MAASSLUIS, The Netherlands, 19 July 2017 — Caterpillar Ventures and FullCycle Energy participated in the first closing of a bridge financing for Synova Power, a developer and supplier of waste gasification technology and projects.
Synova’s proprietary technology gasifies and strips waste of impurities that could be harmful to turbines, producing a synthetic gas for use in gas turbines, a highly efficient form of power production when compared to traditional mass burn and incineration of waste. Waste is processed after recyclables are removed, significantly reducing greenhouse gases compared to fossil fuel fired power generation in addition to minimizing non-recyclable waste in the feedstock from entering landfills, soil, waterways or oceans.
The bridge financing round allowed Synova to acquire 100% of Dahlman Renewable Technology and form a joint venture with the Energy Research Centre of the Netherlands, allowing Synova to offer an end-to- end solution focused on reduction of waste disposal.
The investment supports Caterpillar’s core value of Sustainability and provides customers with access to a highly efficient process to convert waste to energy while potentially lowering operating costs when compared to the traditional mass burn and incineration of waste.
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About Caterpillar Ventures
Caterpillar Venture Capital Inc. (Caterpillar Ventures) assists entrepreneurs around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Ventures’ focus areas of investment include robotics, energy, advanced materials, and digital solutions that help our customers be successful. Caterpillar Ventures is a wholly owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. See www.caterpillar.com/ventures
Synova Power is both a technology supplier and developer of next-generation waste to energy projects, with a special focus on integrated gasification combined cycle (“IGCC”) plants for power and clean renewable feedstocks for liquid fuels or specialty chemicals. Synova is developing a pipeline of waste to- energy plants from its two primary offices, based in the Netherlands and Thailand. Along with Caterpillar Ventures and FullCycle Energy, the company’s financial sponsors include Ecosystem Integrity Fund and management. See www.synovapower.com.
About FullCycle Energy Fund
FullCycle Energy Fund was created to finance projects that revolutionize the relationship with municipal solid waste (MSW), while addressing the global climate crisis and need for low carbon energy. Founded in 2013 by Managing Partner Ibrahim AlHusseini, FullCycle and its operating partner, Synova Power, utilize next generation gasification technologies to convert municipal waste into clean energy that reduces greenhouses gases while powering communities around the world. Together, FullCycle and Synova are turning the growing waste problem into a valuable resource: highly-efficient, cost-effective clean energy that benefits our planet. See www.fullcyclefund.com