DURHAM — Modern Energy Group, a Durham-based asset management company focused on investing in sustainable energy companies, has raised $3 million in equity.
Modern Energy
The company filed the Form D on Wednesday. The filing did not disclose how the company intends to use the money.
Modern Energy Group’s primary goal is to invest in businesses that bring distributed energy innovations to the market.
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.
Benjamin Abram is a graduate of Duke University, and is the founder and CEO of Modern Energy Group, formerly known as Wylan Energy. He was previously employed at The Westly Group, a clean technology venture capital organization.
He is the son of Adam Abram, the CEO of Chapel Hill-based James River Group Holdings Ltd.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
