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TerraPass Completes First Round of Financing with Investment from GreenShift Corporation
TerraPass Inc., www.terrapass.com, a company that provides consumers a simple way to counteract the effects of their car's carbon dioxide (CO2) emissions, and GreenShift Corporation (Nachrichten), www.greenshift.com, a company that develops and supports environmentally proactive companies, announced that GreenShift Corporation will take a 10 percent stake in TerraPass. The transaction closed on September 1st giving TerraPass both the capital to continue building its infrastructure and acquiring customers as well as a strategic partner to help further the company's growth.
"The investment from GreenShift Corporation in TerraPass signals a real proof of concept for us," said Tom Arnold, TerraPass' chief environmental officer. "Our vision is that every car owner can feel empowered to go the extra mile in managing their vehicle's pollution. Right now our customers see TerraPass as part of a sustainable and environmentally conscious lifestyle. The investment from GreenShift Corporation will help us continue to provide a way for car owners to offset their car's carbon dioxide emissions."
TerraPass was formed by a group of Wharton Business School students in 2004 with the goal of providing a way for car owners to balance their cars' global warming contributions by buying a piece of industrial emissions contracts usually reserved for large corporations or even countries. TerraPass' model is that car owners purchase a small decal placed on their car's windshield showing their pledge to neutralize their car's emissions impact. Drivers pay according to how much gas they use - from $29.95 a year for hybrids up to $79.95 for an SUV. TerraPass then turns around and invests that money into three types of projects: clean energy (such as wind power), greenhouse abatement projects (such as landfill capping), and industrial efficiency projects through Chicago Climate Exchange. These projects are normally off limits to the average consumer, however, aggregating the money from TerraPass members allows consumers to participate and make a real difference.
"We applaud TerraPass' dedication to reducing global carbon dioxide emissions," said Kevin Kreisler, GreenShift Corporation's chairman and chief executive officer. "TerraPass is exactly the kind of company that we support. TerraPass is taking its values and finding innovative ways to harness the technology and market forces that ultimately help people offset their vehicle's carbon dioxide emissions. GreenShift Corporation's experience in a variety of environmental businesses can only help bolster TerraPass as they continue to grow. We look forward to a long partnership."
As a part of the 10 percent stake in TerraPass, the company will appoint GreenShift Corporation's chairman and CEO, Kevin Kreisler, to the TerraPass board. TerraPass will also participate in a strategic alliance with GreenShift Corporation enabling a collaboration of resources including access to GreenShift Corporation's management, financial, and administrative support services.
About TerraPass Inc.
TerraPass is a service that aids in eliminating personal vehicle contributions to global warming. By issuing a "TerraPass" to its members, TerraPass utilizes its members' contributions to promote global energy efficiency and greenhouse gas reduction through targeted projects. It is through these clean energy projects that TerraPass counterbalances pollution from its members' vehicles.
About GreenShift Corporation
GreenShift Corporation (OTC Bulletin Board: GSHF) is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains. Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
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