Airex Energy, a biocoal technology spinout of Canada-based energy efficiency and dust collection system manufacturer Airex Industries, has raised more than $10m in funding.
The capital came from Cycle Capital Management, Desjardins-Innovatech, TechnoClimat and Sustainable Development Technology Canada, and comes after Desjardins-Innovatech and Seed Fund Cycle-C3E provided C$3m ($2.2m at current rates) of funding for Airex Energy in 2014.
Airex Energy will use the capital to support commercialisation of its CarbonFX biomass torrefaction technology, which transforms biomass into biocoal. It is looking to construct a pilot plant that will demonstrate the technology.