Clean power plant developer Intersect Power lands $750 million
Intersect Power, a cleantech power plant developer, raised $750 million, the company tells Axios.
Why it matters: Nine-figure growth equity rounds are still happening outside of the software industry, despite the market pullback.
Details: TPG Rise Climate led the round, and was joined by insiders Climate Adaptive Infrastructure and Trilantic Energy Partners North America.
- Intersect CEO Sheldon Kimber declined to disclose the round's valuation, and said the company has no plans to go public anytime soon.
The intrigue: Kimber said that, structurally, he sees Intersect as more closely resembling a traditional oil and gas company than a clean energy company.
- In addition to building, developing and selling the raw materials (i.e., solar and wind power), Intersect wants to own refining the raw materials to develop other sources of energy, such as hydrogen-based alternative fuels or industrial heat.