VISALIA, Calif.--(BUSINESS WIRE)--Edeniq, Inc., a cellulosic technology company, today announced that it is continuing to accelerate its growth, having secured commitments for $5 million in additional equity to support existing customer workload, rapidly grow the pipeline, and roll out technology enhancements. Edeniq has raised more than $12 million over the past 12 months.
Over the coming year, Edeniq expects to more than double average customer cellulosic ethanol production through plant optimization and technology enhancements that are being introduced to customers as early as the third quarter of 2017. While customers are currently averaging just over 1% cellulosic ethanol and a 2% lift in total ethanol production, the best-performing plants have achieved rates of more than 2% cellulosic ethanol and a 3% lift in total ethanol production.
The company’s customer pipeline has reached 27 plants, four of which are registered with the Environmental Protection Agency (“EPA”) for cellulosic ethanol D3 RIN generation. The remainder have submitted applications for D3 RIN production to the EPA, or are in the trial validation process, which is the first step in the registration process.
Edeniq’s customer plants that have registered with the EPA for cellulosic co-production represent approximately 400 million gallons of total ethanol production and have already generated well over $1 million in D3 RIN credits, less than halfway through the calendar year. A 120 million gallon per year corn ethanol plant can increase its revenue by up to $10 million or more through the integration of Edeniq’s Pathway Technology, with no capital investment.
“The team has done a tremendous job in the first half of 2017 getting in front of plant management and operators to talk about the demonstrated benefits of our technology,” said Cam Cast, COO of Edeniq. “We continue to add staff to our state-of-the-art lab in Visalia and to our field services team in Omaha to stay ahead of our existing backlog of validations and to accommodate our registered plants who require recalculations after every 500,000 gallons of cellulosic ethanol is produced.”
Edeniq’s investors have been extremely supportive as the company enters its next phase of growth. The company’s largest existing investors, including Flint Hills Resources, Angeleno Group, I2BF Global Ventures, Trinity Capital Investment, and Cyrus Capital are participating in the round.
“This is no longer ‘some day in the future,’ as those of us in this industry have talked about for twenty-plus years now. We have the opportunity to add billions of dollars’ worth of value to the ethanol industry, and to do it in the existing plants and without the need to add any capex for additional infrastructure,” said Brian Thome, President and CEO of Edeniq. “We look forward to continuing to work hand-in-hand with all our customers and investors to realize the dream of cellulosic ethanol production at every corn ethanol plant.”
About Edeniq, Inc.
Edeniq has developed leading processes for producing and measuring low-cost cellulosic ethanol. Edeniq’s operationally efficient solutions require zero capital investment and can be easily integrated into existing biorefineries. Edeniq currently sells or licenses its technologies to ethanol plants in the United States. Edeniq was founded in 2008 and is headquartered in Visalia, California with a field office in Omaha, Nebraska. More information can be found at www.edeniq.com.