XPV boosts 2013 deal tally with Therma-Flite funding

Nov 25, 2013

A recent $7.5 million equity investment in California-based clean-tech company Therma-Flite means that dedicated water investor XPV Capital could be heading for a record year in terms of the number of deals it has co-financed in the water space.

Having bought Global Water Resources out of its smart grid offering for water in June, XPV then stepped up the pace, committing fresh capital to wastewater biosolids recycler BCR Environmental in a closed round over the summer, and leading a growth capital round for Canadian MBR specialist newterra last month.

XPV’s latest investment, announced late last week, is in Therma-Flite, which manufactures thermal desorption systems for sludge remediation in the oil and gas industry, as well as energy-efficient biosolids drying equipment for municipal applications.

The proceeds from the latest funding round will be used to expand Therma-Flite’s existing manufacturing plants in Benecia (California) and El Dorado (Arkansas).