Waste-to-energy firm 4New raises USD 25m in ICO pre-sale

October 30 (Renewables Now) - UK-based waste-to-energy (WtE) firm 4NEW Ltd has raised USD 25 million (EUR 21.5m) from an unnamed US private equity fund ahead of its Initial Coin Offering (ICO).

The company entered its pre-sale round on Octover 17 and has now secured funds for the purchase of its first plant site and for equipment installation costs. The ICO Live Launch is planned for November 15, targeting USD 350 million.

4NEW says it is the first blockchain integrated WtE treatment facility. Its goal is to integrate the blockchain network within the real world applications of WtE with widespread acceptance.

Pre-sale fundraising efforts are mainly targeting institutional investors and the company said on Thursday it is observing significant interest and steady mobilisation of fiat currencies into cryptocurrencies. Since it has secured the investment needed to launch its first site, 4NEW is opening the pre-sale round to the general public.

(USD 1 = EUR 0.86)