The 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. It is also aimed at boosting sales of clean energy products such as natural gas - both as a primary fuel and as natural gas fueled power.
GreenMountain is already the leading brand marketer of cleaner electricity to consumers in three deregulated states where households can choose their energy supplier. Using the Internet and other media it sells environmentally friendly electricity and other independently audited 'green' products. Buyers can choose to purchase electricity generated by renewable sources - solar, wind, water or geothermal - as well as clean-burning natural gas.
Formed in 1997 GreenMountain serves more than 100,000 households in California, Pennsylvania and New Jersey. It plans to expand rapidly as full energy deregulation spreads across America and demand for green and clean power grows.
The investment from BP Amoco is an important step both for BP Solarex and the company's Gas and Power business in North America. BP Amoco is already the global solar electricity volume leader in sales of components and systems as well as the leading natural gas producer in North America. It is also a leading trader in wholesale markets for natural gas together with power.
BP Amoco also announces a multi-faceted commercial relationship to market and promote GreenMountain's solar energy offerings using BP Solarex's solar technology, products and services. BP Amoco will have an exclusive agreement so that it can market to industrial and commercial customers GreenMountain's energy product range. Additionally the companies have agreed to enter into strategic supply arrangements for electricity and natural gas.
Said Anne Quinn, group vice president of BP Amoco's Gas and Power business in the Americas: "GreenMountain has built a powerful environmental brand by showing people their energy choices can and do make a difference.
"We are greatly extending product availability and market presence by including large industrial customers and offering them a distinctive green choice to meet their energy needs. They will be able to buy greener, cleaner energy 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. We believe this can serve as a model for marketing cleaner energy in other, international markets."
Quinn added: "Our investment is one of many environmental initiatives BP Amoco has launched recently. These include marketing cleaner fuels in 40 cities around the world, converting BP retail locations to solar-power, using our own solar panels and the launch of a global emissions trading program."
Said Harry Shimp, president and CEO of BP Solarex: " We believe green electricity is a big potential market in the U.S. GreenMountain is a leading developer of green energy and we are very pleased to have this connection to what we believe will be a significant growth market segment for solar energy."
Said Dennis W Kelly, GreenMountain CEO:" BP Amoco is a global leader in the development of solar energy and the key leader within the energy community in addressing global warming. By harnessing their expertise in energy markets and their experience in selling to large businesses, we can continue to build the GreenMountain Energy brand across the U.S."
In addition to natural gas and power BP Amoco will also supply GreenMountain with risk management products and technical assistance. The two companies will also cooperate on leveraging each other's e-business learnings and web presence.
Notes to editors:
Watch an archive of the webcast by Dennis W Kelly, CEO GreenMountain and Anne Quinn, Group Vice-President of BP Amoco's Gas and Power business in the Americas by clicking here.
BP Amoco and Lycos Forge Strategic Business Relationships to Accelerate the Expansion of Leading U.S. Marketer of Cleaner Energy
S. BURLINGTON, Vt., May 3 /PRNewswire/ -- GreenMountain.com (www.GreenMountain.com), one of the nation's leading providers of environmentally cleaner energy, today announced it has entered into an agreement under which BP Amoco (NYSE: BPA), and others will invest up to $100 million to fund the company's continued growth. GreenMountain.com and BP Amoco also announced a multi-faceted commercial relationship to market and promote GreenMountain Energy(SM) products. In addition, Lycos (Nasdaq: LCOS) will team with GreenMountain.com under a separate marketing agreement to promote energy products throughout the Lycos Network.
( Photo: http://www.newscom.com/cgi-bin/prnh/19991005/NETU047 )
The investments will enable GreenMountain.com to significantly expand its marketing of competitively priced renewable energy, including solar power, as well as natural gas and other cleaner energy products, to households and businesses across America. Under the commercial alliance between GreenMountain.com and BP Amoco:
-- BP Amoco will market the GreenMountain Energy(SM) brand of cleaner and renewable electricity under a multi-year licensing agreement to large business customers.
