LP Amina Announces $20M Series C Funding; Investment to support rapid growth in China
LP Amina Announces $20M Series C Funding
New funding advances LP Amina’s mission to serve as an integrated platform for the development
and deployment of advanced clean technology solutions globally
August 6, 2013 – Beijing, China. LP Amina, US-based energy and environmental company with focus on sustainable power generation, announced today the completion of its series C investment. The round was financed jointly by existing investors, HAO Capital and Qiming Ventures, as well as two new investors, WLR China Energy Infrastructure Fund and Keytone Ventures. The investment, totaling $20 million, will support rapid growth of LP Amina’s core pollution control business and promote the development of several innovative clean energy technologies in China, US and other global locations.
“LP Amina was founded on engineering excellence and innovation. Over the past six years, we successfully applied our technology and expertise to assist Chinese power plants in achieving significant emissions reduction. We have also created a partnership platform to research and develop the next generation of clean energy solutions. This investment will mark a new stage of our growth as we begin to introduce technologies developed in these partnerships, both in China and globally,” said Will Latta, Founder and Managing Director of LP Amina.
LP Amina is one of the leading providers of De-NOx solutions for power plants in China. Established in 2007, the company has a strong track record of implementing advanced emission reduction solutions using cutting-edge technologies, and to date has completed projects in 11 provinces and 2 municipalities. With this investment, LP Amina plans to expand the company’s emission reduction business to satisfy rising customer demand.
In addition to the emission reduction business, LP Amina is commercializing its poly-generation technology. The poly-generation technology improves power plant’s efficiency by converting what’s currently a waste stream into wide range of high value industrial chemicals, significantly improving the economics and carbon footprint of the facility. The technology was developed in collaboration with Bayer and has undergone rigorous proof of concept and lab testing over the past two years. At the moment, in partnership with a major Chinese power producer Gemeng International Energy (GMIE), LP Amina is building its first commercial scale 50 MW demonstration facility. The facility will be installed at one of GMIE’s power plants in Shanxi province, and is scheduled to be operational in the second half of 2013. Once fully commercialized, this novel process will provide tremendous benefits to the chemical industry by offering a viable, efficient, and more environmentally friendly process for deriving chemicals from non-petroleum sources.
Led by power industry visionaries and veterans, LP Amina’s managment team has a proven track of record of innovation and with this investment will be able to focus on a broader scale of industry challenges. This investment marks a transition for LP Amina as the company leaves its origins of a specialized equipment provider to becoming an integrated platform for development and deployment of clean technology solutions globally.
About LP Amina
LP Amina is a multinational environmental engineering company with research and development activities in the US, Europe and Asia. Established in 2007, LP Amina has over 100 full time employees and a network of over 2,000 technicians working in diverse locations around the globe. LP Amina strives to be the most innovative environmental solution provider to the energy industry and to contribute to an environmentally sustainable, low-cost energy future.
About HAO Capital
HAO Capital is a China focused Private Equity firm based in Beijing and Hong Kong, providing growth capital to Chinese companies. Founded in 2005 by three seasoned investment professionals, the firm currently manages total assets of USD500 mn across two funds, with a bias for investments in Consumer, Healthcare and Light Industrial, including Clean/Greentech.
Qiming Venture Partners is a leading early to growth stage venture capital firm with offices in Shanghai, Beijing and Hong Kong. Qiming and its affiliate in the US, Ignition Partners, manage over US $2.5 billion in assets, including four funds with over $1.1 billion under management in China. Qiming invests in entrepreneurs creating the next generation of consumer and retail, information technology, health care, and cleantech companies. While striving to be the investor of choice, Qiming also works closely with other leading venture capital firms in China to deliver the investor value that young Chinese companies require.
About WLR China Energy Infrastructure Fund (“CEIF”)
CEIF is a private equity investment fund managed by Invesco WLR Private Equity Investment Management Limited, a joint venture between Huaneng Capital, the financial services arm of China Huaneng Group, Invesco and WL Ross & Co., an Invesco affiliate. CEIF takes advantage of the unique combination of strengths of Huaneng as the largest power company in China, Invesco’s global reach in capital markets, and WLR’s private equity experience to provide capital and support to companies engaged in cleaner traditional energy, new energy, and energy conservation sectors in China.
Keytone Ventures is a China-focused venture fund committed to building industry-leading companies by partnering with emerging entrepreneurs. Founded in 2008, Keytone was established by a seasoned team of founders who are among the most experienced venture investors in China. It is focused on early and growth-stage companies and primarily identifies investment opportunities in technology, clean-tech, consumer services, and media. Keytone currently manages $420 million capital across two funds.
Jamyan Dudka, Marketing Manager, LP Amina
Tel: +86 (10) 6539-1788 Ext.602