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Nexterra Raises C$3.8M for Biomass Gasification
CANADA - Nexterra Energy Corp has completed a C$3.8 million fourth round of equity financing.The financing was led by ARC Financial Corp. (ARC) of Calgary, Alberta and brings ARC's total investment in Nexterra to more than C$20 million.
ARC is Canada's largest investment management firm focused on the energy sector.
"Over the past year, Nexterra has firmly established itself as a leader in biomass gasification and we are pleased to lead this fourth round of financing," said Peter Tertzakian, Chief Energy Economist & Managing Director of ARC.
"The company has developed an impressive track record of accomplishments and continues to be a very strong clean tech investment opportunity for ARC."
"We are very pleased with ARC’s continued financial support for Nexterra," said Jonathan Rhone, president and CEO of Nexterra.
"It is a strong vote of confidence and will allow us to continue to execute our business plan."
Recently, after two years of biomass gasification testing at the company's Product Development Centre in Kamloops, BC, Nexterra announced that renewable synthesis gas, or "syngas", produced by its gasifier has the ability to displace at least 60 per cent of fossil fuels used in lime kilns.
Depending on the biomass feedstock and existing equipment configurations, 95 per cent substitution may be possible at many pulp mills, and up to 100 per cent in certain types of boilers.
The ability to convey syngas from where it is produced and combust it inside existing thermal process equipment could lead to dramatic cost and CO2 emissions reductions in a number of industries. The system could be used in multiple industrial applications including pulp mill lime kilns, power boilers, rotary dryers and calciners commonly found in mineral processing, mining, cement and ethanol production industries.
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