NxtGen Emission Controls Inc. announced on October 31, that the company had closed a $15.4 million private capital placement deal. The investment was lead by Altira Group LLC. "The financing of the company with B series stock is particularly meaningful given the economic circumstances of the day and reflects the high potential for NxtGen technology to make an impact in cost-effective and minimally invasive after treatment systems for high fuel efficiency diesel engines meeting 2010 emissions regulations, as well as the retrofit of existing diesel fleets or equipment to clean diesel standards," said Jeremy Holt, president and chief executive officer of NxtGen. "The inclusion of two strategic investors from Japan is noteworthy, as is the lead investor for this round, U.S.-based Altira, and the returning Canadian-based investor syndicate."
The proceeds will be used for commercialization of NxtGen's products for retrofit diesel emission reduction systems. Part of the financing will also go for completion of advanced emissions and combustion optimization systems. Such systems would be used along with original equipment from major North American, Asian and European manufacturers.
About the company:
NxtGen operates as a producer of syngas technology used for optimization of diesel engine combustion. The technology allows standard engines to operate more cleanly, with respect to the arising needs for emission reduction. The company's technology is developed for multiple fuels including diesel, biodiesel, natural gas and gasoline.
Reference:http://www.nxtgen.com/
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