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 a low cost solution for producing cellulosic ethanol from corn kernel fibre, utilising 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 maximise 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 research and development (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 US$2.50/gal. in 2017, the value proposition is highly attractive for all ethanol plants.”
