EnerTech Environmental, a developer of renewable energy, has raised $42 million in new financing.
Leading the B round were Citi’s Sustainable Development Investments unit and Masdar Clean
Tech Fund. Also investing were Nimes Capital, and CNM.
EnerTech plans to use the funds to build facilities for production of fuel utilizing its SlurryCarb technology.
“With the completion of this round of financing, EnerTech now has the resources and strong partnerships in place to pursue the many opportunities we’ve already identified and develop new SlurryCarb projects both in the United States and internationally,” said EnerTech President Kevin Bolin.
The firm’s technology turns biosolids from humans and industrial wastes into fuels. EnerTech, which raised $160 million in 2007, is building its first commercial production plant in Rialto, Calif. That facility will covert more than 680 tons of biosolids gathered from five communities into fuel.
The SlurryCarb process products a solid “E-Fuel” from wastes, which according to the company can be burned at facilities using coal.
“Companies that offer environmentally beneficial clean technology solutions will play an increasingly important role in our economy in future years as public awareness of environmental issues grows and sustainability becomes a threshold issue for the global economy,” said Gisele Everett, a partner at Citi.
