Redmond, WA-based Prometheus Energy has closed a $10 million financing from Netherlands-based Kenda Capital, which manages the Shell Technology Ventures Fund that’s part of the Dutch oil giant. A second tranche of financing, worth an additional $10 million, will be part of the deal if Prometheus meets certain milestones.
Chief executive Kirt Montague co-founded Prometheus in 2003 with the idea of converting waste gases from landfills into liquid natural gas for clean-burning fuel. After raising more than $20 million in venture funding, the company went public on London’s Alternative Investment Market (AIM) in 2006, but was de-listed in 2008.
Last September, Prometheus was bought by Black River Asset Management, a private equity firm based in Minnetonka, MN and San Mateo, CA. Black River used the placeholder name “Heracles Energy” for the company when it acquired its assets. (Which is why Prometheus Energy’s SEC filing for the deal is under the name Heracles Energy—but the company’s operating name is still Prometheus Energy.)
With the new investment, Prometheus Energy is part-owned by Shell, the world’s largest liquid natural gas producer.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
View all posts by Gregory T. Huang