Airex Energy raises USD 2.7m via new funding round
Jun 10, 2014 - Canadian biomass-to-biocoal equipment maker Airex Energy Inc said today it had closed a CAD-3-million (USD 2.7m/EUR 2m) funding round with a Cycle Capital Management fund and Desjardins-Innovatech LP.
The company, which is developing a biomass torrefaction system, will use the funds to build and operate a demonstration plant for its CarbonFX biocoal technology, it noted. The specific system enables large-scale biocoal production from feedstock such as woody biomass and agricultural waste, according to information on the firm's website.
Airex has been operating a pilot plant in the Canadian province of Quebec using the particular technology since March 2011.
Venture capital firm Cycle Capital Management invested in Airex through its Seed Fund Cycle-C3E fund.