Cleantech-focused PE firm Arborview Capital has completed a recapitalization of Paragon Airheater Technologies, a provider of solutions that reduce fuel consumption and carbon emissions of fossil fuel-fired power plants. No financial terms were disclosed.
Other investors included SAIL Venture Partners and Huntington Capital, which also provided mezzanine financing for the transaction.
Paragon’s technologies are poised to play a pivotal role as global economies, including (hopefully) the U.S. move ahead and price carbon in a bid to cut emissions.
“Following a year of record revenues, the Arborview transaction allows Paragon to continue its expansion plans to grow market share both domestically and internationally,” said Paragon co-founder Cannon Pearson, in a prepared statement. He adds: “With an estimated $42 billion of investment expected in power plant upgrades over the next several years, the measurable efficiency gains and cost savings from Paragon’s solutions should result in substantial growth in demand.”
Pharus Advisors and Gripen Capital Advisors acted as advisors to Paragon on the transaction.