The funding will provide investment capital for municipal and industrial design and installation projects that feature Envirogen proprietary technology and long-term service agreements.
Envirogen president and CEO Michael Stark said that the funding will give Envirogen customers additional flexibility as they look to finance environmental projects.
“At Envirogen Technologies, we understand that a critical component of creating a low lifecycle cost for an environmental installation is its 10 to 20 years of operating costs, which is why our clients prefer we participate in the operations and maintenance of these installations. At the same time, projects may be delayed or never get off the ground due to difficulties in obtaining the initial capital required for the design, build and install phase. By adding a robust financing element to our technology+services design and build capabilities, we believe we can help communities and companies better manage their costs and maximize their investments at the same time as they are achieving their environmental and regulatory goals,” said Stark.