GreenMountain.com announced that several companies led by BP Amoco agreed to invest up to $100 million in its green power marketing business, which currently has more than 100,000 retail customers in California, New Jersey, and Pennsylvania. GreenMountain.com plans to use some of the capital to expand its operations into Connecticut, Massachusetts, Ohio, and Texas.
According to a BP Amoco press release, the energy company's investment is "focused on significantly extending the market for competitively priced renewable energy — including solar power — to businesses and households across America, the world's largest and most dynamic energy market."
A key target of BP Amoco will be large business customers. According to a BP Amoco executive, large industrial customers "will be able to buy greener, cleaner energy (for) close to the same cost as electricity fueled by other sources, thereby increasing the demand for renewable and environmentally responsible power while enhancing their green credentials."
BP Amoco owns BP Solarex, a photovoltaics manufacturer, and the deal calls for GreenMountain.com to use BP Solarex's solar technology in its solar energy offerings. The two companies also agreed to enter into strategic supply arrangements for electricity and natural gas.
GreenMountain.com also announced an agreement with Lycos Inc. to promote its power products on the Internet. The pact will allow GreenMountain.com to geographically target its electronic advertising.
News Release - BP Amoco Buys into GreenMountain.com - No longer online at greenmountain.com
News Release - BP Amoco Invests In Innovative Green Power Marketer To Extend Environmentally Friendly Energy Sales
News Article - BP Amoco and Others to Invest in GreenMountain.com - No longer online at greenmountain.com
News Article - BP Amoco to invest in Internet outfit - Subcription Required from Houston Chronicle
GreenMountain.com Contact: Jeb Hensarling (802) 846 6157
BP Amoco Contact: Neil Chapman (281) 366-7115