Mar. 3, 2011, Vancouver – Nexterra Systems has secured $15 million in equity financing from Tandem Expansion Fund and ARC Financial. Proceeds will be used to accelerate the growth of Nexterra’s business.
“We believe that the market for small-scale biomass heat and power systems is poised to grow rapidly in the next few years to meet rising demand for on-site renewables, energy security, and greenhouse gas reduction,” says Sandy Scott on behalf of Tandem Expansion.
Nexterra’s biomass gasification systems allow universities, municipalities, hospitals, and industrial facilities to reduce energy costs and greenhouse gas emissions by switching from fossil fuels to renewable energy generated on-site using biomass. The systems are suited to urban environments because of their low emissions, fuel flexibility, and low life-cycle costs compared to traditional biomass combustion equipment.
Nexterra has been selected by customers that include the U.S. Department of Energy, Johnson Controls, University of Montana, Kruger Products, Dockside Green, and University of British Columbia.
“We are delighted to participate in this financing,” says Brian Boulanger, senior vice president and director of ARC Financial. “This is ARC’s fourth investment in Nexterra and we continue to be very excited about the progress the company has achieved, as well as its growth prospects.”