NEW SALEM, Mass.--()--ReGen Power Systems LLC today closed a significant equity financing that will enable the company to continue development of its low temperature differential engine to convert waste industrial heat to power. The $5 million investment by 21Ventures, LLC, and the Quercus Trust will fund the design and fabrication of two prototype engines. The first will be a 10kW engine for purposes of evaluation and testing. The second will be a 500kW engine to be installed at a corporate user site for field testing.
“but its use will produce power without producing a single molecule of greenhouse gas.”
“As an external combustion engine, our design will be capable of using a wide range of heat sources to produce power,” notes ReGen President, Ricardo Conde. “We plan to offer engines that operate at 250º Centigrade for furnace exhaust, and others at 100º Centigrade to condense low pressure steam. We are excited to enter these very large markets.”
“Not only will the engine use ‘free’ fuel,” Conde explained, “but its use will produce power without producing a single molecule of greenhouse gas.” The engine will make power that would otherwise have been produced by a polluting central power plant. As a result, it will be environmentally positive as well as economic.
The new technology will be useful in many major industries, including paper, chemicals, refining, steel, aluminum, glass and cement. “In the U.S. alone, industry wastes the heat equivalent of more than 20 gigawatts of power each year,” according to David Anthony, Managing Director, of 21ventures.. “If this energy were converted to power using ReGen’s technology, it would eliminate the need to build twenty nuclear power plants.” The company expects demand for its power systems from around the world
The $5 million funding will also enable ReGen to fabricate several follow-up beta units for broader field tests, and to design a production prototype.
About ReGen Power Systems
ReGen Power Systems is the leading designer of heat engines to convert industrial exhaust gas and low pressure steam to power. ReGen has adapted a proven 19th century technology to meet the energy and environmental needs of the 21st century.
Founded in 2004, 21Ventures, LLC is a New York based venture capital fund which invests in seed, early stage technology and publicly traded companies in the physical security, clean energy and mobile software markets. 21ventures is led by David Anthony who, in addition to serving as Director of several 21Ventures portfolio companies, serves a member of the Board of Directors of World Water & Solar Technologies Corporation. The fund’s primary geographic focus is Israel, where over half of the company’s investment capital has been deployed to date. 21Ventures currently manages more than $250 million worth of investments in 25 companies in Israel and the United States. More than half of 21Ventures’ investments are in clean energy companies. For more information, contact David Anthony, Managing Partner of 21ventures at 212 889 4681 or by e-mail at firstname.lastname@example.org or visit www.21Ventures.net