NLine Energy raises USD11 million to further extend its footprint in North America and in Europe

Published on 07/09/2024 Press releases

NLine Energy, the energy efficiency and energy recovery solutions provider in the U.S., has just closed a USD11 million fundraising 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 are fellow investors in this round.


NLine Energy, based in the United States, offers a technology to turn every commercial and industrial facility equipped with a steam boiler into a clean or renewable powerplant that significantly reduces greenhouse gas emissions. The company leverages the Microsteam Turbine System® patented technology, one of the world’s most efficient back-pressure steam turbine, which recovers waste steam pressure from industrial processes and converts it into clean and renewable electricity. This technology can displace a majority of the electricity consumed by clients such as hospitals, universities, and various commercial and industrial processes.

Founded in 2010 by Matthew Swindle, NLine Energy initially focused on developing small hydro projects on man-made water systems, utilizing pressure differentials to generate electricity. In 2020, the company strategically repositioned itself to address the thermal energy recovery market. 

This pivot allowed NLine Energy to target commercial and industrial clients, particularly in the university, hospital, wood products, food & beverage, and pharmaceutical market segments. NLine's full-service, turnkey approach has been instrumental in adopting their technology. The University of Idaho's microgrid is an example of NLine Energy's ability to coordinate and implement complex solutions. 

This fundraising, led by Mirova through its impact private equity strategy, will allow NLine to strengthen its activities in North America and expand internationally with a specific focus on Europe. The goal is to significantly contribute to the reduction of carbon footprints in the commercial and industrial sectors.

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.

Matthew Swindle
CEO and Founder, NLine Energy

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

Joanna Parent
Investment Director, Mirova
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