Edeniq receives $16 million in funding
Edeniq, a biorefining and cellulosic technology company, has raised more than $16 million (€13.8 million) in equity.
The funding will support the roll-out of Edeniq's Pathway Platform, which increases ethanol yield at existing plants by 3-6% through the conversion of starch and cellulosic corn kernel fibre into ethanol.
The equity investment was led by I2BF Global Ventures, an existing investor; Draper Fisher Jurvetson, Angeleno Group, Flint Hills Resources Renewables, The Westly Group, Cyrus Capital, and Nimes Capital also continued to support Edeniq.
'Edeniq is now poised to roll out new products and expand into new markets,' says Alexander Nevinskiy, partner at I2BF and newly appointed member of Edeniq's board of directors.
Edeniq's technologies 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 tonne per day pilot plant in Visalia, California, which is currently in operation converting cellulosic feedstock into cellulosic sugars.
Edeniq and Usina Vale are currently constructing a 20 tonne 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.