News & Events

Serveron Corporation Receives $16.5 Million in Financing

New Oregon Company Launched to Monitor the Performance of Critical Electric Power Transmission and Distribution Equipment

Bend, OR — June 21, 2001 – Serveron Corporation announced today that the company has received financing totaling $16.5 million. The investment will fuel aggressive growth for Serveron, the electric power industry's first dedicated provider of turnkey equipment and services to monitor the health of electric generation, transmission, and distribution substation equipment. Nth Power Technologies of San Francisco, a venture fund focused on energy related technologies and businesses, served as lead investor for this round of funding. Nth Power was joined by Ventures West of Vancouver, BC, a fund with several investments in the energy field; Perseus LLC, a Washington, D.C and New York based private equity firm with a wide range of investments in technology companies; ECT Merchant Investments Corp., an affiliate of Enron North America of Houston, TX, a corporate venture fund focused on energy related businesses, and Cascadia Pacific Management and Oregon Life Sciences, LLC based in Portland, Oregon.

"Serveron is well positioned for success," said Maurice Gunderson, managing director of Nth Power Technologies. "The worldwide electric power industry has a demonstrated need for technologies to improve reliability. Serveron's turnkey service model has strong appeal, and Serveron is coming to the market with technologies and products that have been proven in the field. This is a strong example of the excellent entrepreneurial opportunities in this sector."

"With a business model designed to help improve the reliability of electric power utilities, this is an exciting time to be entering the electric power industry," said Jim Moon, Serveron president and CEO. "The investment community is eager to be involved in addressing the nationwide power crisis, and we've already seen a great deal of interest from utilities around the world in our technologies and our service model."

Currently operating from facilities in Bend, OR, Serveron will establish its corporate headquarters and additional operations in the Beaverton/Hillsboro, OR area within a few weeks. Serveron intends to add nearly 100 employees over the next twelve to fifteen months.

About Serveron

Serveron Corporation was founded to help electric power utilities worldwide deliver reliable power at the lowest cost. Serveron's innovative instrumentation, continuous monitoring services, and Web-accessible data analysis promise to improve reliability and maintenance efficiency across the grid. Serveron offers Battery and Cell Management (BCM) battery condition monitors, TrueGas on-site dissolved gas analyzers, and remote, on-line monitoring services for power utilities. More information can be found at http://www.serveron.com.

About Nth Power Technologies

Nth Power Technologies is a venture capital firm focused on high-growth investment opportunities arising from the restructuring of the global energy utility marketplace. The fundamental changes taking place in the $800 billion global energy utility industry have given rise to many venture capital investment opportunities, and Nth Power has emerged as a leading source of venture capital for this sector. The firm is managed by a professional investment team with extensive experience growing successful companies in the energy and communication fields and managing venture capital funds.