Asia Pacific Capital (APC), an asset management company which currently manages the Asia Pacific Capital Fund II, seeded by BNP Paribas with support from Asian institutional investors, has invested $25m in a series C round of funding for carbon bioconversion company, Ciris Energy. The latest round, annnounced in July, comprised two separate transactions of $10m and $15m.
The investment follows earlier successful capital raises, including last year’s follow-on series B offering led by ConocoPhillips. Previously, Ciris raised a series B investment of $23.9m in 2011; the deal was led by Khosla Ventures who was joined by earlier Ciris backers Braemar Energy Ventures, Rho Ventures and GE Energy Financial Services. In 2010 the company raised an undisclosed series A round from GE Energy Financial Services, Braemar Energy Ventures and Rho Ventures.
The investors of Ciris also include Energy Technology Ventures (the investment vehicle set up by General Electric, NRG Energy and ConocoPhillips), and venture capital investors Braemar Energy, Khosla Ventures, Lighthouse Capital Partners, Rho Ventures and Triplepoint Capital.
Jay Short, chief executive officer of Ciris, said: “These investments in Ciris represent continued recognition of the opportunity Ciris presents. The technology progress toward commercialization made at the company over the last year is substantial and we are pleased that Asia Pacific Capital and Conoco Phillips recognized the impact that Ciris can have in converting coal-based carbon to cleaner more valued products such as methane and industrial chemicals.”
US-based Ciris specialises in technology that handles bioconversion of carbon contained in coal. It aims to produce natural gas from coal in a way that is more environmentally responsible and economically efficient than other methods of producing natural gas. It also aims to turn coal into a far less dangerous and polluting energy resource. It uses two proprietary processes In-situ bioconversion “ISBC” and Ex-situ bioconversion “ESBC”. The company is currently operating its first-phase commercial ISBC plant in the Powder River Basin of Wyoming and is targeting initiation of a demonstration plant in 2014 for its ESBC process.