In challenging times, it is nice to hear some positive stories of companies that are doing well by doing good.  Our colleague fund, Investeco, recently reported that EnerWorks, a holding in their Second Private Equity Fund, is building substantial momentum. EnerWorks develops and manufactures proprietary renewable energy appliances for residential, commercial and industrial markets. In the residential market, EnerWorks’s solar water heating appliances are fully certified, ENERGY STAR® qualified, and the only system meeting CSA international standards. They complement existing water-heating systems and provide users with clean energy and a real reduction in energy costs. In the commercial and industrial markets, EnerWorks is at the forefront of integrated solar thermal solutions, working with local partners to design, install, commission and maintain solar thermal heating and cooling systems.

Last year EnerWorks doubled its sales and they believe sales will more than triple in 2009. It appears that they simply have the right product at the right time and are led by a talented and seasoned management team. The solar thermal market in North America is hugely underdeveloped compared to Europe and Asia and it is one of the least expensive ways to improve residential and commercial energy costs. And EnerWorks' systems are quickly being recognized as among the best in North America. Just last week they announced that they were the supplier to the largest solar heating and cooling installation in the world located in North Carolina.

A recent article in the New York Times outlined how the Obama stimulus package will increase solar thermal installations in the US. EnerWorks will be a direct beneficiary. Last month EnerWorks closed a $5 million private placement, providing the resources it needs to continue to accelerate its growth going forward.

All of us at Renewal2 are encouraged by this good news and hope to see more of these companies in the future.