Skystream Markets Inc., a provider of institutional transaction platforms for the renewable energy and environmental markets, today announced a $4 million Series A investment.

An investor group led by Connecticut Innovations, and joined by Advantage Capital Connecticut, the Clean Energy Venture Group and LaunchCapital, provided the financing. The funds will be used to continue to develop and grow Skystream Markets' core technology assets, including RECstream, a leading technology-driven transaction platform for renewable energy certificates (RECs), for trading desks across North America.

Based in Stamford, Conn., Skystream Markets gives institutional renewable energy producers and traders the highest-quality access to REC pricing and liquidity through its electronic transaction platforms. In addition, Skystream Markets has an active brokerage desk and capital introduction business that transacts across a number of environmental markets.

'Skystream Markets has been a great addition to Connecticut's information technology community and has helped strengthen Stamford's role as a hub for the financial services industry,' said Claire Leonardi, chief executive officer of Connecticut Innovations. 'The company's technology services are a catalyst for the growth of renewable energy in New England.'

In conjunction with the financing, Skystream Markets announced that Daniel Rappaport has joined its board of directors. Rappaport served as chairman of the board and chief executive officer of the New York Mercantile Exchange (NYMEX) from 1993 through 2001. He served as a NYMEX board member from May 2006 through August 2008, during the time of its $12 billion initial public offering and eventual acquisition by the CME Group. Rappaport also served as an independent director on the board of GreenX, an environmental commodities exchange, and was chairman of the Regulatory Oversight Committee.

'I am honored to join the Skystream Markets board and work with this exceptional team,' Rappaport said. 'Skystream Markets is a leader and an innovator in the environmental markets. I look forward to sharing my experiences and contributing to the future direction and growth of this business.'

Skystream Markets was founded in 2009 to serve as a neutral intermediary in the environmental markets and does not take principal risk. The company is focused on improving trading protocols and promoting market transparency and cost efficiency. The management team has deep expertise and a successful track record in building trading infrastructure in new markets that require service improvements to the entire trade cycle.

'We're excited about our progress in building accurate, executable price information,' said Skystream Markets co-founder Naeem Hukkawala. 'This financing enables us to continue to develop market mechanisms that create liquidity for environmental commodities.'

'With almost 80 counterparties signed up to use our platform, the team has achieved a lot during the past year, creating a go-to service for traders in the environmental markets,' said Skystream Markets co-founder Kapil Mohindra. 'This investment validates the value of our strategic approach and gives us the capital we need to scale rapidly among renewable energy producers and traders across North America.'

Skystream Markets serves the largest environmental markets trading desks at utilities, energy producers, and market makers. The company delivers informed and customized market access by offering a combination of brokerage, data, research and technology. Skystream Markets has 17 employees across its Stamford, Conn., and New York City offices. The team has wide ranging experience across the capital markets including credit, energy, equity, commodities, and foreign exchange.