-- BP Amoco and GreenMountain will promote GreenMountain.com's solar energy offerings using BP Solarex's solar energy products and services.
-- GreenMountain.com will market its cleaner electricity products to BP Amoco service stations in GreenMountain.com's current and future U.S. markets.
-- The companies will enter into cooperative energy supply arrangements that will enable GreenMountain.com to take advantage of BP Amoco's wholesale supply expertise.
"This investment, along with the online marketing agreement with Lycos, is a major step forward for GreenMountain.com," said Dennis Kelly, Chief Executive Officer of GreenMountain.com. "By making these significant commitments, BP Amoco, Lycos and the others have recognized the tremendous U.S. market opportunity for selling cleaner and renewable energy to both households and business customers. BP Amoco is a global leader in the development of solar energy and a key leader within the energy community in addressing global warming. By harnessing their expertise in energy markets and their experience in selling to large businesses, we can continue to build the GreenMountain Energy brand across the U.S. We look forward to working with BP Amoco, Lycos and our other team members to begin to improve the environment by changing the way energy is made."
Anne Quinn, Group Vice President of BP Amoco's Gas and Power business in the Americas stated, "GreenMountain has built a powerful environmental brand by showing people their energy choices can and do make a difference. We are greatly extending product availability and market presence by including large industrial customers and offering them a distinctive green choice to meet their energy needs. They will be able to buy greener, cleaner energy 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. We believe this can serve as a model for marketing cleaner energy in other international markets."
As part of their agreement, Lycos, the Internet's leading multi-brand network, will provide online marketing venues to GreenMountain.com, enabling the energy company to deliver its unique message to geographically targeted Lycos users. Lycos will launch an Energy Center within its Real Estate channel where GreenMountain.com will become the exclusive provider of cleaner energy content. Under the terms of the agreement, GreenMountain.com will pay Lycos in cash and stock for online contextual integration across the Lycos Network.
"We are excited to back the effort to capitalize on the growing U.S. retail electricity market," said Rich Gotham, Vice President of E-commerce Sales for Lycos. "GreenMountain.com's partnering with BP Amoco, and their decision to go to market on the Internet is another strong validation of the potential for this green energy market, and establishes GreenMountain.com as the leader in the space."
GreenMountain.com (www.GreenMountain.com) is a leading provider of environmentally cleaner electricity to residential customers through its Green Mountain Energy(SM) brand. Green Mountain Energy products in California, Pennsylvania and New Jersey feature cleaner and renewable generation sources that are dramatically cleaner than typical regional system power.
About BP Amoco
-- BP Amoco produces around 4.5 billion cubic feet of natural gas per day (bcf/d) and sells over 7 bcf/d in North America.
-- BP Solarex, headquartered in Maryland, is the company's solar manufacturing business. BP Solarex is among the largest in the world offering the latest in solar electric technology for both remote and grid-connection systems.
Founded in 1995, Lycos, Inc. is a leading Web media company and owner of the Lycos Network, one of the most visited hubs on the Internet reaching nearly one out of every two U.S. Web users. The Lycos Network is a unified set of Web sites, attracting a diverse audience by offering a variety of services, including leading Web search and navigation resources; Web community and communications services including free homepage building, free Web-based e-mail, clubs, chat, instant messaging; a personalized My Lycos start page; a comprehensive shopping center featuring more than 2,400 merchants; and an assortment of compelling content such as games, music, news, fun and educational information and activities for kids as well as information about investing, technology, entertainment, sports, small business, travel and more.
For more information contact:
GreenMountain.com BP Amoco Lycos, Inc. Kevin Ellis Neil Chapman Brian Payea 802-846-6163 281-366-7115 781-370-2885 email@example.com firstname.lastname@example.org
CO: GreenMountain.com; BP Amoco; Lycos, Inc.
ST: Vermont, Maryland
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