Plasco Energy Group has raised C$140 million in equity financing led by funds managed by Soros Fund Management LLC. Proceeds from the financing will be used to fund commercial projects in development in Canada, the United States (California), the United Kingdom, Poland, the Caribbean, and China. The new financing follows a C$110 million equity commitment led by Ares Management LLC in July 2010.
“The new round of capital bolsters our balance sheet and puts us in a position to execute on multiple projects that have emerged since our last round of financing,” Plasco CEO Rod Bryden said. “The performance of the company’s existing Ottawa plant and a strong pipeline of contract opportunities have allowed us to demonstrate to investors that our technology is proven and ready for commercial delivery.”
Plasco uses its proprietary technology to convert municipal solid waste (MSW) into PlascoSyngas, clean water and construction aggregate. PlascoSyngas is then used to fuel engines to produce electricity with a low emissions footprint, leaving less than two percent of the MSW processed for disposal to landfills.
“We are delighted to deepen the support for Plasco and to add an investor of the caliber of Soros Fund Management,” Jeff Serota, Senior Partner at Ares Management, stated. “The additional capital will allow Plasco to execute on a number of new opportunities, and we look forward to working with our new partners to build the market leader in the waste-to-energy industry.”
Canada, Ottawa
Fusion Corporate Partners 