Novinda Corp., a Denver-based developer of environmental technologies for the power utility industry, has inked $6 million in Series C financing. New Venture Partners and Altira Group provided the financing, bringing the firms’ combined investment to $12 million, Novinda said. The money will help with the launch of a non-carbon reagent for mercury emission control in coal-fired power plants, Novinda said in a statement.
Novinda Corp. today announced that it received $6 million in Series C equity financing to support the product launch of the industry’s first non-carbon reagent for mercury emission control in coal-fired power plants. This third round of equity funding was provided by New Venture Partners and Altira Group, extending their cumulative investment in Novinda to $12 million.
“Utilities operating coal-fired boilers are currently faced with a blend of federal and state regulations to cap mercury emissions,” said Andrew Garman, Managing Partner at New Venture Partners. “Novinda is well positioned to take advantage of this market opportunity by providing the industry’s first non-carbon reagent for mercury emission control at a competitive price point.”
Novinda pioneered the concept of a reagent for removing mercury with chemical reactions, rather than through absorption technologies. Across a number of sustained, full-scale power plant tests, Novinda’s Amended Silicates® product met the mercury removal rates required by the EPA’s proposed Maximum Achievable Control Technology (MACT) standards. Amended Silicates is also the first commercially available, non-carbon mercury control product that is 100 percent compatible with fly ash use in concrete products.
Amended Silicates uses a natural mineral compound as its base component, allowing it to be manufactured without excessive emissions and energy consumption. This unique chemical makeup not only enables the product to successfully remove mercury from coal plant emissions, but also affords the benefits of being both non-flammable and non-corrosive – properties that protect the physical plant investments.
“The coal-fired power plant industry is ripe for a new, innovative technology that can sustain maximum levels of mercury removal in an economical and environmentally friendly way,” said Steve Foster, Partner at Altira Group. “Amended Silicates’ unique properties and physical characteristics deliver a powerful value proposition that the utility industry would be hard-pressed to pass up.”
“We’ve received tremendous interest from the power utility industry and are currently involved in a variety of field tests throughout the country,” said Ed Williams, CEO of Novinda. “This funding will help accelerate our ability to deliver this unique non-carbon reagent and assist coal-fired utilities in economically complying with state and federal regulations for mercury emission control.”
Novinda was formed in 2009 as a spin out of CH2M HILL to commercialize environmental technologies for the power utility industry. Seeking an economically attractive solution to remove mercury from coal-fired power plant emissions, the eight years of development and testing of the company’s first product, Amended Silicates, was jointly funded by the Environmental Protection Agency (EPA), the U.S. Department of Energy (DOE), and CH2M HILL. The Company’s investors include CH2M HILL, New Venture Partners, and the Altira Group.