Plas2Fuel captures $4.3M for waste-to-fuel technology
Plas2Fuel, maker of equipment that produces synthetic crude oil, has raised $4.25 million in a first round of funding for the commercial rollout of its products. Based in Kelso, Wash., the company sells vessels for converting plastic waste into fuel and manages the sale of what is produced to oil refineries.
Provided by Chrysalix Energy Venture Capital, Saffron Hill Ventures and Reference Capital Management, the funding round fell a little short of the company’s $5 million goal. It says it had to lower its sights due to the economic climate. Previously, it brought in $800,000 in seed funding in 2006 and 2007. It has seven employees.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.