Thursday, June 4, 2009

Turbine Air Systems Gains Funding

Houston-based Turbine Air Systems said this week that the firm has raised an undisclosed round of growth equity financing, for the firm's development of packaged cooling and energy systems. According to Turbine Air Systems, the funding was led by Element Partners, and also included NGP Energy Technology Partners, Robeco, Credit Suisse, and Potomac Energy Fund. The firm said the funding will go towards funding growth initiatives. Turbine Air Systems develops chilling systems for improving the output of gas turbines, for efficient cooling in the commercial and industrial market, and for geothermal or other heat recovery. Although the firm did not disclose details of the funding, a recent regulatory funding shows that the firm had raised at least $15M of an overall $50M round recently; the company's filing also states that the company has over $100M in annual revenues. More information »