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ReGen Power - $5M - 21Ventures Invest
FOR IMMEDIATE RELEASEReGen Power Systems Receives $5 Million Equity Commitment from 21Ventures
NEW SALEM, MA – November 17, 2008. ReGen Power Systems LLC
today closed a significant equity financing that will enable the company to continue development of its low temperature differential engine to convert waste industrial heat to power. The $5 million investment by 21Ventures
, LLC, and the Quercus Trust will fund the design and fabrication of two prototype engines. The first will be a 10kW engine for purposes of evaluation and testing. The second will be a 500kW engine to be installed at a corporate user site for field testing.
“As an external combustion engine, our design will be capable of using a wide range of heat sources to produce power,” notes ReGen President, Ricardo Conde. “We plan to offer engines that operate at 250º Centigrade for furnace exhaust, and others at 100º Centigrade to condense low pressure steam. We are excited to enter these very large markets.”
“Not only will the engine use ‘free’ fuel,” Conde explained, “but its use will produce power without producing a single molecule of greenhouse gas.” The engine will make power that would otherwise have been produced by a polluting central power plant. As a result, it will be environmentally positive as well as economic.
The new technology will be useful in many major industries, including paper, chemicals, refining, steel, aluminum, glass and cement. “In the U.S. alone, industry wastes the heat equivalent of more than 20 gigawatts of power each year,” according to David Anthony, Managing Director, of 21ventures.. “If this energy were converted to power using ReGen’s technology, it would eliminate the need to build twenty nuclear power plants.” The company expects demand for its power systems from around the world
The $5 million funding will also enable ReGen to fabricate several follow-up beta units for broader field tests, and to design a production prototype.
SOURCE: ReGen Power Systems, LLC
CONTACT: Richard Meloy, Chairman,
ReGen Power Systems at 203-328-3045
or visit the company’s website at www.rgpsystems.com
Please note that Jonathan Mark, publisher of Flyby News,
is also associated with ReGen Power Systems LLC
For more FN resources, see:
Converting Waste Heat Into Power
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