Cascadia Capital Assembles a Strong Investor Syndicate for Innovative Fuel Cell Company

Challenge

In November 2002, Cascadia Capital met Avista Labs, an innovative fuel cell company that was exploring spin-out and capital raising opportunities. Its parent company, publicly-traded Avista Corp., wanted to spin-out the Avista Labs division so it could concentrate on its core utility business, and brought in Cascadia Capital to assist in the process.

Solution

Cascadia Capital successfully positioned Avista Labs as a differentiated later-stage opportunity within the fuel cell sector, offering commercially available products today in an industry where competitors were years from commercialization. Cascadia Capital provided access to traditional energy-oriented investors while at the same time cultivating exposure to a number of traditional funds with an emerging interest in the renewable energy space. Cascadia Capital coordinated road show meetings across the country, facilitated due diligence issues, and assisted in term sheet and closing negotiations.

Results

Cascadia Capital was able to assimilate a strong investor syndicate composed of Chrysalix Energy LP, a highly regarded fuel cell investor; Wall Street Technology Partners, an affiliate of the global Dresdner Kleinwort Bank; and Buerk Craig Victor, a venture firm with expertise in the energy segment.