WoodFuel.com allies with Future Energy
HOUSTON, Dec. 6 (LocalBusiness.com) -- Houston-based WoodFuel.com has teamed
up with Atlanta's Future Energy Resources Corp. to supply raw wood materials
that are targeted to fire up environmentally friendly power plants in Texas.
The power-generating stations would use Future Energy's SilvaGas process,
which converts agricultural, municipal and forestry wastes into a
clean-burning gas that substitutes for natural gas.
The process is designed to significantly reduce environmental impact compared
to fossil fuel-based power plants, including the elimination of net carbon
dioxide emissions, the company said.
"Texas regulations and energy demands make Texas an ideal location for green
energy," said Asfaha Tesfai, senior VP of business development for Future
Energy. "This alliance will ensure sufficient fuel availability to proceed
with project development."
In August, Future Energy operated its SilvaGas process on a commercial scale
at a demonstration plant in Burlington, Vt., which converted more than 285
tons of wood chips into enough of natural gas substitute to power 6,000
The private company designed and built the plant in partnership with the U.S.
Department of Energy, which provided technical assistance and funding for
facility construction, and the Burlington Electric Department.
Future Energy now is working to develop relationships, such as its alliance
with WoodFuel.com, that would help it commercialize the process.
Privately held WoodFuel.com is a business-to-business, e-commerce company
that links buyers and suppliers of raw wood material online. The company
aggregates wood fuel from its network of suppliers and delivers the wood as a
renewable energy resource.
Since its April launch, WoodFuel.com said it has created a total of 283 new
accounts and sold 15,845 tons of wood fuel.
Clearinghouse puts pieces in place for 2001
Over-the-counter (OTC) energy clearinghouse EnergyClear moved one step closer
to its planned 2001 launch, choosing onExchange's technology platform for
EnergyClear's online trading system.
OnExchange, which works with electronic exchanges to add risk-management
capabilities for their customers, said EnergyClear initially will offer its
services to traders in the wholesale gas and power markets. As early as next
spring - once the system comes online - it will provide centralized
comparison, netting and settlement of OTC energy contracts for trades
executed over the phone or through electronic marketplaces, onExchange says.
EnergyClear Co-founder and President Lee Burton said the implementation of
onExchange technology satisfies a long-standing need in the OTC markets,
while providing other benefits as well. "The OTC markets have been seeking
the efficiencies of multilateral clearing for some time now and, in
conjunction with . . . onExchange, EnergyClear offers the first neutral,
independent, unbiased clearing solution," Burton said.
OTC energy contracts currently are negotiated between principals, via
electronic exchanges or through interdealer brokers over the telephone.
Future markets planned for the clearinghouse include petroleum products,
crude oil, petrochemicals and bandwidth.
With the deal, EnergyClear becomes onExchange's first customer. Terms of the
deal were not disclosed.
IDC analyst Aaron McPherson suggested a bright future for EnergyClear.
"Online forwards and derivatives trading and clearing solutions typically
deliver a five- to 10-fold increase in trading volume over underlying cash
markets. These solutions will improve the overall efficiency of the energy
market, allow energy companies to manage their risk much more effectively and
Houston-based EnergyClear is comprised of EnergyClear Corp. and EnergyClear
Operations Co. (EOC). EOC is owned by the Bank of New York, Prebon Yamane and
Credit Lyonnais to launch B2B marketplace next year.
(C) Copyright 2000.
Credit Lyonnais has announced the launch in spring 2001 of a B2B marketplace,
Seliance, in association with Internet incubator Chrysalead, France Telecom
and computer services firm Euriware. After a first round of financing
Seliance has capital of EUR 12m. The site, in which Credit Lyonnais has a 75%
stake, will come into operation in the second quarter of 2001.
o Report: Softbank Puts European Joint Ventures on Hold
NEW YORK -- Softbank has stopped investing through
two joint ventures aimed at bringing U.S. technology
companies to Europe, according to a report in the
Wall Street Journal. eVentures U.K., a $50 million
fund set up with News Corp.'s epartners, has shut
down and its 12 employees have been laid off. Softbank
and Vivendi's 500 EUR fund, @visio, which focused
on continental Europe, has also stopped making new
investments and will concentrate on is portfolio,
according to the report. Softbank will continue
to make direct early-stage investments in Europe,
according to the report.
o Merrill Lynch Launches New Venture Fund For Employees
NEW YORK -- Merrill Lynch announced the launch of
the Internal Venture Capital Fund, a fund created
for Merrill Lynch employees. The new venture will
support and fund business plans created by Merrill
Lynch employees, specifically in financial services
technology. Merrill Lynch will use Cap Gemini Ernst
& Young, efinanceworks, and Startup factory for
investment strategies and additional support. Merrill
Lynch said it plans to invest in the new companies
with the possibility of becoming the first client
or strategic partner once the product comes to market.
The fund expects to provide seed funds to three
to four companies by early next year.
o Corporate Wireless Apps Firm Nisus Gets $2 Million Round One
WESTBOROUGH, Mass. -- Nisus, a firm that develops
wireless applications for businesses, said it has
raised $2 million in its first round of financing
from undisclosed corporate and individual investors.
The firm also announced co-founder Satish Vankayalapati
as CEO. Mr. Vankayalapati was formerly a management
consultant with McKinsey and an executive and board
member of Avantel. The firm additionally announced
the names of board members Keith Block, senior vice
president of Oracle's North American consulting
and global data warehousing businesses; Arthur L.
Cherry, Jr., president and CEO of Federated Management
Services and a former senior executive at Scudder
Investments; and Robert Rudelius, Chairman and CEO
of MediaDVX, former President and COO of Control
Data Corporation, and former global head of the
media and entertainment division of AT&T Solutions.
o Network App Firm Lumeta Raises $250,000 Series A
SAN FRANCISCO -- Lumeta, a network management and
security application firm, said it has raised $250,000
in a Series A round from meVC Draper Fisher Jurvetson
Fund I, Draper Fisher Jurvetson, and Draper Fisher
Jurvetson Gotham Ventures of New York City.
o Wireless Apps Firm InPhonic Has Third Round, Ups Staff by 32
WASHINGTON -- InPhonic, a business-to-business infrastructure
firm that focuses on creating branded wireless communities
and virtual private label wireless networks, said
it has raised an undisclosed amount of third round
funding from Riggs Capital Partners, RAF Net Ventures,
CMS, and the Mid Atlantic Venture Fund. John Sculley,
former CEO of Apple Computer and PepsiCo, also participated
in the round. The company confirmed that it has
raised in excess of $121 million to date, including
this round. The company also said it has added 32
employees in sales, customer support, and the mobile
o B2B App Firm NetVendor Lands Funding from CommerceOne
ATLANTA -- NetVendor, which provides business-to-business
software for direct materials suppliers, said it
formed a strategic alliance with Commerce One, a
publicly-traded marketplace for buyers and suppliers.
Commerce One invested equity in the company, between
$5 million and $10 million, and will be featured
as a link in NetVendor's software. NetVendor received
$52 million in May from Internet Capital Group,
Wheatley Partners, RRE Ventures, CSFB Private Equity,