Utah venture capital hits high note – bucks national trends with big investment boost

An alternative energy company new to Utah accounted for half of the $90 million in venture capital raised in the state during the first quarter.

AMP Resources LLC, which plans soon to expand its Draper office to a corporate headquarters, raised $45 million. Leading the investment were Lehi-based Sorenson Capital and Highland Capital of Boston, with $20 million each. An assortment of other investors accounted for the remaining $5 million.

"This is a huge milestone for us," said Ken Goates, chief financial officer for AMP Resources, whose 3-year-old company markets technology able to extract electricity from lower-temperature geothermal sources.

Another $45 million in venture capital, shared by eight other companies, boosted quarterly investments in Utah companies to the highest level since mid-2001, when funding reached $95 million, according to PricewaterhouseCoopers’ MoneyTree Survey.

By Bob Mims
The Salt Lake Tribune

Full Story: http://www.sltrib.com/business/ci_2684586