EIC Ventures, a venture capital fund run by David Dubé, the chief executive (CEO) of home and business maintenance provider Concorde Group, has led a $5m series A round for Pasteurization Technology Group (PTG), a wastewater treatment company.
Kennington Ltd, an investment firm, also participated in the round. Lance Tendler, Kennington’s CEO, will join the PTG board. EIC Ventures previously invested $1m into the company in February 2012.
PTG has developed wastewater disinfection technology that generates renewable energy, reducing the cost of wastewater management for public utilities and industrial customers. It is already deployed by municipal wastewater treatment plants in California.
“Kennington is eager to invest in Pasteurization Technology Group because of its critical role in providing sustainable wastewater treatment while generating renewable energy,” said Tendler. “As experienced water industry investors, we see PTG’s accelerating business momentum is a direct result of the significant market opportunity that PTG addresses.”