GMDC Forms Renewable Energy Subsidiary

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Carlsbad, Calif.-based Green Mountain Development Corp. (GMDC), has formed a subsidiary that intends to commercialize licensed technology for energy generation and storage using renewable sources of wind, solar and hydrogen gas.

The new subsidiary is currently in negotiations with several technology holders desiring to commercialize, develop, manufacture, license and distribute their renewable energy products and technology. Following the technology licensing, GMDC will allocate a portion of its current $5 million fundraising effort for the energy subsidiary's business organization, staffing, market identification, strategic business plan development and product rollout.

‘Our strategy is to incubate green portfolio companies under the GMDC umbrella by forming majority owned subsidiaries or acquiring a controlling interest for accounting roll-up purposes, and then raising investment capital for the green company to implement a jointly approved business plan that targets in excess of $10 million in revenues and adequate earnings to attract investors for a future subsidiary public offering or third-party sale within three years,’ says Robert Brehm, CEO of GMDC.

SOURCE: Green Mountain Development Corp.

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