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Nexterra receives $17.5m in investment

In 2011 alone biomass gasification company Nexterra Systems has received $17.5 million (€12 million) in equity financing that will help advance the company's expansion.

In May 2011 it secured $2.5 million from the Business Development Bank of Canada (BDC), in addition to a recent investment of $15 million from Tandem Expansion Fund and ARC Financial.

'We believe that the market for onsite biomass heat and power systems is poised to grow significantly in the next few years to meet the rising demand for greenhouse gas reductions, energy security and overall energy cost certainty,' says Tony Van Bommel, partner of the BDC Energy/Clean Technologies Venture Fund. 'Nexterra has clearly demonstrated that it has the products, management team and track record to become a dominant player in this growing market.'

'This financing ensures that we have the resourced required to meet market demand, to continue to expand and enhance our product portfolio and to maintain momentum in all aspects of our business,' Nexterra's president and CEO Jonathan Rhone explains.