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NxtGen Emission Controls adds $15.4 Million in series B funding
By siliconindia
Vancouver: NxtGen Emission Controls has announced the closing of a $15.4 million series B investment led by Altira Group LLC. NxtGen is a player in syngas technology for clean diesel and engine combustion optimization. NxtGen's technology is making existing and new engines cleaner to meet global emission reduction regulations. It provides a platform for advanced emission and combustion technologies for multiple fuels, including diesel, biodiesel, natural gas and gasoline.
The announcement was made by Jeremy Holt, president and CEO of NxtGen.
"The financing of the company with B series stock is particularly meaningful given the economic circumstances of the day and reflects the high potential for NxtGen technology to make an impact in cost-effective and minimally invasive after treatment systems for high fuel efficiency diesel engines meeting 2010 emissions regulations, as well as the retrofit of existing diesel fleets or equipment to clean diesel standards," said Holt.
According to Holt, the funds will be used to commercialize NxtGen's first products for retrofit diesel emission reduction systems for on-road and off-road vehicles, and to complete development of advanced emissions and combustion optimization systems for original equipment manufacturers in North America, Asia and Europe.
The investment was led by Altira from its $176 million Altira Technology V Fund L.P. Founded in 1996 with a focus on investments in the energy sector, Altira has more than $300 million in active investments along the entire energy value chain.
"Global demand for diesel power continues to increase while emissions regulations grow stricter. We believe that NxtGen is uniquely positioned to help deliver cleaner burning diesel engines to meet tighter emissions regulations enabling global economic growth," said Jim Newell, Altira Group Partner, who will join NxtGen's Board of Directors.
Other new investors in the financing include the corporate venture capital arm of a major Japanese automobile company and ITOCHU Corporation, a major international trading company with headquarters in Tokyo, Japan. ITOCHU will distribute NxtGen's products in Japanese and Asian markets. Current investors participated in the financing, including Yaletown Venture Partners, GrowthWorks Capital, BC Advantage Funds and Polygon Financial Investments.
