NGP raises $348m for second energy tech fund

The tech-focused affiliate of Natural Gas Partners has more than doubled the size of its prior fund, which backed companies including turbine maker TPI Composites.

NGP Energy Technology Partners has closed its second fund on $348 million, surpassing its $300 million target and more than doubling the size of its debut fund closed in December 2005.

The Washington, DC-based firm is part of 21-year-old  NGP Energy Capital Management, whose affiliates include the $6.9 billion energy-focused private equity firm Natural Gas Partners.

Wind power technology: NPG ETP target

NGP ETP makes growth capital investments of between $5 million and $25 million in companies whose technologies and products support various energy sectors, from oil and gas to renewables.

The firm said its principals, which include Philip Deutch, Chris Sorrells, Jason Hicks, Michael LeBourgeois, Brad Barton, and Rodd Macklin, began investing in the energy tech sector in 1997.

Its first fund invested in 12 companies, aggregate annual revenue for which exceeds $300 million, the firm said. Thes companies include wind blade manufacturer TPI Composites and solar power company groSolar.

NGP ETP has offices in Washington, DC, New Orleans and Irving, Texas.