SAN LEANDRO, Calif., March 28, 2013 /PRNewswire-iReach/ -- Pasteurization Technology Group (PTG), innovator of the only wastewater disinfection process that creates renewable energy, announced it closed $5 million in Series A financing. EIC Ventures, a previous investor in PTG, led the round and was joined by Kennington. EIC Ventures is led by David Dubé, CEO of Canada-based Concorde Group and current board member of PTG. Lance Tendler, CEO of Kennington, will join PTG's board of directors.
The growth capital will be used to expand PTG's sales and field engineering operations to address the substantial and growing customer demand for its technology with customers in the agricultural, food, and beverage sectors.
"This additional investment enables us to accelerate our plans for market expansion," said Greg Ryan, co-founder and CEO of Pasteurization Technology Group. "In an era of increasing water and energy costs, our technology is in high demand from customers who want to significantly reduce their water and energy costs while meeting their goals for sustainability."
"We are excited by PTG's strong development over the last 15 months and impressed by the traction they have gained in the marketplace for their patented IP," said David Dube, managing director of EIC Ventures and CEO of Concorde Group. "We believe that PTG's technology offers the most efficient and cost-effective solution to industrial and municipal customers globally. As experienced VC investors across many industries, we continue to be impressed by PTG's proven, capital-efficient business model."
"Kennington is eager to invest in Pasteurization Technology Group because of its critical role in providing sustainable wastewater treatment while generating renewable energy," said Lance Tendler, CEO of Kennington. "As experienced water industry investors, we see PTG's accelerating business momentum is a direct result of the significant market opportunity that PTG addresses."
PTG's robust technology is a timely wastewater treatment solution for cities and businesses, many of which are wrestling with aging infrastructure that is operating at, or even above, capacity. Wastewater treatment is facing increasingly stringent water-quality regulations and rising energy costs, driving demand for cost-effective and sustainable solutions that enable the recycling of water.
After emerging from stealth mode at the beginning of 2012, PTG experienced a year of noteworthy successes. Highlights of the year included:
- Securing a contract with the California town of Graton to replace its chlorine-based wastewater treatment system with PTG's patented wastewater disinfection system. The new system can process more than 500,000 gallons per day while reducing the plant's energy costs by over 50 percent. The PTG system is planned for delivery in the first half of 2013.
- Completing a successful evaluation phase with Ventura Water. Located in Southern California, Ventura Water is the City of Ventura's water department. Ventura Water plans to transition its existing wastewater treatment plant to PTG's safe, non-toxic, sustainable technology, replacing the chlorine-based disinfection process currently in use at the Ventura Water Reclamation Facility.
- Receiving technical validation at the highest level by the Environmental Protection Agency (EPA) in its influential Guidelines for Water Reuse.
- Being recognized by leading water technology and sustainability organizations: Katerva Award winner (the "Nobel Prize of Sustainability"), Artemis Top 50 Water Company, and American Water Intelligence Technology Project of The Year Finalist, among others.
- Expanded capacity and headcount. PTG moved to larger headquarters space in San Leandro in the San Francisco Bay Area, and hired key staff in engineering and sales to service increasing customer orders.
About PTG's eco-friendly system for wastewater disinfection and renewable energy
PTG's patented technology is the first and only technology to combine wastewater disinfection with the generation of renewable energy. PTG's integrated systems can use available waste by-products (such as biogas or biomass), or natural gas, to power a turbine or engine that generates electricity. The turbine's hot exhaust air (which is typically wasted) is passed through a waste-heat recovery unit that increases the temperature to disinfect the wastewater. PTG's intelligent software efficiently optimizes energy and water flow throughout the integrated system. PTG's systems are significantly more cost-effective and energy-efficient than other disinfection methods. And, unlike other wastewater disinfection approaches, PTG's technology is sustainable since it does not require toxic chemicals such as chlorine, or costly electrical power and expensive UV lamps. As a result, PTG's systems fit a broad range of applications in both the municipal and industrial market sectors.
About Pasteurization Technology Group
California-based Pasteurization Technology Group (PTG) is a rapidly growing, venture capital-backed company that is revolutionizing the disinfection of wastewater. PTG's systems feature its patented "two-for-one" technology that combines eco-friendly wastewater disinfection with the generation of renewable energy. PTG's process is one of only a handful of technologies to pass the stringent standards of Title 22 in the state of California for the disinfection of water for reuse. PTG's technology has also been officially recognized in the EPA's influential Guidelines for Water Reuse. By channeling the typically wasted exhaust heat from a turbine or engine to disinfect wastewater, PTG's process is able to deliver the most energy-efficient and lowest-cost solution on the market. PTG has won numerous awards including the Katerva Award, the Artemis Top 50 Water Tech award, and the Popular Science "Best of What's New" award. For more information, see http://www.pastechgroup.com, and follow @PastechGroup on Twitter and Facebook facebook.com/PasteurizationTechnologyGroup.
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SOURCE Pasteurization Technology Group