Vancouver’s Nexterra Systems Corp. announced last week that it 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,” said Sandy Scott on behalf of Tandem Expansion.
“When we looked at the biomass energy market, Nexterra clearly stood out due to its innovative and commercially proven technology, strong market position and seasoned management team.”
Using Nexterra’s proprietary biomass gasification technology, Nexterra’s energy systems allow universities, municipalities, hospitals and industrial facilities to reduce energy costs and greenhouse gas emissions by switching from fossil fuels to renewable energy, which is generated on site using biomass.
Nexterra has contracts with the U.S. Department of Energy, University of British Columbia and the University of Northern B.C.
Colin Hansen, British Columbia’s Minister of Finance, said, “Tandem and ARC’s $15 million investment in Nexterra is an excellent example of continued investor interest in innovative B.C. companies, particularly in newer industries such as clean energy. This shows the confidence investors have in B.C.’s economy, our strong business climate and our leadership in the clean technology sector.”