Pesco raises $8M from Indian firm for oil recycling
Pesco (Pragmatic Environmental Solutions), a Roanoke, Virginia company that makes equipment to recycle oil and other polluting materials, merged with an Indian company to receive its first venture funding from a firm in that country.
The company has been around since 1991, and its owner projects $200 million in revenue in 2008. The Indian company it merged with is called Beam Solutions Ltd.
UTI Ventures, which is based in Bangalore, India, provided the entire $8 million in funding, which Pesco intends to use for rapid expansion. Its founder, Luke Staengle, told VentureWire (subscription required) that he’ll seek another $25-30 million round next year.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.