BluePoint Energy Announces $35 Million Partnership to Finance Growing Demand for Onsite Energy Power Systems
Granite Bay, Calif., Aug. 19, 2003 - Chapeau, Inc. dba BluePoint Energy has entered into a joint-venture financing agreement with Calim Private Equity, LLC of Aspen, Colo., for funding energy purchase agreements (EPA) generated by BluePoint Energy
The agreement calls for a funding committment of up to $35 million to allow the partnership of Calim-BluePoint Energy Partners I (Calim-BPEP I) to jointly install, own and operate 100 BluePoint Lean-One® Cogeneration Systems on a first-right-of-refusal basis. Calim-BPEP I will be managed by Calim Private Equity, LLC.
Under terms of the agreement, Calim-BPEP I has immediately placed its initial purchase order for 10 fully prepaid Lean-One® Systems this fiscal quarter, the revenues from which will approximate $2 million to BluePoint Energy. The partnership agreement also allows for revenue sharing between Calim-BPEP I and BluePoint Energy, as well as management fees paid to BluePoint Energy for each installation placed by the partnership.
The agreement further allows for Calim-BPEP I to convert its interests pursuant to the agreement into Chapeau, Inc. common stock at a conversion rate of $3.00 per share.
As a result of the agreement, capital-restrained hospitals, city governments, manufacturers, office buildings and other organizations similar to those affected by last week's power grid failure can have reliable, ultra-clean and less costly power around-the-clock – completely independent from the electric power grid.
BluePoint Energy CEO Guy A. Archbold, commented, "Given the dramatic events of the last few days in which over 50 million people and businesses lost electrical power, we are extremely pleased to announce this partnership. BluePoint Energy has become one of the only fully integrated "pure play" distributed generation companies to offer clients a complete turnkey approach to reliable, economic and clean onsite energy fully independent of the U.S. electrical power grid. Energy purchase agreements through Calim-BPEP I will allow potential customers to receive the benefits of onsite distributed generation while eliminating upfront capital expenditures.
Archbold continued, "This initial Calim-BPEP I partnership allows for over 25 megawatts of fully financed, grid independent, distributed power generation solutions for our customers.
BluePoint Energy is now one of a few companies that has the ability to provide state-of-the-art proprietary DG equipment through the use of its Lean-One® System, arrange for permitting, engineering and construction with its strategic partnerships, and supply necessary financing through its own energy purchase agreements."
About Calim Private Equity, LLC
Calim Private Equity LLC is a private equity investment firm based in Aspen, Colorado specializing in early stage finance.