Led by Austin Venture, Lincoln Renewable Energy (LRE) has closed its most recent round of private funding at US$14 million. Aside from Austin Ventures, contributors also included private investors and LRE management and founding investors. Furthermore, Ken DeAngelis, general partner, and Clark Jernigan, venture partner, and both part of Austin Ventures, will become members of LRE’s board.
“We are delighted to welcome an investor with the track record and reputation of Austin Ventures and look forward to the tremendous value they can add to a high-growth company such as LRE,” said Declan Flanagan, chief executive officer of Lincoln Renewable Energy. “The energy market is recognizing that Solar PV technology has an important role to play in making the U.S. electricity system cleaner, more reliable and self sufficient. With the current round of funding closed, we are well positioned to move our diverse and growing pipeline of solar PV projects towards construction.”
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LRE has been steadily developing solar power projects along the Atlantic and Pacific seaboards of the U.S. The funding received during this private round will go towards the continued development of utility-scale solar PV projects and early stage wind power projects.
