Novinda Corp. on Feb. 13 said it received $6 million in Series C equity financing to support the product launch of a non-carbon reagent for mercury emission control in coal-fired power plants. This third round of equity funding was provided by New Venture Partners and Altira Group, extending their cumulative investment in Novinda to $12 million.
Novinda pioneered the concept of a reagent for removing mercury with chemical reactions, rather than through absorption technologies. Across a number of full-scale power plant tests, Novinda said the Amended Silicates product met the mercury removal rates required by the EPA's proposed Maximum Achievable Control Technology (MACT) standards.
Novinda was formed in 2009 as a spin out of CH2M Hill to commercialize environmental technologies for the power utility industry. The eight years of development and testing of the company's first product, Amended Silicates, was jointly funded by the Environmental Protection Agency, the U.S. Department of Energy, and CH2M Hill.
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