Rustic Canyon

Geothermal Co ThermaSource Raises $41.5 M In Private Equity

By: Staff Reporters

8/13/2008 – ThermaSource LLC, a geothermal drilling, engineering and consulting company, raised $41.5 million in private equity financing.

Riverstone Holdings LLC, US Renewables Group and Rustic Canyon Partners participated in this round of funding.

The Santa Rosa, Calif.-based company will use the money to purchase geothermal drilling rigs and to develop drilling services, including engineering, mud-logging, cementing and exploration, it said in a statement.

The company didn't return a request for comment.

Riverstone and US Renewables initially invested $20 million in the company in February 2007. The company has raised $93 million in equity and debt in the past two years.

The company expects to double employment, from 210 to more than 420 by the end of the year, as it expands operations domestically and internationally.

New York-based Riverstone, an energy and power-focused private equity firm founded in 2000, has approximately $13.7 billion under management and works with The Carlyle Group to sponsor the Riverstone/Carlyle energy funds. Carlyle has more than 60 funds with more than $81.1 billion under management.

New York-based U.S. Renewables acquires, develops and operates renewable power and clean fuel assets, and has more than $575 million under management.

Southern California-based Rustic Canyon invests in early-stage clean technology and media companies and has $900 million under management.

http://www.thermasource.com