Ontario Power Generation Launches Energy Technologies Venture Company

TORONTO, ON -- Ontario Power Generation has announced the launch of a subsidiary company, OPG Ventures Inc. that will invest in new emerging energy and related energy technology companies.

"We are investing in our collective future. Investing in new, leading edge energy technologies such as those that are green, small and distributed complements our core business of electricity generation, and it builds on our power technology expertise. Investments like these position us for continued growth and success and respond to our customers' needs," said Ron Osborne, President and CEO of Ontario Power Generation.

The new company plans to make up to $100 million worth of investments over the next three years in viable companies that have alternative generation or related energy technologies in the advanced start-up or later stage of growth. Target investments, of approximately $2-3 million, will be made to create a portfolio of 20-25 companies. In addition, up to 25 per cent of the fund will be invested in established energy related venture funds with a predominately North American focus.

OPG Ventures' President and CEO, Peter Crombie has extensive experience with high technology enterprises, venture capital and business acquisitions. OPG Ventures Inc. will have a Board of Director's made up of OPG executives and representatives from the external business community.

"Energy technology investment is taking off, just like similar investments did when the telecommunications industry deregulated-the outcome then was new, innovative products and services. We are excited about being in on the ground floor for the energy sector developing the new innovative energy solutions that will help to meet the growing energy demands of the future, " said Crombie.

Ontario Power Generation is an Ontario based company, whose principal business is the generation and sale of electricity to customers in Ontario and to interconnected markets. OPG's goal is to be a premier North American energy company, focused on low-cost power generation and wholesale energy sales while operating in a safe, open and environmentally responsible manner.

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