Advanced Electron Beams Closes $17.5 Million in VC Funding to Fuel Development of Its Clean Energy Alternative.RockPort Capital Partners Leads Round Joined by Atlas Venture Atlas Venture is an international early-stage venture capital firm that invests in communications, information technology, and life sciences companies. Atlas Venture has investing offices in Boston, London, Munich, and Paris, and its investments are evenly divided between the and General Catalyst Partners WILMINGTON, Mass. -- Advanced Electron Beams A stream of electrons, or electricity, that is directed towards a receiving object. See electron beam imaging and electron beam lithography. (AEB AEB Auto Exposure Bracketing (photography) AEB Agência Espacial Brasileira AEB American Egg Board AEB Annual Egyptological Bibliography AEB Aleutians East Borough (Alaska Penninsula) AEB As Evidenced By ) today announced it has received $17.5 million in a Series B funding round led by RockPort Capital Partners, with participation from existing investors Atlas Venture and General Catalyst Partners. The funding will be used to accelerate AEB's efforts to commercialize one of the world's most efficient, clean and cost-effective forms of industrial energy. "Advanced Electron Beams is making a huge breakthrough in the use of a clean and compact energy alternative for all kinds of industrial processes," said Chuck McDermott, general partner, RockPort Capital Partners. "AEB has the potential to make an enormous impact by helping manufacturers save energy and reduce chemical pollution, creating a cleaner, healthier environment for all of us. Combine that technology with the talent of its management team and their passion to disrupt billion-dollar markets, and it is only a matter of time until AEB becomes a pervasive form of clean industrial energy." Compact electron beams for a cleaner environment Electron beams are an extremely efficient form of energy for industrial processes that reduce fossil fuel fossil fuel: see energy, sources of; fuel. fossil fuel Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas. dependency and reduce the need for harmful chemicals that result in pollution. While electron beams have been used in some industrial applications to date, conventional systems are large, expensive and complex to maintain, making them impractical im·prac·ti·cal adj. 1. Unwise to implement or maintain in practice: Refloating the sunken ship proved impractical because of the great expense. 2. -- or even impossible -- for use in many commercial applications. AEB challenges the conventional model by delivering electron beam technology In electron beam technology, an electron beam is applied to do some useful work. Given the wide range of energies and intensities of electron beams that can be generated, the range of applications is equally large:
"AEB has already validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. its technology value proposition in initial target markets, which is leading to production-level adoption by a number of Fortune 500 companies," said Jeff Fagnan, partner at Atlas Venture. "Many companies in large industries are very interested in reducing manufacturing costs, saving energy and eliminating pollution; and that is the opportunity that AEB presents. We are extremely excited about the company's prospects." Transforming industries AEB is making it possible for manufacturers across a range of industries -- including pharmaceuticals, medical devices, healthcare, food & beverage, printing and packaging -- to utilize electron beams to power their industrial processes. Today customers worldwide use AEB for applications that include sterilization sterilization Any surgical procedure intended to end fertility permanently (see contraception). Such operations remove or interrupt the anatomical pathways through which the cells involved in fertilization travel (see reproductive system). , pollution abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when , curing and polymer treatment. AEB's application roadmap includes plans to address a range of advanced applications spanning from destroying airborne viruses and bacteria, to generating hydrogen for fuel-cell vehicles, to extending the shelf life of food, to removing hazardous gases (SOx/NOx) from fossil-fuel burning power plants and diesel vehicles, and beyond. "We have the technology, the vision and the passion to support the new wave of major industrial companies that are now looking to go green," said Mitch Tyson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , AEB. "Using our technology, these companies can replace their current thermal and chemical processes with clean electron beams - saving energy while reducing operating costs operating costs npl → gastos mpl operacionales , chemical consumption and environmental emissions." About Advanced Electron Beams Advanced Electron Beams (AEB) has developed one of the world's most efficient and clean forms of industrial energy. AEB captures the power of electron beams in a cost-effective, compact form factor, enabling customers to use this clean energy source in industrial applications ranging from surface sterilization to pollution abatement to printing and polymer treatment and beyond. As a result, these customers are improving productivity, developing new products and processes, and reducing their dependency on energy sources and chemicals that result in pollution. Based in Wilmington, Mass., AEB is backed by top-tier investors Atlas Venture, General Catalyst and RockPort Capital. For more information about AEB, please visit: www.aeb.com. About RockPort Capital Partners RockPort Capital Partners is a venture capital firm based in Boston that invests energy and power technologies, advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, and process and prevention technologies. The firm manages $386 million and is committed to companies with breakthrough technologies that deliver significant economic value to large potential markets. On the Web: www.rockportcap.com About Atlas Venture Atlas Venture is a leading early-stage venture capital firm that invests in technology and life sciences companies. Since inception in 1980, Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. has helped build over 300 companies in more than 16 different countries. In the past decade, 44 portfolio companies have been acquired and 47 are now public companies with an aggregate market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of over $15 billion. The firm is currently investing from its seventh fund and manages over $2.5 billion in committed capital. For more information, please visit www.atlasventure.com. About General Catalyst Partners General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion