Asia Pacific Capital completes $25m Series C round for Ciris Energy
Hong Kong-based Asia Pacific Capital (APC) has invested $15 million in Ciris Energy, a US company that converts coal to natural gas, concluding a $25 million Series C round of investment.
The investment is the second of two tranches, with APC having committed $10 million to the company back in February. Prior to that, Ciris raised a Series B round led by US energy firm ConocoPhillips - with VC investors Braemar Energy, Energy Technology Ventures, Khosla Ventures, Lighthouse Capital Partners, Rho Ventures and Triplepoint Capital - last year.
Established in 2007, Ciris specializes in injecting nutrients into buried coal seams to stimulate naturally-occurring microbes which convert low rank coal into natural gas. The latest investment will be used to help commercialize this process.
Ciris is currently developing an underground project in the Wyoming's Powder River Basin, while next year its plans to demonstrate a process that works above ground, after coal is mined. The company is also looking for additional project opportunities in the US, Australia and Asia, including China and Indonesia.
"These investments in Ciris represent continued recognition of the opportunity Ciris presents," said Dr Jay Short, CEO of Ciris, in a statement.
"The technology progress toward commercialization made at the company over the last year is substantial and we are pleased that Asia Pacific Capital and Conoco Phillips recognized the impact that Ciris can have in converting coal-based carbon to cleaner more valued products such as methane and industrial chemicals."
Established in 1992, APC typically makes investments in companies developing new technologies applicable to the energy, infrastructure, life sciences and consumer sectors. The firm currently manages Asia Pacific Capital Fund II, a $150 million vehicle seeded by BNP Paribas with support from leading Asian institutional investors.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.