8 Rivers Capital Opens New Entrepreneurship Hub in Downtown Durham in Conjunction With Major Gifts to Duke Law School

DURHAM, N.C., Nov. 1, 2010 /PRNewswire/ -- 8 Rivers Capital, LLC hosted a grand opening of its new office in the historic Power House of Durham's West Village. Built in 1926, the Power House was the engine that helped drive economic growth in Durham.  Today, the Power House resumes that role as 8 Rivers continues to expand and provide a team-oriented environment for entrepreneurs.

At the grand opening celebration, founders Bill Brown and Miles Palmer committed to donate shares of stock worth five percent of 8 Rivers to Duke University School of Law. Palmer and Brown are joined in their support of Duke Law by Lanty Smith, chairman and CEO of Tippet Capital, an emeritus member of the Duke University Board of Trustees, life member of Duke Law School's Board of Visitors, and former chairman of the board at Wachovia. Smith has committed to donate shares of stock worth five percent of NET Power, LLC, a clean energy company held by 8 Rivers.

"This is an unusual gift -- we can't yet quantify it; we don't know what it will mean to us in the coming years. But the potential is huge. These companies are developing technologies that could transform our lives," Law School Dean David F. Levi said.

Friends since their undergraduate years at MIT, Palmer and Brown launched 8 Rivers and Palmer Labs in 2008.  The private equity firm commercializes technology from Palmer Labs and others, including Duke and UNC students.

Palmer is an innovator, engineer, and scientist. He holds four patents and over 40 papers in a broad range of fields including biomedicine, aerospace, optics, communications, transportation, robotics, power, energy, fuels, and environmental chemistry.

Brown joined the Duke Law faculty in 2008 after a long career on Wall Street, most recently as global co- head of listed derivatives at Morgan Stanley. There is little separation between his work at 8 Rivers and his teaching -- in the classroom and beyond, he is helping a new generation of entrepreneurs learn to move innovative ideas from concept to reality.

"Unlike most law schools, which tend to cloister themselves in the ivory tower of academia," Brown said, "Duke Law has built on its very solid foundation of academic excellence and now provides leadership in delivering improvements to our political system, economy, and everyday lives.  The University is truly fortunate to have Dean Levi and his vision driving these initiatives."

Duke's great alumni network is a rich source of inspiration and help, Brown added.  "When we first started in Durham, Lanty Smith had faith in us and helped guide and nurture us as we grew to where we are today.  In a world where much venture capital has abandoned its roots and is looking for sure bets, Lanty sees the world that might be and helps guide people and technology to that world."

"Duke has embraced 8 Rivers and our vision for the future," Palmer said. "We are excited by the ways we engage students and faculty in law, business, public policy, engineering, medicine, and elsewhere. Universities provide fabulous resources for companies like 8 Rivers. In return, we provide students and faculty with unique opportunities to expand their education and turn innovative ideas into commercial reality. We look forward to building partnerships with other universities, but Duke is our first home and we will continue expanding our relationships throughout the University."

8 Rivers Capital

8 Rivers Capital is a private equity firm that identifies critical problems and gathers innovators to develop and implement revolutionary solutions that are both "cheaper and better."

For example, fossil fuels will be with us for a long time before alternative energy becomes commercially viable.  The solution to this problem is embodied in NET Power, which combines unprecedented energy efficiency, significantly lower capital costs, and zero environmental impact. The technology is capable of utilizing natural gas, coal, or biomass—all in a technology that does not need any water to operate.

8 Rivers supports technologies in energy, transportation, medical devices, the employment market, parking, and telecommunications.

Visit www.8riverscapital.com and http://www.law.duke.edu/news/story?id=5737&u=11.

SOURCE 8 Rivers Capital, LLC