DETROIT, Mich., November 23, 2010 – The newly formed Detroit Renewable Energy LLC (DRE) announced its board of directors today (Tuesday). DRE was funded by Greenwich, Connecticut Atlas Holdings Nov. 16, 2010.
The announcement was made by Steven A. White, Chairman of the DRE board. The new directors are:
- Steven A. White, Chairman. Mr. White has 20 years of banking experience with large public sector infrastructure projects, including energy-from-waste facilities. Mr. White’s most recent experience was a Managing Director at Morgan Stanley and co-headed their Infrastructure Finance Group.
- Andrew Bursky, Director. Mr. Bursky has been Managing Partner of Atlas Holdings LLC since its inception in 2002. Atlas Holdings is an experienced operator with ten core holding companies that are engaged in basic industries, including steel, pulp and paper, building materials, capital equipment, energy, consumer and industrial packaging, timber and wood products, cogeneration and energy assets. Mr. Bursky has also served as Managing Partner of Pegasus Capital Advisors, LP and Interlaken Capital, Inc.
- Timothy Fazio, Director. Mr. Fazio has been Managing Partner of Atlas Holdings LLC since its inception in 2002. Mr. Fazio has also served as Principal and Vice President of Pegasus and Interlaken respectively.
- Edward Fletcher, Director. Mr. Fletcher has been a Partner of Atlas Holdings LLC since 2005. Mr. Fletcher has also served as a Senior Vice President and Chief Financial Officer of a publicly-traded information and communication services company. Mr. Fletcher has received certifications as both a Certified Public Accountant and a Certified Fraud Examiner.
- Doug Graham, Director. Mr. Graham had previously held the position of Economic Development Director, Detroit Renaissance, Inc., (now known as Business Leaders For Michigan) the lead business organization in the state of Michigan with 48 chief executive officers representing Michigan’s largest business.
- Mark Hepp, Director. Mr. Hepp has more than 30 years of management, engineering, operations, and entrepreneurial experience in industrial power generation and waste processing; including Vice President, Operations for Wheelabrator, responsible for all aspects of plant operations, construction, engineering, project execution, and environmental management.
- Peter Leidel, Director. Mr. Leidel is a co-founder and partner of Yorktown Partners LLC which manages private equity partnerships that invest in the energy industry, with total committed capital of $2.9 billion and investments in 65 energy companies. The Yorktown partnerships were affiliated until 1997 with the investment bank Dillon, Read & Co. Inc., where Mr. Leidel was a Partner in the Venture Capital Group and invested in a variety of private companies with a particular focus on energy investments. He was previously in corporate treasury positions at Mobil Corporation and worked for KPMG Peat Marwick and the U.S. Patent and Trademark Office. Mr. Leidel is a director of Ellora Energy Inc. and several private energy companies.
DRE acquired the Detroit energy-from-waste plant (EFW plant) that produces steam and electricity from municipal waste, which will now operate as Detroit Renewable Power LLC.
Also acquired were Detroit Thermal, LLC, which owns and operates the district energy underground steam system for the core business districts along the Woodward Avenue Corridor from the riverfront to New Center-Midtown, and Hamtramck Energy Services, LLC, which operates the private industrial steam plants at five General Motors facilities.
Each of the businesses will operate as independent subsidiaries under the umbrella of the newly formed DRE and will be headquartered in Detroit, Mich.
Also announced was Paul Maier as President Detroit Renewable Power LLC. Victor A. Koppang continues as President of Detroit Thermal.
The formation of DRE Energy and the acquisition of its independent affiliates assure a long-term, cost-effective and environmentally-friendly supply of renewable energy from municipal waste derived fuel to support the essential energy needs of Detroit’s core business districts.
About Detroit Renewable Energy LLC: Detroit Renewable Energy LLC, www.detroitrenewable.com, is the holding company formed in 2010 for the independent operations of Detroit Thermal, LLC, http://www.detroitthermal.com ; Detroit Renewable Power LLC, www.detroitrenewablepower.com, operator of the Detroit energy-from-waste plant; and Hamtramck Energy Services, LLC, operator of private steam plants at five General Motors facilities.
News Media Contacts:
Leland K. Bassett or
Bassett & Bassett, Incorporated