Agnion Energy, Inc. a Wilmington, Delaware-based developer of allothermal gasification technology that converts solid biomass feedstock into a synthetic gas, has received a strategic investment of undisclosed amount from Waste Management (NYSE: WM).
Waste Management has joined existing investors Kleiner Perkins Caufield Byers, Munich Venture Partners and Wellington Partners.
The company intends to use the proceeds from the investment to advance its allothermal gasification technology, which converts solid biomass feedstock into a high hydrogen and carbon monoxide-rich synthetic gas (syngas).
The syngas is ideally suited for combined heat and power applications and can be converted into liquids, hydrogen, and methanol di-methyl-ether and or substitute natural gas. Typical customers for this technology are end-users looking for solutions to their high heating and electricity demands, such as schools/universities, warehouses/distribution centers, shopping malls, hotels and hospitals.
Established in 2007 and led by CEO Dr. Stephan Mey, Agnion also has sales offices and R&D facilities in Pfaffenhofen and Hettenshausen, Germany, respectively, where it employs a workforce of more than 30 people.