PTG raises $5M to accelerate sales growth and expansion
Pasteurization Technology Group announced it closed $5 million in Series A financing.
SAN LEANDRO, CA. March 28, 2013 -- Pasteurization Technology Group (PTG), innovator of the only wastewater disinfection process that creates renewable energy, announced it closed $5 million in Series A financing. EIC Ventures, a previous investor in PTG, led the round and was joined by Kennington. EIC Ventures is led by David Dubé, CEO of Canada-based Concorde Group and current board member of PTG. Lance Tendler, CEO of Kennington, will join PTG's board of directors.
The growth capital will be used to expand PTG's sales and field engineering operations to address the substantial and growing customer demand for its technology with customers in the agricultural, food, and beverage sectors.
PTG's technology is a wastewater treatment solution for cities and businesses, many of which are wrestling with aging infrastructure that is operating at, or even above, capacity. Wastewater treatment is facing increasingly stringent water-quality regulations and rising energy costs, driving demand for cost-effective and sustainable solutions that enable the recycling of water.
"This additional investment enables us to accelerate our plans for market expansion," said Greg Ryan, co-founder and CEO of Pasteurization Technology Group. "In an era of increasing water and energy costs, our technology is in high demand from customers who want to significantly reduce their water and energy costs while meeting their goals for sustainability."
About Pasteurization Technology Group
California-based Pasteurization Technology Group (PTG) is a rapidly growing, venture capital-backed company that is revolutionizing the disinfection of wastewater. PTG's systems feature its patented "two-for-one" technology that combines eco-friendly wastewater disinfection with the generation of renewable energy. PTG's process is one of only a handful of technologies to pass the stringent standards of Title 22 in the state of California for the disinfection of water for reuse. PTG's technology has also been officially recognized in the EPA's influential Guidelines for Water Reuse. By channeling the typically wasted exhaust heat from a turbine or engine to disinfect wastewater, PTG's process is able to deliver the most energy-efficient and lowest-cost solution on the market. PTG has won numerous awards including the Katerva Award, the Artemis Top 50 Water Tech award, and the Popular Science "Best of What's New" award. For more information, see http://www.pastechgroup.com, and follow @PastechGroup on Twitter and Facebook facebook.com/PasteurizationTechnologyGroup.