PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Prometheus secures financing from Shell Technology Venture Fund

Prometheus Energy, a clean technology company, has closed private equity financing from Shell Technology Ventures Fund 1, managed by Kenda Capital.

Prometheus Energy, a clean technology company, has closed private equity financing from Shell Technology Ventures Fund 1, managed by Kenda Capital.

In making this investment, STVF1 has joined Black River Commodity Clean Energy Investment Fund, a fund managed by Black River Asset Management, an independently managed subsidiary of Cargill.

Prometheus provides proprietary solutions that convert methane from waste or low-quality gas sources to liquid natural gas.

The financing was arranged by Cascadia Capital, a national investment banking firm involved in providing financing for sustainable industries, technology and middle market companies.

Prometheus’ technology allows it to economically convert small contaminated sources of methane from landfills, stranded gas wells, coal mines and other sources into clean-burning liquid natural gas. Liquid natural gas is a safe, clean burning, cost competitive alternative to diesel, heating oil and propane.

"We find and leverage the domestic and, in some cases, renewable, sources of methane that are overlooked," says Kirt Montague, Prometheus’ chief executive. "Our integrated gas purification and liquefaction systems enable us to work on a small, distributed scale, which is absolutely critical to developing these nontraditional, untapped gas resources."

"Historically base-load liquid natural gas plants required economy of scale to be viable, but Prometheus has proven its ability to break with that requirement," says Edgar Kuipers of Kenda Capital. "Prometheus provides a fresh new energy platform that can be used in many places around the world. We see a bright future for small liquid natural gas projects."

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured