Sierra Energy Corporation, a Davis, Calif.-based developer of gasification technology, closed a $33m Series A funding.
The round was led by Breakthrough Energy Ventures joined by Cox Investment Holdings, Inc., BNP Paribas SA, Twynam Investments Pty Ltd, Formica Ventures AB, and The March Fund I LP.
The company intends to use the funds to further develop and commercialize its FastOx® gasification technology.
Led by Mike Hart, Sierra Energy, CEO, Sierra Energy has developed FastOx® gasification technology, which converts virtually any waste into clean, renewable energy and fuels without burning.
The technology, supported by grant funding from the Department of Defense and the California Energy Commission, uses oxygen and steam to heat waste to 4,000°F (2,200°C). At this temperature, all waste breaks down at the molecular level, converting organic material into an energy-dense syngas and allowing the recovery of inorganic material as either a non-leaching stone or molten metal. Sierra Energy’s FastOx technology, which is modular and can be scaled to large size, handles nearly any type of waste, including municipal solid waste, plastics, medical waste, e-waste, tires, batteries, railroad ties, and even hazardous wastes, and does not produce any process emissions and all outputs are saleable.
The company’s first commercial-scale demonstration facility is located at U.S. Army Garrison Fort Hunter Liggett in Monterey County, California.