- Davis, California-based waste gasification company announced Sierra Energy announced it raised $33 million
Sierra Energy Corporation — a Davis, California-based waste gasification company announced it closed $33 million in Series A funding led by Breakthrough Energy Ventures and joined by Cox Investment Holdings, BNP Paribas SA, Twynam Investments Pty Ltd, Formica Ventures AB, and The March Fund I LP. This round of funding will help Sierra Energy further develop and commercialize its FastOx gasification technology — which converts virtually any waste into clean and renewable energy and fuels without burning.
And Sierra Energy’s FastOx technology — which was developed by Sierra Energy and supported by grant funding from the Department of Defense and the California Energy Commission — uses oxygen and steam to heat waste to 4,000°F (2,200°C). With this temperature, all waste breaks down at the molecular level, converting organic material into an energy-dense syngas and allowing the recovery of inorganic material as either a non-leaching stone or molten metal.
The company’s FastOx technology is modular and can be scaled to large size. And it does not produce any process emissions and all outputs are saleable. Plus the company’s first commercial-scale demonstration facility is located at U.S. Army Garrison Fort Hunter Liggett in Monterey County, California.
“We are very excited to work with partners like Breakthrough Energy Ventures and Cox who invest in innovative technologies that reduce greenhouse gas emissions on a global scale,” said Mike G Hart, Sierra Energy’s CEO. “The world is drowning in trash which, when landfilled, is a leading generator of methane, a greenhouse gas that is 86 times more harmful to our climate than carbon dioxide. Our FastOx gasification technology can efficiently and cost-effectively convert this trash into electricity, hydrogen, renewable natural gas, diesel, ammonia, and a variety of other valuable end-products. When you combine our technology with recycling and other waste diversion strategies, you have the solution to the world’s waste problem as well as a valuable source of renewable energy.”
This feedstock flexibility along with the capacity to turn produced syngas into a variety of high-value end products essentially makes FastOx gasification versatile and economically efficient to implement. And local developers configure the system to match local market needs. And since Sierra Energy’s FastOx gasifier is based on well-understood blast furnace technology, it is robust with long up-times and low maintenance requirements.
“Solid waste landfills are one of the largest producers of methane emissions in the U.S., which are far more potent than carbon dioxide as a greenhouse gas,” added Carmichael Roberts of Breakthrough Energy Ventures. “Sierra Energy has introduced a transformative and cost-competitive waste-to-value solution for turning municipal garbage into renewable energy. The idea that we can reduce GHGs in a meaningful way while creating renewable energy is incredibly exciting. With this oversubscribed funding round, BEV, along with an impressive syndicate of global investors, is eager to help Sierra transition to its next phase of commercialization.”
One of the biggest advantages of FastOx gasification is that it has a proven ability to handle nearly any type of waste, including municipal solid waste, plastics, medical waste, e-waste, tires, batteries, railroad ties, and even hazardous wastes.
“Sierra Energy is a great example of pioneering new technology that can positively impact our communities and our planet,” noted Alex Taylor — the president and CEO of Cox Enterprises. “We believe in investing in like-minded businesses that share our vision for a brighter future and leaving things in better shape for the next generation.”
Since 2007, Cox Enterprises invested nearly $400 million in businesses and technologies that offer sustainable solutions. And the company’s investment in Sierra Energy marks the fourth investment in the space since 2018 including investments in Carbon Lighthouse, Nexus Fuels, and Brightfarms.
“We are making strategic investments in the cleantech sector to build a business that drives positive environmental change,” said Steve Bradley, assistant vice president of cleantech strategy and investments. “We are excited about our partnership with Sierra Energy because they are addressing a massive planetary problem in an innovative way.”
