Advanced Electron Beams Raises $14.2 Million from GE, Flagship Ventures & Others for Market Penetration and Development of New Energy-Efficient Manufacturing Applications
Date: 08/04/2009
Company: Advanced Electron Beams
Source: PR Newswire
WILMINGTON, Mass. and STAMFORD, Conn. – August 4, 2009 – /PRNewswire/ — Advanced Electron Beams (AEB), whose compact electron beam technology helps traditional manufacturers become more environmentally sustainable while improving profitability, and GE Energy Financial Services, a unit of GE (NYSE: GE) announced today the close of a $14.2 million Series C financing, bringing AEB’s total amount raised to more than $50 million since October 2005. The new round was led by Flagship Ventures with participation from existing investors: GE, Atlas Venture, General Catalyst Partners, RockPort Capital Partners and Agman Partners. The latest funding will help accelerate sales growth in sustainable packaging markets and develop new electron beam applications to support clean, energy-efficient manufacturing.
“This investment supports the development of AEB’s transformational technology, which makes industrial processing more environmentally sustainable and more profitable,” said Mitch Tyson, CEO of Advanced Electron Beams. “With increased attention toward improving industrial energy efficiency of traditional manufacturers, AEB is delivering solutions that enable the green factory of the future.”
With more than 200 of the company’s electron beam emitters shipped to over 50 customers worldwide, AEB’s technology initiates chemical reactions for industrial processes far more efficiently than conventional thermal and chemical technologies. AEB offers advanced sterilization solutions for pharmaceutical, food and beverage packaging that drastically reduce energy consumption, eliminate waste-water, and enable lighter-weight packaging. In addition, the technology holds promise for new applications including the curing of high performance coatings, materials engineering, air pollution abatement, air sterilization and food safety.
Media Contact
for general media inquiries contact:
media@rockportcap.com