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August 31, 2015 6:53 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of Aspirity Holdings LLC

Company Overview

Aspirity Holdings LLC, through its subsidiaries, provides wholesale and retail energy services in North America. It operates through three segments: Wholesale Trading, Retail Energy Services, and Diversified Investments. The company trades financial and physical electricity contracts in wholesale markets managed by ISOs or regional transmission organizations; and trades electricity and other energy-related commodities and derivatives on exchanges operated by Intercontinental Exchange, the Natural Gas Exchange Inc., and CME Group. It also sells electricity to residential and small commercial customers; and acquires and develops land for resale as sites for construction of single- and multi-fa...

16233 Kenyon Avenue

Suite 210

Lakeville, MN 55044

United States

Founded in 2009

29 Employees

Phone:

952-241-3103

Key Executives for Aspirity Holdings LLC

Chairman of The Board of Governors, Chief Executive Officer and President
Age: 49
Chief Financial Officer, Vice President of Finance and Member of Risk Management Committee
Age: 58
Vice President of Operations and Secretary
Age: 43
Chief Risk Officer, Vice President of Risk Management and Member of Risk Management Committee
Age: 32
Compensation as of Fiscal Year 2015.

Aspirity Holdings LLC Key Developments

Aspirity Holdings LLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015

Aspirity Holdings LLC reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's total revenues were $9,114,000 compared to $6,532,000 for the same period in 2014, an increase of 40%. Operating loss totaled $2,531,000, down from very modest operating income of $4,000 in second quarter 2014. Net loss was $2,816,000 compared to $726,000 a year ago. Net loss attributable to common was $2,953,000 compared to $863,000 a year ago. For the first half of 2015, the operating loss was $1,119,000 compared to operating income of $12,316,000 for the same period in 2014. Total revenues were 25,341,000, down 30% from 36,453,000 for the same period in 2014. Net loss was $1,983,000 compared to net income of $11,132,000 a year ago. Net loss attributable to common was $2,258,000 compared to net income attributable to common of $10,857,000 a year ago. The company expects that revenues for 2015 will now be in a range of $55 to $65 million, down from guidance published in the first quarter of $70 to $80 million. This is based on the adjustment for the sale of TCP/Summit and management’s assessment of wholesale and retail electricity market conditions, but excluding the effects of the disposition of Krieger Enterprises. For the year, the company now expects operating income of $2.0 to $4.0 million compared to the $6 to $8 million range forecast earlier.

Twin Cities Power Holdings, LLC has Changed its Name to Aspirity Holdings LLC

On July 14, 2015, Twin Cities Power Holdings, LLC changed its name to Aspirity Holdings LLC.

Twin Cities Power Holdings, LLC Announces Internal Reorganization of Several of its Subsidiaries

On July 1, 2015, Twin Cities Power Holdings, LLC effected an internal reorganization of several of its subsidiaries. First, the company created three new first tier and three new second tier subsidiaries of the company. The first tier subsidiaries are Aspirity Energy, LLC, Aspirity Financial, LLC, and Krieger Enterprises, LLC. The second tier subsidiaries are first tier subsidiaries of Aspirity Energy which will conduct a retail energy business in different areas of the U.S.: Aspirity Energy Northeast, LLC, Aspirity Energy Mid-States, LLC, and Aspirity Energy South, LLC. The company then contributed to Krieger Enterprises 100% of the outstanding equity interests of each of the following wholly-owned operating subsidiaries of the company: Apollo Energy Services, LLC, Chesapeake Trading Group, LLC, Cygnus Partners, LLC and Cyclone Partners, LLC; 100% of the financial rights of Retail Energy Holdings, LLC (with the governance rights to be contributed upon receipt of approval from the Federal Energy Regulatory Commission); 100% of the outstanding equity interests of each of the following wholly-owned non-operating subsidiaries of the company: Athena Energy Futures, LLC, Twin Cities Energy, LLC and Minotaur Energy Futures, LLC; and certain other assets and obligations which are held or owned directly by the company but are not related to and will not be utilized by the Aspirity companies, including the company's investment in the Series C Convertible Promissory Notes of Ultra Green Packaging Inc. and the restricted cash pledged to the Canadian court in connection with the company's ex-employee litigation. Aspirity Energy was organized to develop the company's retail energy business using different strategies and techniques than the company's existing retail energy business (which is carried out by Retail Energy Holdings, LLC). Aspirity Financial was organized to provide financial services to companies engaged in energy trading, energy conservation and related businesses.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 2, 2015
Twin Cities Power, L.L.C.
 

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