Juice: "Power to the Customer"
Juice Energy, Inc. Launches - Will Supply Businesses with Energy While Managing Price Risk and Climate Change Impact
Washington, D.C. (March 5, 2007) - Juice Energy, Inc., a newly formed electricity company promising "to be a trusted advisor that gives new and more powerful choices to the energy customer," announced today that it has secured significant capital commitments from a high-profile investor group, including Roger Sant, co-founder of the AES Corporation, and three prominent investment firms -- Eton Park Capital Management, Farallon Capital Management(r), L.L.C., and Taconic Capital Advisors LP.
Juice will leverage a powerful team of financial partners with the most experienced management team in the industry to build an innovative, customer-focused retail power company. The Company will offer sophisticated energy risk management practices with cost-effective climate change solutions for commercial and industrial companies in deregulated markets throughout North America.
"Juice empowers the energy customer," said CEO Jon Moore. "Today, the business purchaser of electricity must accept conflicting business models, price and market opacity, unmanaged risk and few options for dealing with the challenges posed by climate change. We aim to change all that."
Headquartered in Washington, D.C. and New York, the Company expects to be serving customers in New York within a few months and throughout North America over the next few years. Juice's co-founders, Jon Moore, Deirdre Lord and Brian Hayduk, have organized a team of experienced professionals from within and outside the energy industry to help launch this new company.
Prior to forming Juice, the co-founders held senior management positions at Constellation NewEnergy, a wholly owned subsidiary of Constellation Energy.
Roger Sant, who is also former Chairman of the Board of the World Wildlife Fund, will take on the role of Chairman of the Board of Juice. He added: "As a founder of an electricity company and a long-time environmentalist, I am delighted to work with the founders of Juice to create a new kind of power company. Juice will make it easier for companies to take advantage of the opportunities brought about by electricity deregulation. I am particularly interested in working with customers to meet evolving challenges related to climate change in a cost-effective way."
Brian Hayduk, the company's President, commented: "We are very pleased with our progress at Juice. Our business model addresses a clear need for new and innovative approaches to managing environmental and energy price risk. We also have begun to see the benefits from starting a retail energy company with a clean slate."
Bill Mellin, Managing Member of Farallon Capital Management(r), L.L.C.,
added: "We are very excited about Juice. The combination of the management team with Roger, Eton Park, Taconic and Farallon positions Juice as a formidable start up that can quickly become a leading energy retailer."
About Juice Energy, Inc.
Juice (www.aboutjuice.com) was formed in 2006 as an independent company to help clients capitalize on the opportunities created by deregulation. Juice is unique because it is the first company to work with clients to manage electricity price risk and greenhouse gas risk at the same time. Juice is unaffiliated with any wholesale trading business, physical assets or regulated utilities. This independent position allows Juice to focus all of its efforts on managing its clients' needs. The company has offices in New York, NY and Washington, DC and will begin serving commercial and industrial clients in New York in the early summer of
2007 and will expand to other markets throughout North America over the next few years.
About Eton Park Capital Management
Eton Park is a global investment organization with over $6 billion under management.
About Farallon Capital Management(r), L.L.C.
Farallon is a global investment organization with over $26 billion under management.
About Taconic Capital Advisors LP
Taconic is a global investment organization with over $5 billion under management.
Contact:
Patricia McMahon
Juice Energy, Inc.
212-351-501