Cleveland, OH, July 26, 2008 --(PR.com
)-- Arisdyne Systems, an alternative fuel, cavitation technology and equipment company headquartered in Cleveland, recently raised $5.3 million in new equity financing to facilitate research on biofuel production methods. The completed financing confirms Arisdyne’s initial success, and augments previous funding from the core group of investors. Capital was raised as part of the restructuring that established Arisdyne as an entity independent from parent company Five Star Technologies.
“This equity financing transaction represents a strong endorsement from the board and investors and will permit the management team to focus more aggressively on clean energy resources and biofuel technology,” said Fred Clarke, President of Arisdyne Systems. “We are honored to receive such a vote of confidence and look forward to establishing Arisdyne as a leading alternative fuel technology equipment company.”
The Five Star board of directors decided to establish Arisdyne Systems as an independent entity after seeing the results of cavitation research in a wide range of biofuels applications and concluding the technology was a viable and underfunded investment. Arisdyne Systems will now report to its own, newly formed board of directors, and will license cavitation technology from the recently formed Cavitech Holding Company (CHC), which will own the Intellectual Property.
The company is now well positioned to expand research in biofuels by exploring related technologies as well as processing non-food feedstocks. Additionally, more resources can now be directed to the development of methods for applying Arisdyne’s technology for enhancing yields and accelerating ethanol production. The current equity financing complements the one million dollar grant Arisdyne received in March from the Ohio Third Frontier Alternative Energy program, which will create 10 to 15 new jobs over the next two to three years.
Arisdyne is currently working with state agencies and a real estate advisor in a search for a new, more suitable location and will use part of the new funding to move Arisdyne to a more appropriate headquarters facility.
Arisdyne Systems is the pioneering authority in the use of hydrodynamic cavitation to produce biofuels. They are at the forefront of America’s alternative energy industry with more than 21 U.S. patents and 50 international patents. For more information, call 440-239-7005 or visit the company website at www.arisdyne.com.
Media Contact: Chris Brown