Date: July 29, 2011
Source: InEnTec, Inc.
Alternative energy company InEnTec Inc. (Bend, OR) said it raised $20 million in the first round of a $69 million private placement, though it did not disclose the investors. The innovative plasma gasification to energy company said it would use the capital to fund new commercial projects.
InEnTec employs a proprietary system it calls the Plasma Enhanced Melter to produce a synthesis gas (syngas) from municipal and industrial wastes. Syngas can be converted into ethanol, methanol, clean diesel and other transportation fuels. InEnTec was formed in 1995 by scientists and engineers from MIT and Battelle. In March 2010, the company formed a joint venture with Waste Management, Inc. called S4 Energy Solutions to build and operate plasma gasification facilities using InEnTec's technology, including a renewable fuel project at the Columbia Ridge Landfill in Arlington, OR.
The company also converted its company structure from a limited liability corporation, or LLC, to a corporation and filed incorporation papers in Delaware.
July 27, 2011
InEnTec® Converts to a Corporation and Discloses Capital Raise
InEnTec Inc., a leader in plasma gasification technology that converts waste to high-value fuels, products, and clean energy, today announced that it has converted its company structure from an LLC to a corporation organized under the laws of the State of Delaware. In a related action, InEnTec filed a Form D with the U.S. Securities and Exchange Commission disclosing a substantial capital raise. The major features of the transaction are described in the Form D filing made by the company.
"The change in company structure and the capital raise provide a solid financial foundation to fuel our growth and fund new commercial projects in response to demand for our PEM® (Plasma Enhanced Melter®) waste gasification technology," said Karl A. Schoene, President and CEO of InEnTec Inc.
The PEM technology can process a variety of waste streams, and can be used to sustainably manage waste while producing valuable energy and products. InEnTec was chosen by The Wall Street Journal as its winner of the 2010 Technology Innovation Award in Energy.
About InEnTec Inc.
Based in Bend, Oregon, InEnTec was formed by scientists and engineers from MIT and Battelle. Through its proprietary gasification system, the Plasma Enhanced Melter®, InEnTec can transform municipal (household), commercial, medical, and most industrial and hazardous wastes into clean renewable syngas that can be used to produce products, such as electric energy, ethanol, methanol and hydrogen, with minimal environmental impact. InEnTec's systems meet all environmental standards and come closer to 100% recycling of waste than any other such commercially available technology. InEnTec is the winner of The Wall Street Journal 2010 Technology Innovation Award in Energy. For more information please visit www.inentec.com.
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