Nevada-based geothermal developer Gradient Resources has raised $20.5m from Denham Capital Management.
According to a Form D filing with the US Securities and Exchange Commission the equity funding had its first sale on 29 August, with all funding coming from Denham Capital – identified by the naming of Riaz Siddiqi, founder and managing partner of Denham, on the filing.
No broker was associated with the deal.
Gradient Resources works to develop, construct, own, and operate geothermal resources. It is headquartered in Reno, Nevada.
Last week it emerged that energy and resources-focused Denham had shifted the headquarters of its power and renewables team to London to expand its pursuit of deals in emerging markets.
The firm, which has more than $7.3bn in invested and committed capital, said it would allow it to be more geographically aligned in its approach to pursuing investments in regions such as Africa, South America and the Asia Pacific.
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