VISALIA, Calif.--(BUSINESS WIRE)--Edeniq, Inc., a leading cellulosic and biorefining technology company, today announced it has raised $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 the lowest-cost solution for producing cellulosic ethanol from corn kernel fiber, utilizing 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 maximize 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 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 $2.50 per gallon in 2017, the value proposition is highly attractive for all ethanol plants.”
About Edeniq, Inc.
Edeniq has developed leading processes for producing low-cost cellulosic sugars and cellulosic ethanol. Edeniq’s capital light and operationally efficient solutions can be easily integrated into existing biorefineries that produce ethanol, other biofuels, biochemicals, and/or bio-based products. Edeniq currently sells or licenses its technologies to biorefineries 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.