July 30 (Renewables Now) - US waste gasification firm Sierra Energy Corp said on Monday it has raised USD 33 million (EUR 29.6m) in an investment round that will help it finance its technology for converting waste into renewable energy and fuels.
The oversubsribed Series A round, led by Breakthrough Energy Ventures, attracted also BNP Paribas SA, Cox Investment Holdings, Twynam Investments Pty Ltd, Formica Ventures AB, and The March Fund I LP. Cox Enterprises said separately it invested USD 10 million.
The funds raised will support Sierra Energy in further developing and commercialising its FastOx gasification technology, which uses oxygen and steam to heat waste to 2,200 degrees Celsius, where it breaks down. The organic material turns into syngas, while recoverable materials come in the form of non-leaching stone or molten metal. Sierra Energy converts waste into electricity, hydrogen, renewable fuels, such as natural gas and diesel, and other valuable end-products. The company previously received grant funding from the Department of Defense and the California Energy Commission and is testing the technology at a commercial-scale demonstration facility at the US Army base in Monterey County, California.
"When you combine our technology with recycling and other waste diversion strategies, you have the solution to the world's waste problem as well as a valuable source of renewable energy," said Mike Hart, Sierra Energy's CEO.
(USD 1.0 = EUR 0.898)