Altira closes $178m fund

Investors included institutions that have partnered with Altira since 1996, and also first-time investors.

'Global energy demand continues to grow despite soaring energy prices, 'said Dirk McDermott, managing partner, Altira. 'Our current estimated capacity and reserve development will fall far short of the projected demand in the next 20 years. Technology has been and will continue to be the solution for those challenges. Altira will continue to lead the way in finding, developing and most importantly, commercialising these new technologies.'

'We can offer investors financial returns today as our portfolio companies meet the current energy demand challenge. Not five, ten, or 15 years down the road,' added Peter Edwards, partner at Altira.

The Colorado-based firm closed its fourth fund in 2003, on $64m.

Current investments include wind turbine manufacturer Southwest Windpower, oil and gas pipe manufacturer DeepFlex and RigNet, a provider of broadband, voice and video networks to offshore rigs and remote locations.

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