Cleantech-focused venture capital firm Emerald Technology Ventures has made an investment in clean coal technology company FMI NewCoal. Emerald led the financing and was the sole investor in the round.
As part of this financing the company has commenced operation of a 20,000 ton per year coal upgrade demonstration plant at the Western Research Institute in Laramie, US.
FMI NewCoal focuses on upgrading low rank coals to improve combustion efficiency and reduce production of greenhouse emissions for coal fired utility and industrial power generation worldwide.
As part of the deal, Charles Vaslet, investment director with Emerald Technology Ventures has joined the FMI NewCoal board of directors.
Vaslet said, ‘FMI NewCoal is well placed to benefit from the increasing worldwide use of low sulphur low rank coal. We believe that FMI NewCoal will offer an upgraded coal product for power production that is cheaper to transport and provides lower greenhouse emissions than its parent coal.’
Dianne Wyss, CEO, FMI NewCoal, added, ‘We believe that our coal upgrading technology will contribute to the most environmentally sound use of this vast resource.’
Emerald manages three venture capital funds and two venture capital portfolio mandates totalling over €300m.
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