Edeniq, Inc., a leading cellulosic and biorefining technology company, has announced it has raised US$7 million in equity capital. The proceeds will be used to support rapid growth in Edeniq’s Pathway cellulosic ethanol business. The company is focused on customer acquisition, adding resources to support existing customers, and developing technology enhancements that can potentially increase the amount of cellulosic ethanol eligible for D3 RINs and other regulatory incentives at each customer plant.
The company’s largest existing investors, including Flint Hills Resources, Angeleno Group, I2BF Global Ventures, and Cyrus Capital participated in the equity round. Trinity Capital Investment (Trinity) was a new equity investor in the round. Trinity previously provided debt financing and, concurrently with the equity financing, Trinity amended and restated its debt facility for the company.
Edeniq’s Pathway Technology is a low cost solution for producing cellulosic ethanol from corn kernel fibre, utilising existing fermenters at corn ethanol plants. Edeniq is the leader in developing analytical methods to quantify cellulosic ethanol co-produced with conventional ethanol during fermentation, which is required for Environmental Protection Agency (EPA) registration. Within the past four months, three ethanol plants have received cellulosic ethanol registrations from the EPA after deploying Edeniq’s Pathway technology.
“Strong support from our investors has been critical to our emergence as the leading provider of cellulosic ethanol technology,” said Brian Thome, President and CEO of Edeniq. “Every corn ethanol plant can produce valuable cellulosic ethanol today, while also increasing throughput, yields, and corn oil production. We look forward to continuing to work closely with our customers to maximise the value they are able to capture from our technology in 2017.”
“With this financing, we are adding resources in sales, field services, laboratory services, and research and development (R&D) to allow us to more rapidly deploy our Pathway Technology throughout the ethanol industry,” said Cam Cast, Chief Operating Officer of Edeniq. “With the value of D3 RINs over US$2.50/gal. in 2017, the value proposition is highly attractive for all ethanol plants.”
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/20012017/edeniq-closes-financing/