Novinda receives $6 million in funding

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Novinda receives $6 million in funding


By Greentech
Lead Team: Novinda has received $6 million in Series C equity financing to
support the product launch of the non-carbon reagent for mercury emission
control in coal-fired power plants.

New Venture
Partners and Altira Group have extended their cumulative investment in Novinda
to $12 million.

“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,” said Andrew Garman, Managing Partner at New Venture
Partners.

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.

“We’ve
received tremendous interest from the power utility industry and are currently
involved in a variety of field tests throughout the country. 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,” said Ed Williams, CEO of
Novinda.

[email protected]

 

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