TMCnet News
T-REX Adds Strategic Investment From innogyNEW YORK, May 24, 2017 /PRNewswire/ -- T-REX Group, Inc. ("T-REX"), a financial technology ("fintech") company focused on providing data, analytics, and transactional tools for a variety of asset classes, including renewable energy, today announced the closing of a $10 million financing round. Leading European utility innogy (ETR:IGY) and the Partnership Fund for New York City ("PFNYC") joined the round. T-REX's Series B was originally led by Safeguard Scientifics (NYSE:SFE) with participation from Ecosystem Integrity Fund. "With innogy's strategic commitment, T-REX has reached a significant milestone and found a global strategic partner to catalyze growth in the European renewable energy space," T-REX Founder and CEO Benjamin Cohen said. "innogy has proven to be the progressive thought and action leader, as the data-oriented utility of the future. We look forward to working with the innogy team to facilitate unprecedented liquidity in the European renewables market through the transparency and transactional capabilities that the T-REX platform provides." Through innogy's investment, T-REX now has the foundation to broaden its offering in the renewables market, particularly in the utility sector. Florian Kolb, Managing Director of innogy New Ventures, Palo Alto, comments on the partnership, "innogy aims to combine innovation, technology, and renewable energy. T-REX's financial innovation around energy data is an essential piece to those long-term plans. We expect the deployment of the T-REX platform to drive business efficiencies and empower intelligent decision making." Te Partnership Fund for New York City also participated in this investment, following its selection of T-REX to join PFNYC's Fintech Innovation Lab. "As a graduate of the FinTech Innovation Lab, T-REX is a standout example of what can be achieved when you leverage New York City's business leadership to support great entrepreneurs," said Maria Gotsch, President and CEO of the Partnership Fund for New York City. "By tapping into mentoring from financial industry giants, T-REX, like many of our alumni, made a great business better and now is unlocking investment opportunities by bringing unmatched efficiency to the renewable energy industry." Cohen added, "It is an honor for T-REX to have the support and commitment of the esteemed Board of the PFNYC. Working with Maria, her team and network has helped expand T-REX's market vision and reach, as we prepare to enter additional esoteric markets with inadequate financial infrastructure." "This round was all about assembling a reliable team of partners, creating demand for a product and positioning T-REX for a period of sustained growth in key markets, both domestically and internationally," remarks Tina Aufiero, Managing Director at Safeguard Scientifics and T-REX Board Member. "Nearly nine-tenths of new power added to Europe's energy capacity last year was derived from renewable energy sources, and innogy will serve as the conduit to this commercial market. With a validated technology and a global strategic investor, T-REX has the ability to scale meaningfully, as the esoteric ABS market continues to develop." With this investment, T-REX will continue to expand its team, grow its international client base, and optimize its SaaS platform for target markets across renewables and other esoteric asset classes. About T-REX About Innogy About Partnership Fund for New York City About Safeguard Scientifics To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/t-rex-adds-strategic-investment-from-innogy-300463000.html SOURCE T-REX Group, Inc. |