You may have read that North Little Rock solar power and storage contractor Today’s Power Inc. has named an incoming CEO to replace President Michael Henderson after he retires at the end of the year.
But you probably didn’t know that the new chief, attorney Derek Dyson, will have some extra cash — $23.35 million — to apply to his initiatives after he takes over Jan. 1.
Today’s Power submitted a Securities & Exchange Commission filing revealing it raised $23,355,000 from investors with a securities sale on Sept. 30.
The Form D Notice of Exempt Offering held Henderson’s signature and that of Vice President of Operations Matt Irving. It lists a finder’s fee of $467,100 to Crews & Associates, the Little Rock investment bank.
“The $23.35 million will be used to provide long-term financing for projects that are now in service or will be in the near future,” TPI public relations chief Jennah Denney told Whispers. “Today’s Power owns, operates and maintains the majority of our over 75 megawatts of installed capacity, and we’re excited about our future and expected development as we welcome Derek Dyson as our new CEO on January 1, 2022, following Michael Henderson’s retirement.”
Dyson is part owner of Duncan Weinberg Genzer & Pembroke PC in Washington, D.C., and a former contracting officer and lawyer for the Federal Energy Regulatory Commission. He has a bachelor’s in economics from Virginia Tech, an MBA from the Florida Institute of Technology and a law degree from the American University Washington School of Law. Henderson has 40 years of experience in the energy industry and is a former executive vice president and CFO of Arkansas Electric Cooperative Corp. and Arkansas Electric Cooperatives Inc. in Little Rock.
In other solar securities news, Scenic Hill Solar of Little Rock filed notice of three separate securities sales totaling nearly $7 million.
The first sale, on Sept. 9, raised $4.31 million for the company. The solar developer is the state’s largest, led by former Lt. Gov. Bill Halter, who signed the SEC notices. The two other sales, for $1,042,852 and $1,481,948, were held Sept. 30. Crews & Associates also assisted Scenic Hill, receiving commissions of $107,775 for the first deal and $37,048 and $26,071, respectively, for the Sept. 30 transactions.