Sierra Energy secures $33m funding for FastOx gasification technology
US waste-to-energy gasification company Sierra Energy has raised $33 million in Series A funding round to advance the commercialization of its FastOx gasification technology.
The FastOx gasification technology is claimed to convert virtually any waste into clean, renewable energy and fuels without burning.
One of the major advantages of the technology is its ability to handle nearly any type of waste, including municipal solid waste, plastics, medical waste, e-waste, tires, batteries, railroad ties, and even hazardous wastes.
The funding rounding is led by Breakthrough Energy Ventures with participation from Cox Investment Holdings, BNP Paribas, Twynam Investments, Formica Ventures, and The March Fund I.
Sierra Energy will utilize the proceeds to further develop the FastOx gasification technology, which is also supported by grant funding from the Department of Defense and the California Energy Commission.
The technology uses oxygen and steam to heat waste to 4,000°F (2,200°C) to break down all waste at the molecular level, converting organic material into an energy-dense syngas.
Further, it will enable the recovery of inorganic material as either a non-leaching stone or molten metal.
Apart from all outputs from using the FastOx gasification technology being saleable, the technology will not release any process emissions. It can also be scaled to a large size.
Sierra Energy’s first commercial-scale demonstration facility is located at U.S. Army Garrison Fort Hunter Liggett in Monterey County, California.
Carmichael Roberts of Breakthrough Energy Ventures said: “Sierra Energy has introduced a transformative and cost-competitive waste-to-value solution for turning municipal garbage into renewable energy.
“The idea that we can reduce GHGs in a meaningful way while creating renewable energy is incredibly exciting.
“With this oversubscribed funding round, BEV, along with an impressive syndicate of global investors, is eager to help Sierra transition to its next phase of commercialization.”
Founded in Davis, California in 2004, Sierra Energy is a waste gasification company.