Skystream Markets Inc., a provider of institutional transaction platforms for the renewable energy markets, has received an investment of undisclosed amount.
Backers include Connecticut Innovations, Ironwood Capital Connecticut’s Connecticut Growth Fund, and the Clean Energy Venture Group and other angels from the financial technology and trading spheres.
The company intends to use the capital to expand its platform.
Co-founded by Kapil Mohindra and Naeem Hukkawala, Skystream Markets provides an electronic transaction platform for trading Renewable Energy Certificates (RECs) markets in the United States. Working directly with power producers and major trading counterparties, the company has built specific market mechanisms that are lacking in both the primary and secondary markets.
The company also provides project finance advisory and market research services.
In conjunction with the investment, Skystream will relocate its corporate and technology development operations from New York City to Stamford, Connecticut.