SOURCE: Lehigh Technologies

January 30, 2007 09:00 ET

Lehigh Technologies Raises $18 Million in Equity Financing

NGP Energy Technology Partners Brings Capital and Financial Expertise to Support Lehigh's Accelerating Growth

NAPLES, FL -- (MARKET WIRE) -- January 30, 2007 -- Lehigh Technologies, Inc., a leading manufacturer of engineered rubber powder, announced today that it has closed $18 million in equity financing from new and existing investors. NGP Energy Technology Partners, L.P. led the investment round. NGP Energy Technology Partners ( is one of the premier energy technology private equity funds in the United States. Lehigh's innovative materials represent an alternative to high priced petrol-chemicals, making the company a natural fit for NGP. NGP Energy Technology Partners is an affiliate of NGP Energy Capital Management, a $3.6 billion firm based in Irving, Texas that invests in all sectors of the energy industry.

"The industry experience and financial expertise of their investment team, combined with the fund's considerable capital resources, makes NGP the ideal partner to help Lehigh re-define the market for engineered rubber powder," stated Dennis J. Gormley, Chief Executive Officer of Lehigh. "In the past few months we have experienced considerable growth, adding to our customer base, expanding our management team and acquiring core technology. With this latest round of investment, our customers can continue to increase their demand for our engineered rubber powder and remain confident that we have the necessary resources to meet that demand."

NGP Energy Technology Partners has a strong track record of investing in successful, energy-related, high growth companies. Lehigh has all the elements for growth -- unparalleled technology, a strong value proposition in the marketplace, and great people. "We look forward to working with the Lehigh team to establish itself as a global provider of alternatives to synthetic rubbers and other petrol-chemicals," said Philip J. Deutch, Managing Partner of NGP Energy Technology Partners. As part of the transaction, Philip Deutch and Christopher D. Sorrells, Managing Director of NGP Energy Technology Partners, will join Lehigh's Board of Directors.

"Finding the right capital partner was the last major step in our long-term strategy," concluded Anthony M. Cialone, Lehigh's Chief Operating Officer, "and we are thrilled to start the next phase of Lehigh's growth with NGP by our side." Proceeds from the financing will be used to increase production at Lehigh's Georgia plant, to strengthen the company's supply chain and to expand domestically and internationally. Several other institutions, including existing investors and members of the management team, participated with NGP Energy Technology Partners in the financing. Details of the investment were not disclosed.

About Lehigh Technologies, Inc.

Lehigh Technologies provides engineered ultra-fine rubber powder that delivers enhanced performance, as well as manufacturing cost savings and environmental benefits, at a price point that is affordable and sustainable for low-to-high volume applications. Unlike crumb rubber recyclers and other suppliers in the past, Lehigh produces engineered performance fillers, modifiers and additives enabling manufacturers across a variety of industries to easily include rubber powder as a strategic ingredient into their manufacturing process without compromising the integrity of their products. Headquartered in Naples, Florida, the company is privately held and backed by major private equity investors. For more information, please visit

About NGP Energy Technology Partners, L.P.

NGP Energy Technology Partners, L.P. is a Washington, D.C.-based $148 million fund investing growth equity capital in companies providing technology-related products and services to the oil and gas, power and alternative energy sectors. The fund is managed by investment professionals with extensive experience investing in virtually all types of energy technologies and a strong track record of helping companies grow, create value, and establish strategic partnerships. NGP Energy Technology Partners is an affiliate of NGP Energy Capital Management, a $3.6 billion firm based in Irving, Texas that invests in all sectors of the energy industry.

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