Powerspan Raises $50 Million
Portsmouth, NH-based Powerspan, which is developing electro-catalytic oxidation systems that remove pollutants from flue gas at coal-fired electrical plants, said today that it has closed a new $50 million financing round led by new investors George Soros, Tenaska Energy, Inc., AllianceBernstein LP, and Persimmon Tree Capital. Existing investors NGEN Partners LLC, The Beacon Group, The Tremont Group, RockPort Capital Partners, Calvert, Angeleno Group, Fluor Corporation, and FirstEnergy also participated. PE Hub notes today, however, that this funding round may actually be the same as a $50 million Series D disclosed to regulators last summer, and that the company has said in a separate filing that it is in the process of collecting a new $7 million offering. We will clarify the situation when we have additional information.