UTI Ventures invests 8 million dollars in PESCO BEAM Environmental SolutionsNovember 15th, 2007 - 10:56 pm ICT by admin
Bangalore, Nov 15 (ANI-Business Wire India): UTI Ventures, a leading private equity firm has announced an investment of Rs. 32 crores (8 million dollars) into PESCO BEAM Environmental Solutions Pvt Limited, a company involved in the ‘waste management’ (Waste Oil recycling and recovery) and alternate energy systems.
This is a proprietary deal sourced by UTI Ventures. S.N. Rajesh, Director will represent UTI Ventures on the Board of PESCO BEAM.
PESCO BEAM is one of the leading manufacturers of turnkey skid mounted waste recovery and recycling plants. It has developed technologies in various environmental fields primarily in areas of waste management and alternate fuels.
The company is involved in the design, engineering, manufacturing and installation of equipment sub systems as well as complete turnkey plants for both waste management and the alternative fuels industry. PESCO BEAM is a global company with its customer locations across the globe. The company has a niche in custom building critical equipment and engineered systems. The Company’s order book has been swelling with a tenfold growth in the last year and with an order Pipeline of USD 200 million.
PESCO BEAM was co founded by Luke Staengl and A Subramaniam both veterans in the process equipment industry. The company operates out of offices and manufacturing facilities in Virginia (USA) and Chennai (India).
Raja Kumar, CEO & M.D, UTI Ventures, said “As the demand for alternate energy systems and plants for oil recycling industry is on the rise PESCO BEAM’s global track record will be a huge advantage. We believe that PESCO BEAM is set to become a potential industry leader.
PESCO BEAM will be the fifth investment relating to alternative energy from UTI Ventures, having invested earlier in Naturol bio energy, Shriram EPC, IND Barath Power and Shree Renuka Sugars”.
S N Rajesh, Director - Private Equity, UTI Ventures said “PESCO BEAM’s track record, deep understanding of the Waste recycling and alternate energy systems industry and strong vision of the founding team will help the company achieve significant success. We are excited to be partnering PESCO Beam as they set out to execute their vision”.
Luke Staengl, Chief Executive officer and Co Founder PESCO BEAM said With the current investment we see no reason why we cannot cement our position as the global leader in Solvent and Oil Recycling Technology, and also substantially increase our re-entry into the burgeoning market for Bio-fuels Technologies. Additionally we expect to quickly bring to market several brand new innovations in both these arenas which will assure our continued success.”
A Subramaniam, Managing Director and Co Founder PESCO BEAM said “It is exciting to have UTI Ventures partner us at this juncture when our business is on the high growth curve.” (ANI)
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Tags: alternate energy systems, alternate fuels, critical equipment, customer locations, engineered systems, environmental fields, environmental solutions, fuels industry, India, million dollars, oil recycling, pesco, private equity firm, turnkey plants, uti, waste management, waste oil, waste recovery