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Hong Kong’s Asia Pacific Capital invests $25m in VC-backed Ciris Energy

26 Jul 2013

Coal gasification technology company Ciris Energy has raised $25m through the placing of preferred stock in its Series C offering in two separate transactions of $10m and $15m.

The latest investment in comes from Hong Kong-based Asia Pacific Capital (APC), joining exiting venture capital backers including Braemar Energy, Energy Technology Ventures, Khosla Ventures, Lighthouse Capital Partners, Rho Ventures and Triplepoint Capital.

The investment in Ciris follows earlier capital raises including last year’s follow-on Series B offering led by ConocoPhillips.

APC’s access and insights for future international projects enhances Ciris’ ability to execute commercial projects beyond its current domestic activities, the company said.

The company is currently operating its first-phase commercial in-situ bioconversion plant in the Powder River Basin in Wyoming and is targeting initiation of a demonstration plant in 2014 for its ESBC process.

Asia Pacific Capital was established in 1992. The firm previously formed a 50-50 joint venture with General Electric (GE) in Asia and manages the GE Asia Pacific Capital Technology Fund – investing both GE’s balance sheet money and assets of other institutions and corporations. After successful divestment of that fund it is currently managing Asia Pacific Capital Fund II, seeded by BNP Paribas with support from Asian institutional investors.

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