Nexterra will utilise the funds to expand its proprietary biomass energy system business which use a new generation of gasification technology to generate carbon-neutral biomass fuels.

Nexterra President and CEO Jonathan Rhone said the financial aid will help the company increase its product portfolio.

The company has received total aid of $17.5m ($18m) this year, coupled with $15m secured earlier from Tandem Expansion Fund and ARC Financial.