Citroniq Chemicals closes US$12 million Series A financing

"Since we announced the partnership between Lummus and Citroniq last year, we have made significant progress toward our shared goals of scaling and commercialising bio-polypropylene production processes," said Leon de Bruyn, President and CEO, Lummus Technology. "Lummus' latest investment in Citroniq builds on this progress and strengthens our partnership, working together to lower carbon emissions in the plastics industry."

Citroniq will be building the world's largest decarbonisation platform that would capture and avoid 2 million tpy of GHG emissions per plant. "We are delighted that our strategic investment partners have embarked on this exciting path with us, championing the decarbonisation of the plastics industry which has been traditionally fossil based," said Mel Badheka, President and Co-Founder of Citroniq.

"The Series A investment is just the first step in our journey towards building multiple biomanufacturing hubs, boosting the Nebraska bioeconomy by converting local ethanol into valuable bioplastics," said Kelly Knopp, CEO and Co-founder of Citroniq. "We now have the momentum needed to successfully complete our engineering and make the first plant a reality. The plastics industry is beginning to understand the material impact that a 5X carbon-negative resin can have on their 2030 goals and their long-term net-zero objectives."

The transaction legal team was led by Doug Getten, Michael Portillo and Leslie Lord from Baker Botts, LLP. Financial advisors for the transaction were Peter Perri and Vince Palmieri of Young America Capital, NY.

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/04092024/citroniq-chemicals-closes-us12-million-series-a-financing/