Wednesday, December 28, 2011

Eco Power Solutions captures $1.7M

By Michelle Lang

Article updated as of 5:45 p.m., Jan. 3, 2012.

Eco Power Solutions Corp., an energy conservation technology firm in Quincy, has raised $1.7 million in an equity funding round led by energy tech investor Altira Group, CEO Thomas Bartolomei confirmed.

Eco Power Solutions develops an energy recapture and emissions control technology, called COMPLY 2000. The technology is designed to reduce up to 96 percent of emissions of nitrogen oxide, sulfur dioxide and particulates. It may also rid up to 25 percent of carbon dioxide from industrial and utility sources, the company said on its website.

Bartolomei said the financing would help support and expand Eco Power Solutions' demo facility in Louisville, Ky. It would also be used to grow the 20-person company with additional engineers and project managers. He would not divulge the amount of carbon dioxide the Louisville facility is capable of capturing, saying only that Eco Power Solutions is demo-ing "robust levels" of CO2 capture, but he did indicate that the company is in active contract discussions with utilities.

Eco Power Solutions was founded in 2006. Bartolomei joined the company as CEO in November, having previously served as chief commercial officer and senior vice president of Areva Solar Inc., which acquired the private solar thermal startup, Ausra Inc., in 2010 where he had been working.