Despite oil prices below $50, it looks like there’s still life in cleantech investing. Edeniq, a biorefining and cellulosic technology company, has announced they they’ve raised over $16 million in an equity funding (Looks to be a Series D) from I2BF Global Ventures, DFJ, Angeleno Group, and Flint Hills Resources, and participation from previous investors, The Westly Group, Cyrus Capital, and Nimes Capital. Edeniq has raised $107.7M in debt and equity financing since 2008. Investors in previous rounds also include Kleiner Perkins, Northgate Capital, and Morgan Stanley.
Edeniq provides develops next generation cellulosic technologies which use mechanical and biological processes to drive efficiencies.
“I2BF believes Edeniq’s technologies are helping to solve the industry-wide shortage of low-cost, sustainable fuels and chemicals.”
The equity investment was led by I2BF Global Ventures, an existing investor; Draper Fisher Jurvetson, Angeleno Group, Flint Hills Resources Renewables, also continued to support Edeniq.
“Edeniq has a proven track record with customers and is now poised to roll out new products and expand into new markets,” said Alexander Nevinskiy, Partner at I2BF and newly appointed member of Edeniq’s board of directors. “I2BF believes Edeniq’s technologies are helping to solve the industry-wide shortage of low-cost, sustainable fuels and chemicals.”
The company reports that proceeds will help support the roll-out of Edeniq’s PATHWAY Platform, which increases ethanol yield at existing plants by three to six percent through a more complete conversion of starch and cellulosic corn kernel fiber into ethanol.
Edeniq’s technologies efficiently break down biomass to liberate cellulosic sugars that can be converted into ethanol, chemicals, and other products. Edeniq owns and operates a fully integrated two ton per day pilot plant in Visalia, California, which is currently in operation converting cellulosic feedstock into low-cost cellulosic sugars.
Edeniq and Usina Vale are currently constructing a 20 ton per day demonstration plant to produce cellulosic sugars from sugarcane bagasse, the fibrous by-product of sugarcane juice extraction. The plant is co-located with Usina Vale’s ethanol and sugar production suite in Sao Paulo State, Brazil.
“Edeniq is committed to delivering low capital, highly operable solutions to biofuel and biochemical producers,” said Brian Thome, President and CEO, Edeniq. “The investments by these prestigious organizations allow Edeniq to accelerate the PATHWAY™ Platform expansion in the U.S. and continue to build valuable partnerships abroad.”
Edeniq recently announced the company has entered a partnership with Global Bio-chem. The two companies plan to integrate their technologies in a commercial demonstration plant at Global Bio-chem’s facility in the Jilin Province of China. Construction has been initiated on the plant, with a target to produce 50,000 metric tons per year of sugars from corn stover.
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