New Mexico Community Capital Invests in Energy Industry Servicing Firm
August 31, 2005
Santa Fe - Farmington, NM. New Mexico Community Capital (NMCC) announced today that it has closed its fund's first investment. The investment will go to Desert Power, a rapidly growing Farmington based firm, which provides equipment overhaul and repair services to the natural gas compression industry.
"Putting our capital to work in New Mexico to help a business grow, create jobs, and increase community wealth is a key purpose of our fund. Making this first investment is a transformative event for us, in many ways even more important than closing the fund," says Jarratt Applewhite NMCC's CEO.
Desert Power was formed earlier this year after a subsidiary of Komatsu of Japan shut down operations of a similar business with some of the same employees that now run Desert Power. "The investment return potential for Desert Power is extremely attractive. In addition to that, NMCC recognizes locally owned and operated companies strengthen the community in many ways and we will be a part of that process," says NMCC's Managing Director Tom Keleher.
"We're excited to be partnering with New Mexico Community Capital," says
Mike Boze, CEO of Desert Power. "We want to provide the best service in the
industry, we've set really high goals for ourselves and our employees, that
means we need to create a workplace where our employees feel valued and
rewarded. It's great that an investor shares these same goals and sees a
business value in pursuing them with us."
About NMCC:
New Mexico Community Capital was formed in late 2004 by business and
community leaders to provide equity capital and management resources to
qualifying businesses throughout New Mexico, particularly in rural and
underinvested areas. The objectives of the fund are to stimulate job growth,
strengthen local economies, enhance the entrepreneurial capacity of business
owners, and generate attractive returns for our investors in order to
increase the available pool of capital for future investment.
About Desert Power:
Desert Power was formed in early 2005 to provide overhaul and repair services to the natural gas compression industry, including the region's first state of the art metal spray facility. Metal Spray technology can be used to refurbish used parts to their original quality. The San Juan basin is the second largest natural gas field in the country and the only mature field to still be aggressively developing new fields. For additional information please visit their website at www.desertpower.us