Mitsui & Co. to Invest in Viridity Energy August 6, 2012 Email This Story Copyright 2010-12 Energy Choice Matters
Viridity Energy, Inc. sought FERC approval to issue approximately 15% of its shares to Mitsui & Co., Ltd.
Currently, Intel Capital Corp., Braemar Energy Ventures, and AltEnergy, LLC in aggregate own approximately 80% of Viridity Energy's outstanding shares. Several individuals and other shareholders own the remaining shares of Viridity Energy, none in excess of ten percent
After the contemplated stock purchase agreement, Intel Capital Corp., Braemar Energy Ventures, and AltEnergy, LLC will own 67% of outstanding shares; Mitsui & Co., Ltd. will own 16%; and individuals and others will own approximately 17%.
Mitsui's ownership interests in Viridity Energy will entitle Mitsui to appoint one member to Viridity Energy's seven-member board of directors. Mitsui will not own or control voting shares or maintain voting authority on the board to allow it to control Viridity Energy.
Viridity Energy provides energy optimization, demand management, and other energy services to retail and wholesale customers.