New Hampshire-based Powerspan has raised USD50m in a Series D funding round from George Soros, Tenaska Energy, AllianceBernstein and Persimmon Tree Capital. Existing investors NGEN Partners, Beacon Group, Tremont Group, RockPort Capital Partners, Calvert, Angeleno Group, Fluor and FirstEnergy also participated in the round. The firm develops carbon capture and multi-pollutant control technology.
?This financing round further validates Powerspan as a leading provider of carbon capture technology,? says Frank Alix. Powerspan CEO. ?Carbon dioxide capture technology is a vital climate change mitigation tool for reducing carbon dioxide emissions from coal-fired power plants, the world’s leading source of electricity.?
Powerspan’s ECO2, carbon capture technology is currently being trialled on a 1MW power plant in Ohio. The firm also plans to develop a 120MW commercial-scale demonstration unit in North Dakota, scheduled for completion in 2012. The post-combustion technology can be retrofitted to existing coal-fired power plants in addition to new facilities.
Powerspan claims its multi-pollutant technology can reduce sulphur dioxide emissions by 99%, nitrogen oxide emissions by 90%, and fine particulate matter by 95%.
StrategyEye's related companies: Soros Fund Management, Persimmon Tree Capital, NGEN Partners, Rockport Capital Partners, Angeleno Group (AG), Calvert Group, AllianceBernstein
