InEnTec lands $26 million investment
By Matthew Kish
InEnTec's technology uses intense heat to change the molecular building blocks of waste into usable chemicals for alternative fuels. The company closed a $26 million investment.
InEnTec Inc., a Bend startup that converts landfill waste to gas, has recieved a $26 million investment, according to a filing made Thursday with the U.S. Securities and Exchange Commission.
InEnTec is one of Oregon's most promising companies. In October it landed a $22.5 million investment from Waste Management Inc. Last year it closed on $20 million in venture capital. It also won a prestigious Wall Street Journal technology award last year.
The investment disclosed in Thursday's SEC filing likely reflects Tuesday's announcement of a major investment from Chicago-based Lakeside Energy.
The news release announcing the Lakeside Energy investment didn't disclose the value of the investment.
"We are very pleased that Lakeside Energy has chosen to take an equity stake in our future," said InEnTec CEO Karl A. Schoene, in the news release.
Lakeside Energy is a portfolio company of the New York-based private equity firm American Securities LLC.
"We believe the (InEnTec technology) has the potential to shape the future of how the world transforms waste into valuable resources," said Matthew LeBaron, a managing director of American Securities, in the news release.
InEnTec's technology, which was developed by scientists and engineers from MIT and Battelle, is known as the plasma enhanced melter. It uses intense heat to change the molecular structure of waste into usable building blocks for fuels such as ethanol and biodiesel.
InEnTec didn't immediately return a call for comment.
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