Ciris Energy Closes Round of Financing from GE, Braemar Energy Ventures and Rho Ventures
January 27, 2010
For Immediate Release
CENTENNIAL, Colorado (Business Wire) — Ciris Energy, Inc, an emerging technology-based energy production company, has closed a round of financing with GE Energy Financial Services, a unit of GE (NYSE: GE - News), Braemar Energy Ventures and Rho Ventures in funding Ciris' next stage of development.
Ciris Energy is developing its proprietary technology to biologically convert coal to methane in large-scale quantities at low cost. The company is currently conducting commercial-scale field tests of its lab-tested technology. The company’s technologies are more economical than conventional natural gas development and thermo-chemical gasification processes.
“We're excited about the transformational potential of Ciris's coal bio-conversion technology,” said Kevin Skillern, Managing Director and head of venture capital at GE Energy Financial Services. “GE is an ideal partner to assist Ciris in the successful commercialization of its technology."
Jerry Clark, CEO of Ciris Energy, commented, “We are pleased that GE has joined our company as an investor and as a strategic partner. In 2010, Ciris will further demonstrate how its novel technologies can transform coal simply and efficiently to produce clean, low-cost energy.”
About Ciris Energy
Ciris Energy is a privately held company with novel technology focused on large-scale production of low-cost natural gas. Its disruptive technology transforms coal to natural gas at high yields and low cost through proprietary biochemical conversion. The company has developed distinct technology applications for in-situ and ex-situ bioconversion to efficiently convert both underground and mined low-rank coal to pipeline-quality methane. Additional information is available at www.cirisenergy.com.
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About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
- Alison McIntyre
- Prosek Partners
- (212) 279-3115 x269