DURHAM — Modern Energy Group, a Durham-based asset management company focused on investing in sustainable energy companies, has raised a whooping $42.4 million in equity, according to a recent SEC filing.
The funds were raised from 18 investors – with a $500,000 minimum investment from each — starting from the first date of sale in late December 2018.
The filing did not disclose how the firm intends to use the money.
Modern Energy’s CEO and founder Benjamin Abram, who signed the filing, was unavailable for comment.
It’s believed to be the largest haul since the Duke University grad founded the company in 2016.
Abram was previously employed at The Westly Group, a clean technology venture capital organization. He is also the son of Adam Abram, the CEO of Chapel Hill-based James River Group Holdings Ltd.
As stated on its website, the firm’s primary goal is to invest in businesses that bring distributed energy innovations to the market.
“Modern Energy’s businesses identify emerging energy asset classes and leverage their differentiated knowledge, talent, and capital to bring those asset classes to scale,” it reads.
Modern Energy Group’s partnerships include companies worldwide focused on energy transition, efficiency and storage including American Efficient, Faro Energy and Upside Energy.
In 2017, Modern Energy Group purchased Manbites Dog Theater in downtown Durham for $1.1 million to house its growing team.
That same year, it also raised $2.97 million in a venture capital fund and became a Certified B Corporation, as previously reported by WRAL TechWire.
This recent round is capped at $80 million, with $37.7 million remaining to be sold.