Clean energy technology company NLine Energy announced that it has raised $11 million, with proceeds aimed at expanding its business helping commercial and industrial facilities to decarbonize in North America and internationally.

Founded in 2010 with an initial focus on developing small hydropower projects, Oregon, U.S.-based NLine Energy provides technology aimed at converting wasted energy found in steam distribution systems from boilers at commercial and industrial facilities into renewable power. According to NLine, its Microsteam Turbine (MST) compact energy recovery system technology can displace a majority of the electricity consumed by clients such as hospitals, universities, and various  commercial and industrial processes.

The round was led by Mirova, the affiliate of Natixis Investment Managers dedicated to  sustainable investment, through Mirova’s impact private equity strategy. Steyn Group and Burnt Island  Ventures Fund also participated in the round.

Joanna Parent, Investment Director at Mirova, said:

“We are proud to support NLine Energy in its mission to generate clean power from wasted energy, thus contributing to a more sustainable future. This is the 10th investment of our impact private equity strategy and it is the testament to our commitment to supporting innovative energy efficiency solutions.”

NLine said that the new capital will enable the company to enhance its operations in North America, and to expand internationally with a specific focus on Europe, with a goal is to significantly contribute to the reduction of carbon footprints in the commercial and industrial sectors.

Matthew Swindle, Chairman, CEO and Founder of NLine Energy, said:

“Mirova’s investment  allows NLine to scale their options internationally and bring new products to market to help with the global  energy transition through a three-fold value proposition: energy savings and hedge against rising electric  rates, sustainability, and installation resilience.”