As per ESG Today, Oregon-based NLine Energy offers a technology that can convert wasted energy from steam distribution systems from boilers at commercial and industrial sites in renewable power. Company officials say that the solution, called Microsteam Turbine (MST) is a compact energy recovery system can displace the recovered heat to cover most of the electricity requirements of places such as hospitals, schools and industrial locations.

Mirova led the 11 million USD funding round, which saw participation from Burnt Island Ventures Fund.

Joanna Parent, Investment Director at Mirova, said that the investment is a commitment "to support NLine Energy in its mission to generate clean power from wasted energy, thus contributing to a more sustainable future."

The funding will enable the Oregon-based company to expand North American operations, as well as to reach international markets, specifically focusing on Europe.

Matthew Swindle, Chairman, CEO and Founder of NLine Energy, added that "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."