US-based natural gas company FlexEnergy secured a further $5m in debt financing on Thursday, less than one month after it raised $13m in a similar round, and is seeking out strategic investors for a series C round later in the year through financial services firm Citigroup, according to venture capital news site VentureWire.
The latest investment was made by the Louisiana Sustainability Fund, a cleantech-focused fund operated by investment firm Sail Capital Partners. Sail, together with private equity vehicle RNS Capital Partners, made up the backers for the December round.
Sail previously invested in both of FlexEnergy’s equity rounds, a series A round which raised $2.75m in May 2008, and a series B round which saw FlexEnergy receive $4.5m a year and a half later. NextStep Investments was a co-investor in both rounds.
FlexEnergy is the manufacturer of turbine systems which generates clean power through natural waste gasses such as methane, which would be released into the atmosphere through other sources of power generation.
FlexEnergy launched the first deployment its Powerstation FP250 system in November at a US Department of Defense army post in Georgia, followed by the first order for its turbine system, in December, from Germany-based energy engineering company Gammel.