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Print Edition StoriesWednesday, February 10, 2010
Ze-gen rounds up $17.6M in amended offering
By Mass High Tech staff
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Ze-gen Inc., a developer of waste-gasification technologies, confirmed Wednesday that it has expanded a recently closed venture capital round to $25 million.
Company CEO Bill Davis said $17.6 million has already been “pulled down” in two separate tranches. Nine investors participated in the funding, according to a regulatory filings.
Davis said the money is part of a previously announced venture round originally pegged at $20 million. That deal closed in January 2009. He did not say when the investment round was expanded to $25.6 million, or whether any new investors participated in the funding.
As reported in January 2009, Omar Zawawi Establishment, Flagship Ventures, VantagePoint Venture Partners and Massachusetts Technology Development Corp. participated in the investment round.
Ze-gen officials noted the latest funds would be used for “general working capital.”
Founded in mid-2004, Ze-gen’s technology uses high temperatures to convert municipal trash into burnable gas with virtually zero emissions, according to officials.
Ze-gen launched a large-scale demonstration facility for its technology in New Bedford in July 2007 and began testing operations in October of that year.
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