Thursday, August 16, 2012

Exergy Vice President: Financial Problems are 'Hiccup,' Invoices to be Paid

Posted By on Thu, Aug 16, 2012 at 11:20 AM

The vice president of Exergy Development blames Idaho's "negative political climate" toward renewable energy for the company's financial woes, which VeloNews reports has resulted in Exergy to being "unable to pay its contracts" with a number of partners.

VeloNews reports that "a number of impacted parties are considering legal action, but at least two major partners have spoken out in support" of Exergy.

Exergy was the primary sponsor of the 2012 Exergy Tour in Idaho, the largest women's professional bike race in the nation. The company also sponsors a number of men's pro bike races and sponsors two-time Olympic gold medalist Kristin Armstrong's Exergy Twenty12 team.

But the Boise-based company earns its revenue through alternative energy development, an industry that Exergy CEO James Carkulis says has been challenging of late.

“We have tens of millions of dollars that are invested into our [energy] projects," Carkulis told Cyclingnews.com. "And we’ve had a number of delays in our financial closings.”

Exergy Vice President Elizabeth Woolstenhulme told VeloNews that Idaho's "negative political climate" affected her investors wanting to come into the state.

"When lenders start to see projects curtailed, it makes them nervous and they pull out," she said. "We've been there when the cycling world has needed us. We'll continue to fulfill our obligations. There's just a hiccup and that's all it is, but you have a group that's really trying to make something bigger of it."

Woolstenhulme told VeloNews that Exergy expected "to be able to pay outstanding invoices soon."

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