Veteran Triangle cell-tower developers have formed a new venture to build compact cell towers in dense urban areas with $80.85 million in backing.
Eco-Site, based in Chapel Hill, will buy and mitigate brownfields and blighted areas as sites for cell towers that can be less than half the size of conventional wireless towers.
Eco-Site includes three former executives from Cary-based SpectraSite, which was acquired by a competitor in 2005. Eco-Site will also work with Cherokee Partners, a Raleigh company that specializes in cleaning up polluted sites.
The venture was announced Friday by the lead funder, MSouth Equity Partners, in Atlanta. The first phase of funding is $10.6 million, giving MSouth an ownership stake in Eco-Site and three of five slots on Eco-Site's board.
"This is all about increasing capacity for 4G and LTE," said Eco-Site co-founder and CEO Dale Carey. "There's a real green element to what we're doing: We're going to use natural gas generators and many of these sites will be esthetically enhanced with landscaping."