Denver-based Novinda Corp. said it has received $6 million in Series C equity financing to support the product launch of the industry’s first non-carbon reagent for mercury emission control in coal-fired power plants.
The funding was provided by New Venture Partners and Altira Group, extending their cumulative investment in Novinda to $12 million.
“Utilities operating coal-fired boilers are currently faced with a blend of federal and state regulations to cap mercury emissions,” said Andrew Garman, managing partner at New Venture Partners. “Novinda is well positioned to take advantage of this market opportunity by providing the industry’s first non-carbon reagent for mercury emission control at a competitive price point.”
Novinda’s technology removes mercury with chemical reactions, rather than through the more common method of absorption.
Novinda was formed in 2009 as a spinoff of metro Denver engineering firm CH2M Hill to commercialize environmental technologies for the power utility industry.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
