VANCOUVER, British Columbia, Oct. 30 /CNW/ -- NxtGen Emission Controls
Inc. announced today the closing of a $15.4 million USD Series B investment
led by Altira Group LLC. NxtGen is an emerging leader in syngas technology for
diesel engine combustion optimization. NxtGen's technology is making existing
and new engines cleaner to meet global emission reduction regulations. It
provides a platform for advanced emission and combustion technologies for
multiple fuels, including diesel, biodiesel, natural gas and gasoline.
The announcement was made by Jeremy Holt, president and chief executive
officer of NxtGen.
"The financing of the company with B series stock is particularly
meaningful given the economic circumstances of the day and reflects the high
potential for NxtGen technology to make an impact in cost-effective and
minimally invasive after treatment systems for high fuel efficiency diesel
engines meeting 2010 emissions regulations, as well as the retrofit of
existing diesel fleets or equipment to clean diesel standards," said Holt.
"The inclusion of two strategic investors from Japan is noteworthy, as is the
lead investor for this round, U.S.-based Altira, and the returning
Canadian-based investor syndicate."
According to Holt, the funds will be used to commercialize NxtGen's first
products for retrofit diesel emission reduction systems for on-road and
off-road vehicles, and to complete development of advanced emissions and
combustion optimization systems for original equipment manufacturers in North
America, Asia and Europe.
The investment was led by Altira from its $176 million USD Altira
Technology V Fund L.P. Founded in 1996 with a focus on investments in the
energy sector, Altira has more than $300 million in active investments along
the entire energy value chain.
"Global demand for diesel power continues to increase while emissions
regulations grow stricter. We believe that NxtGen is uniquely positioned to
help deliver cleaner burning diesel engines to meet tighter emissions
regulations enabling global economic growth," said Jim Newell, Altira Group
Partner, who will join NxtGen's Board of Directors.
Other new investors in the financing include the corporate venture
capital arm of a major Japanese automobile company and ITOCHU Corporation, a
major international trading company with headquarters in Tokyo, Japan. ITOCHU
will distribute NxtGen's products in Japanese and Asian markets. Current
investors participated in the financing, including Yaletown Venture Partners,
GrowthWorks Capital, BC Advantage Funds and Polygon Financial Investments.
NxtGen has successfully miniaturized syngas production from petroleum
refinery scale equipment for use in light- and heavy-duty vehicles. "Syngas"
is a hydrogen-rich gas that NxtGen produces from diesel fuel. This novel
system significantly reduces particulate matter and NOx emissions from diesel
engines and enables engine manufacturers to focus their efforts on improving
fuel economy and performance. Automotive industry materials and manufacturing
processes result in a product with low costs and high reliability. NxtGen's
system enables a 50 percent reduction in platinum group metals costs for the
catalytic filters now being implemented to reduce diesel engine emissions and
avoids the cost and complexity of Urea-SCR technology.
NxtGen Emission Controls Inc. (www.nxtgen.com) is privately held by
institutional investors. The company's Headquarters and Technology Center is
located in Burnaby, British Columbia and the Manufacturing and Application
Engineering Center is located in Wixom, Mich. The company is an emerging
supplier and technology innovator in hydrocarbon fuel processing and is
leveraging this technology to support clean diesel, alternative fuel use and
advanced gasoline engine applications.
Altira Group LLC (www.altiragroup.com) is a Denver based private equity
and venture firm that has profitably invested in energy technology companies
for over 12 years. Their portfolio includes companies in both the traditional
and renewable energy sectors. Altira pursues opportunities to commercialize
transformative technologies that drive efficiency and productivity gains
throughout the energy value chain while reducing the carbon footprint.
For further information:
For further information: Brian Kahnert, NxtGen, +1-604-688-7841 x105,
email@example.com; or Jeff Blanc, Altira, +1-415-252-1703,
firstname.lastname@example.org; or Jennifer Greenfelder, Bianchi PR,
+1-248-269-1122, email@example.com Web Site: http://www.nxtgen.com