January 16, 2008
Maynard Renewable Energy Co. Secures $4.7M
By Cory Hopkins
Nanoptek Corp., a Maynard-based renewable energy company, said today that it has closed on a $4.7 million Series A equity financing round led by California fund The Quercus Trust.
Other investors included the Westborough-based Massachusetts Technology Collaborative.
Nanoptek produces hydrogen directly from water using sunlight and a proprietary catalyst. Its process does not produce carbon dioxide, a greenhouse gas, as a byproduct, which makes it significantly cleaner than traditionally produced hydrogen, the company said. Once the technology is refined, it also promises to make hydrogen cheaper and easier to produce locally.
Nanoptek said it will use its funding to complete the development of its solar hydrogen generator, develop pilot manufacturing capability and install the first pilot plant for producing the carbon-free hydrogen.
Other investors included the Westborough-based Massachusetts Technology Collaborative.
Nanoptek produces hydrogen directly from water using sunlight and a proprietary catalyst. Its process does not produce carbon dioxide, a greenhouse gas, as a byproduct, which makes it significantly cleaner than traditionally produced hydrogen, the company said. Once the technology is refined, it also promises to make hydrogen cheaper and easier to produce locally.
Nanoptek said it will use its funding to complete the development of its solar hydrogen generator, develop pilot manufacturing capability and install the first pilot plant for producing the carbon-free hydrogen.
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