Date: April 13, 2011
Source: MaxWest Environmental Systems, Inc.
MaxWest Environmental Systems Inc. (Sanford, FL) has secured $32.5 million in third round funding from Invesco to further deploy its novel commercial process that converts wastewater treatment residuals ("biosolids") into green energy. Invesco joins previous investor Leaf Clean Energy Company , a renewable energy and sustainable technology investment firm, which invested in MaxWest in 2008. MaxWest says that its first, commercial-scale facility, in Sanford, FL, offers a safe, cost-effective and environmentally friendly alternative to incineration, landfill and land application of biosolids. The gasification process captures the energy contained in biosolids and recycles it for use on-site, while reducing the inlet volume by over 90 percent.
April 13, 2011
MaxWest Environmental Systems Secures $32.5 Million from Invesco Plc in Third Round Funding
Wastewater Technology Company Creates Green Energy From Biosolids
MaxWest Environmental Systems, Inc. today announced a $32.5 million investment in third round funding from Invesco Plc (NYSE: IVZ), one of the largest independent global investment managers. MaxWest Environmental Systems is a renewable energy company with a commercial process to convert wastewater treatment residuals ("biosolids") into green energy, creating long-term, sustainable disposal solutions for municipal and commercial wastewater treatment facilities. MaxWest will apply the funding to implement its proprietary MaxWest Gasification System at new facilities, as well as to bolster the Company's successful sales and marketing efforts.
"We welcome Invesco's investment as a mechanism to rapidly expand MaxWest technology in North America as well as in European and Asian markets. Currently, MaxWest is shortlisted for green energy projects in California, Michigan and Maine, with more international projects in the pipeline," said Ross M. Patten, chief executive officer of MaxWest Environmental Systems and a veteran of the wastewater treatment and waste disposal industry.
MaxWest's first, commercial-scale facility - in Sanford, Florida - offers a safe, cost-effective and environmentally friendly alternative to incineration, landfill or land application of biosolids. This proven technology captures the energy contained in biosolids and recycles it for use on-site, while reducing the inlet volume by over 90 percent. The novel MaxWest Gasification System can decrease operating costs and minimize or eliminate traditional greenhouse gas emissions sources, while converting sewage sludge into a sustainable, thermal energy to displace fossil fuels.
Invesco joins previous investor Leaf Clean Energy Company ("Leaf"), a renewable energy and sustainable technology investment firm, which invested in MaxWest in 2008. Since that time, Leaf has supported MaxWest's development, providing strategic guidance during the evolution of the technology and the team. Leaf is continuing its support through an additional investment in the Company's equity and will remain one of the largest shareholders in MaxWest.
MaxWest developed the proprietary MaxWest Gasification System over several years of technology investment and research. The disposal of biosolids is a growing burden on communities due to stricter permitting requirements, increased landfill tip fees, volatile energy prices, and high transportation costs - all of which create cost uncertainty. The MaxWest Gasification System is a game-changing technology that can compete on price with existing disposal methods. For example, the City of Sanford estimates that it will save millions of dollars in operating costs over the next 20 years by utilizing the MaxWest Gasification System. Biosolids management represents a substantial market, estimated at up to $2.7 billion annually in the US and offering an even greater international market opportunity.
About Invesco Plc
Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of its distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to retail, institutional and high net worth clients around the world. Operating in more than twenty countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
About Leaf Clean Energy
Leaf Clean Energy Company ("Leaf") is a renewable energy and sustainable technology investment firm based in Washington, DC. The firm's investment strategy utilizes a rigorous, hands-on, and disciplined approach that leverages significant experience in operations, financing, and regulatory policy. Leaf invests in emerging growth companies and energy projects, through both control and minority investments, and has a diversified investment portfolio in North America. For company investments, Leaf partners with strong management teams that are commercializing innovative, disruptive technologies. The company is listed on the London Stock Exchange's Alternative Investment Market under the symbol LEAF. Further information is available at www.leafcleanenergy.com.
About MaxWest Environmental Systems, Inc.
MaxWest Environmental Systems, Inc is the industry leader in gasification systems for the wastewater treatment industry. Based in Sanford, Florida, MaxWest's experienced management team is deploying a technology that revolutionizes the method by which municipalities and industry convert their waste into a resource, by reclaiming the energy inherent in the product and using it on-site to displace fossil fuels. MaxWest currently is pursuing both bid and merchant projects throughout the US and internal markets, with a Design, Build, Own and Operate ("DBOO") business model. Additional information can be found at www.maxwestenergy.com.
For more information, contact:
MaxWest: Kelly Sarber (760) 613-5994
Leaf: Matthew Fedors (202) 289-7881