Nth Power works on Fund IV

Energy investment firm Nth Power has raised $132.4 million toward its fourth fund, according to a recent regulatory document.

A regulatory filing last year indicated the firm had a $200 million target, as PE Week reported in June, when Nth Power held a first close on $70 million a month in its fund-raising drive. Then San Francisco-based firm was reportedly targeting a $150 million fund when the Michigan Strategic Fund considered making a commitment in January.

Co-founder and Managing Director Nancy Floyd could not be immediately reached for comment. It’s not known if the Michigan fund invested.

Nth Power Technologies IV counts Masdar Clean Tech Fund, Robeco Clean Tech Private Equity II and the Oregon State Treasury as limited partners. Previous limited partner investors in Nth Power funds include ABB, Banc of America Securities, ChevronTexaco, Cinergy, Dominion Power, First Energy, Lehman Brothers, PacifiCorp and Pantheon, according to a presentation the firm made at the World Energy Technology Summit in Paris during 2004.

Nth Power raised its last large fund in two tranches. It raised $122 million for Nth Power Technologies II in 2000 and then added $57 million more to it in 2001 with Nth Power Technologies II-A. The firm raised an $8.5 million fund in 2005 called the Nth Power Clean Energy Fund, according to Thomson Financial (publisher of PE Week). This fund may be specifically tailored to work with The California Clean Energy Fund, a $30 million public benefit investment fund created to spur investment in California’s clean energy market.

The firm took software company Comverge (Nasdaq: COMV) last month. Comverge raised $39.7 million from Nth Power, EnerTech Capital, Rockport Capital Partners and others before its $95.4 million IPO. Shares in the company have increased more than 23% since its April 13 offering.

Nth Power also backed flywheel maker Pentadyne Power Corporation, which filed for a $30 million IPO on the London Stock Exchange‘s Alternative Investment Market (AIM) at the end of April. Pentadyne has raised $29.3 million from Nth Power, Accera Venture Partners and Rustic Canyon Partners.

The firm has already invested $7.3 million of its fourth fund into five startups, according to Thomson Financial.