Edeniq Inc has raised USD 7 million (EUR 6.6m) in equity capital to support the market penetration of its Pathway cellulosic ethanol technology, the US firm said on Thursday.
The technology enables the production of cellulosic ethanol from corn kernel fiber in existing corn ethanol plants.
Edeniq will use the funding to drive customer acquisition, expand resources to support existing customers and develop technology improvements that could increase the amount of cellulosic ethanol eligible for valuable cellulosic biofuel credits -- D3 RINs (renewable identification numbers) -- at customer plants.
The company said its largest existing investors, including Flint Hills Resources, Angeleno Group, I2BF Global Ventures and Cyrus Capital, took part in the equity round, as well as new investor Trinity Capital Investment.
Edeniq noted that within the past four months, three ethanol plants have obtained cellulosic ethanol registrations from the US Environmental Protection Agency (EPA) after installing its Pathway technology.
Edeniq raises USD 7m to drive cellulosic tech growth