Nexterra Systems raises $15M for biomass power

Vancouver’s Nexterra Systems announced yesterday that it has secured $15 million in equity financing from Tandem Expansion Fund and ARC Financial.

Nexterra makes small-scale biomass gasification systems that generate renewable heat and power systems. The company’s clients include the U.S. Department of Energy and Johnson Controls.  It also has strategic relationships with GE and Johnson Controls.

The new funds will be used to accelerate the growth of Nexterra’s business.

Colin Hansen, British Columbia’s Minister of Finance said, “Tandem and ARC’s $15 million investment in Nexterra is an excellent example of continued investor interest in innovative B.C. companies, particularly in newer industries such as clean energy. This shows the confidence investors have in B.C.’s economy, our strong business climate and our leadership in the clean technology sector.”

“With the company on track for a record year in 2011 for sales and revenue growth, Nexterra is continuing to build on its leadership position in the biomass energy market,” said Nexterra CEO, Jonathan Rhone. “This financing ensures that we have the resources required to meet market demand, continue to expand and enhance our product portfolio and maintain momentum in all aspects of the business.”