Ze-gen secures funding for demonstration facility
Ze-gen, Inc., a clean energy company providing gasification technology to convert municipal waste streams into synthetic natural gas and low emissions electrical energy, closed its Series A financing with $4.5 million of additional funding.
Flagship Ventures led the financing and was joined by VantagePoint Venture Partners. Jim Matheson, general partner, Flagship Ventures, and Scott Brown, managing director, VantagePoint Venture Partners will join the board of directors.
“Ze-gen is at the forefront of global efforts to convert the energy content found in ordinary waste streams into clean renewable and distributed energy, greatly reducing the need for incineration or landfilling. This is a very exciting technology at a time when municipalities throughout the world are struggling to find sensible, environmentally sustainable solutions to both solid waste management and distributed energy generation.” said Jim Matheson, general partner of Flagship Ventures.
Ze-gen raised its initial $2.25 million of financing in 2006 from a syndicate led by Massachusetts Technology Development Corporation (MTDC). Ze-gen is commissioning its initial large-scale demonstration facility in New Bedford, Massachusetts in July, 2007 and is targeting construction and operation of distributed Ze-gen commercial facilities beginning in 2008.