out of the recently closed Altira Technology Fund V -- a $176 Million fund focused on venture capital for energy technologies.
Hyperion Power Generation (http://www.hyperionpowergeneration.com) has licensed technology from the Los Alamos National Laboratory (LANL). Under the Technology Transfer Program, HPG has the commercialization rights to introduce, license, manufacture, market and distribute the reactor invented at LANL.
About 4,000 units of the initial design will be manufactured at a new U.S. site yet to be determined. The initial reactor will be a compact, self-regulating, self-contained design with no moving parts and about the size of a hot tub. Sealed at the factory, the module is not opened until it is time for the unit to be refueled -- at the factory -- approximately every five years or so. This helps guard against tampering.
Since it is portable, the reactor can be deployed virtually anywhere power is needed -- remote industrial operations such as the Alberta oil sands, military installations or communities looking to supplement grid-supplied power. Once deployed, the Hyperion module delivers approximately 70 megawatts (MW) of heat (thermal energy) and 25 megawatts (MW) of electrical power via steam turbine. This is enough power to provide electricity for a community of 20,000 average-sized, American-style homes. Hyperion modules can also be "ganged" to provide even more power.
"For over a decade Altira has been committed to providing equity capital for the energy world of the future," said Peter Edwards, partner at Altira and a board member of Hyperion Power Generation. " We look to partner with companies who are developing transformative technology to meet increasing global demand. HPG's technology will have a prominent role in the energy world of the future, providing a safe, compact, near-zero-emission, waste-efficient source for thermal and electrical energy."
"We are excited to have Altira as a partner," said John R. (Grizz) Deal, President and CEO of Hyperion Power Generation. "They are a seasoned investment firm with a good track record of partnering with companies and achieving success. This investment will help us reach our vision of bringing the benefits of nuclear power to locations where the option was never available before. It's also a big opportunity to create new jobs and assist the U.S. in securing its position as a leader in the quest for clean energy."
About Altira Group
Altira Group LLC (http://www.altiragroup.com) is a Denver based private equity and venture firm that has profitably invested in energy technology companies for over 12 years. Their portfolio includes companies in both the traditional and renewable energy sectors. Altira pursues opportunities to commercialize transformative technologies that drive efficiency and productivity gains throughout the energy value chain while reducing the carbon footprint.
Altira is currently investing out of its fifth fund. The typical initial investment is in the $5-$10 million range, with follow-on investments as warranted. Altira seeks investment opportunities led by experienced and dedicated management teams who are commercializing new energy technologies with high growth potential.