WASHINGTON, D.C., November 21, 2002 — Solena Group, Inc., a provider of renewable energy technology, announced that it has raised $10 million from an investment syndicate led by Montreal-based Hydro-Quebec CapiTech Inc. and Detroit-based Edison Development Corporation, a division of DTE Energy.
Also participating in the round were OPG Ventures, Inc., a division of Ontario Power Generation, and CSL Properties Ltd, a diversified private equity fund with primary investors Canadian Steamship Lines and FedNav. Katalyst acted as investment banker to Solena in this transaction.
The new investor group joins Solena’s current strategic investor, Gruppo ENEL, which invested in Solena two years ago through its wholly-owned, alternative energy subsidiary Elettroambiente S.p.A. Gruppo ENEL is the largest public utility in Italy and fourth largest in the world. The current financing round will remain open for a limited period of time to accommodate active discussions with other interested investors.
“We are very enthusiastic about the quality, strength, and diversity of this syndicate of strategic investors,” said Dr. Robert T. Do, founder and CEO of Solena Group. “Each of our new investors aims to work with Solena to develop and implement Solena technology in order to meet worldwide demands for renewable energy. Solena will use this capital and strategic support to assist communities and businesses around the world as they address their waste management problems as well as produce clean renewable energy.”
Solena Group promotes and develops its Solena Plasma Gasification and Vitrification (“SPGV”) technology to convert organic feedstock into a synthesis gas that is used as an alternative fuel source in integrated combined cycle gas turbines. Inorganic material is melted into harmless slag that can be safely used for construction purposes. Solena licenses its proprietary technology for implementation in renewable energy plants around the world.
An SPGV plant operates on a broad range of feedstocks including municipal wastes, biomass, and coal materials to produce clean and “green” energy without causing polluting emissions. By applying SPGV technology to solve waste management problems, there will be significant reduction of green house and acid rain related gas emissions, which are normally released by both waste-burning incinerators and landfills. Founded in 1995, Solena currently has renewable power plants under development and construction in Europe, Asia and North America.