4New, a London, UK-based company operating Waste to Energy treatment plants, secured $30.5m in funding.
Backers included Mirach Capital Group, a US based private equity fund, among others.
4NEW is also running an Initial Coin Offering (FRNC) for its utility token ending December 15, 2017, which offers holders of the coin an opportunity to avail various services such as global money transfer services, insurance payments, telemedicine services, online pharmacy services and Waste and Energy bill payment opportunities starting 2018. The company is looking forward to listing on premier public exchanges such as Bittrex, Poloniex and Cryptopia in the coming weeks.
The company intends to use the funds for the construction and realization of its first plant in its entirety, which insures widespread adoption for its coin since consumers can start paying for their utilities bills using the 4NEW services.
4NEW provides a Waste and Energy solution that is fully integrated onto a decentralized, distributed ledger enabling all actors within the industry to trade waste and energy transactions using the 4NEW Coins towards payments within the 4NEW ecosystem.
The 4NEW coins are utility tokens with built-in smart contract capabilities. They establish a binding relationship between two transacting parties and provide a value for each transaction. The ledger on the 4NEW ecosystem provides an immutable and audit-able journal of all transactions related to the buying and selling of energy and waste. Each transaction is transparent to all parties.
The company has also received a number of mandates to beta test its timed blockchain payment system concept from a number businesses within multiple and diverse sectors.
Earlier this month 4NEW ordered the production of its first Waste to Energy plant for a staggering USD $24.83 Million with delivery and subsequent installation of equipment to occur within 6 to 8 months between May and July 2018.
The first 4NEW plant will have a waste processing capacity of 72 tons per day of RDF, SRF, TDF, tyres, plastics, medical waste, carpets, textiles, wood wastes, oil liquid waste, chemical waste, raw food packaging, animal by-products and any type of hazardous and non-hazardous waste.
The plant will be able to generate 120 mega watts of power per day which totals 43,800 mega watts of power per year. As part of the deal, 4NEW will also procure insurance coverage to secure its revenue from any equipment failure, or unforeseen acts of god.
The first plant will drive annual sales of approximately $5 Million USD under current capacity, however, 4NEW can add additional waste processing lines to their plant as additional funds are raised thereby increasing output by 4 times per site. 4NEW also has options with lenders to explore debt financing in order to complete targeted acquisitions over the next 6 to 9 months.
The plant equipment has been ordered through Eco-Green Power Limited, a UK based plant production company. Eco-Green currently has three sites where their plants are in operational use. These include, 2 sites in Finland and 1 site in Denmark.