May 30, 2016 7:01 PM ET

Electric Utilities

Company Overview of Summit Power Group, LLC

Company Overview

Summit Power Group, LLC develops energy projects. The company specializes in carbon capture projects for enhanced oil recovery (EOR), high-efficiency natural gas-fired power projects, utility-scale photovoltaic (PV) solar energy projects, and large wind power projects. It offers services in the areas of development, marketing, finance and investments, asset management, grants and incentives, and regulatory matters. The company also produces industrial products, such as carbon dioxide for EOR, urea for fertilizers, and ammonia. Summit Power Group, LLC was founded in 1989 and is based in Seattle, Washington.

83 South King Street

Suite 200

Seattle, WA 98104

United States

Founded in 1989

Phone:

206-780-3551

Fax:

206-780-3571

Key Executives for Summit Power Group, LLC

Chief Executive Officer and Director
Co-Founder and Chairman Emeritus
Age: 79
Chief Financial Officer and Vice President
Chief Operating Officer
Vice President of Commercial Transactions and General Counsel
Compensation as of Fiscal Year 2015.

Summit Power Group, LLC Key Developments

Summit Power Group Enters into EPC Deal with HQC and SNC-Lavalin for TCEP

Summit Power Group entered into EPC deal with HQC and SNC-Lavalin for TCEP. The carbon capture, utilisation and storage project is being delivered for the US Department of Energy who has offered the project over $450 million under the Office of Fossil Energy Clean Coal Power Initiative. The project has also secured $811 million in investment tax credits. SNC-Lavalin and HQC have inked a consortium agreement to deliver the project. The project will have a capacity to generate 400MW of clean power as well as sufficient urea to cut down US imports by over 10% per year. It will be designed to capture over 90% of its carbon dioxide emissions (CO2) from coal, with the CO2 to be permanently sequestered geologically in West Texas oilfields. The scope of the new contract includes engineering, procurement, construction, commissioning, as well as performance testing of the chemical and carbon capture block. The block will be integrated with a combined cycle power block from Siemens, who will be responsible for supply the coal gasification equipment for the chemical block. The project is expected to reach financial close by early 2016.

Summit Power Group, LLC Announces Management Changes

Summit Power Group, LLC announced that it has appointed Jason Crew as chief executive officer and member of the board of directors effective Oct. 6, 2014. Current Summit CEO Eric Redman will assume the role of co-chairman of the board of directors, continuing to focus on the Texas Clean Energy Project (TCEP) and other large priority projects. Crew comes to Summit from General Electric (GE), where most recently he was responsible for the GE Distributed Power Specialty Fuels business segment, focusing on launching technologies for distributed biomass gasification-to-power, integrated systems, and the production of CO2 for enhanced oil recovery.

Summit Power Group Announces Management Changes

The Summit Power Group, LLC announced changes in the responsibilities of certain key leaders on the executive team. Chief Commercial Officer Ann E. Banks has been named Chief Operating Officer, expanding her current role to include responsibility for the overall management and administration of the company with a focus on efficiency and structure for development efforts. Joining Summit in 2010, Ms. Banks brings over 25 years of experience in business development, management, and treasury operations with companies that include Calpine Corporation, Koch Industries, Amoco and several private equity startups. She will continue her key, high-level responsibilities on specific projects such as the Texas Clean Energy Project. In conjunction with the COO appointment, Ms. Banks will also serve on a newly formed Summit Executive Committee. Together the three executives will make decisions related to three key areas of the company: operations, business and project development, and financing. The company also announced that Mr. Dana C. Zentz and Mr. Karl E. Mattes have been promoted to Senior Vice Presidents. Prior to joining Summit, Mr. Zentz founded Inland Energy Consulting. He has specific expertise in pricing, structuring and negotiation of long and short term natural gas and power supply agreements. He currently oversees all of Summit's solar development activities. Mr. Mattes has held positions in a variety of disciplines with more than two decades' experience in the power industry alone. His experience in design, procurement, equipment manufacturing and construction provides a unique skillset for negotiation of the high-level construction and key component contracts for TCEP.

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Recent Private Companies Transactions

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