CENTENNIAL, Colo.--(BUSINESS WIRE)--Ciris Energy announced today that it has successfully placed a total of $25 Million worth of Preferred Stock in its Series C offering in two separate transactions of $10 Million and $15 Million. The investment in Ciris follows earlier successful capital raises including last year’s follow-on Series B offering led by ConocoPhillips. The Series C investment in Ciris is from a new international investor, Asia Pacific Capital of Hong Kong (“APC”), who has a strong track record of investing in developing companies with new technologies applicable to the growing economies of Asia. APC’s access and insights for future international projects enhances Ciris’ ability to execute commercial projects beyond its current domestic activities. The investors of Ciris are a combination of strategic partners such as ConocoPhillips together with venture capital investors Braemar Energy, Energy Technology Ventures, Khosla Ventures, Lighthouse Capital Partners, Rho Ventures and Triplepoint Capital.
Ciris is a leader in bioconversion of carbon contained in coal utilizing its two proprietary processes In-situ bioconversion “ISBC” and Ex-situ bioconversion “ESBC”. The company is currently operating its first-phase commercial ISBC plant in the Powder River Basin of Wyoming and is targeting initiation of a demonstration plant in 2014 for its ESBC process.
Dr. Jay Short, CEO of Ciris said that “these investments in Ciris represent continued recognition of the opportunity Ciris presents. 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.”
Greg Jenkins, COO of Ciris added that “with the progress of Ciris’ research, the commercial opportunity the company presents is now being recognized on an international level. The new shareholders and continued investments in Ciris have paralleled the developments in the company’s opportunities.”
About Ciris Energy, Inc.
Ciris Energy, Inc., a private company founded in 2007 and headquartered in Centennial, Colorado, USA, is focused on enhanced natural gas and chemical production from low rank coals worldwide. Ciris Energy uses scientific innovation to effectively harvest untapped energy resources that traditional methods leave behind. The company’s In-situ bioconversion process rejuvenates unproductive coal territories through proprietary technologies that stimulate and optimize natural occurring processes. The complementary Ex-situ bioconversion process converts mined coal into natural gas and chemicals. Ciris Energy is leading the way to efficiently produce natural gas and chemicals through clean and sustainable methods.
About Asia Pacific Capital
Asia Pacific Capital is an asset management company established in 1992. APC formed a 50-50 joint venture with General Electric (GE) in Asia and managed the GE Asia Pacific Capital Technology Fund - investing both GE's balance sheet money and assets of other institutions and corporations. After successful divestment of that Fund, Asia Pacific Capital is currently managing Asia Pacific Capital Fund II, seeded by BNP Paribas with support from leading Asian institutional investors.
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Ciris Energy, Inc. |
| 9155 East Nichols Avenue, Suite 200 |
| Centennial, Colorado 80112 |
| Phone: 303.649.2000 |
| Fax: 303.649.2221 |