Despite the sluggish economy, select advanced bioproducts companies are still receiving funding. EdeniQ has announced that they have secured over $30 million in capital in the form of an equity investment and debt facility. The funds will be used to continue development of its technology to convert sugars to biomaterials such as biochemicals and biofuels. The investment was led by current investors along with a new investor, Flint Hills Resources Renewables.
According to EdeniQ, its technology increases yield and output at existing ethanol plants and provides a pathway to move into cellulosic feedstocks. The Cellunator mills a variety of biomass into small, uniform pieces of feedstock that using Pathway enzymes to break down the materials can be converted at low cost to sugars. The company’s technology can be added as a bolt-on to existing ethanol facilities or integrated into new cellulosic ethanol processing plants.
“The market is eager for innovation that can scale from today’s ethanol technology to tomorrow’s resource requirements by creating the lowest-cost route to cellulosic sugars and subsequent high-value products,” said Brian Thome, President and CEO, EdeniQ. “The investments by these prestigious organizations allow EdeniQ to continue our strategy of taking advantage of the existing infrastructure in place across the country and providing a proven pathway to increased sugar yield.“
Flint Hill Resources has four ethanol plants operating in Iowa. Jeremy Bezdek, the company’s managing director of innovation said they invested in EdeniQ because, “EdeniQ’s proprietary technologies provide significant value for the dry-mill ethanol producer in today’s marketplace. Our investment in EdeniQ is another step in our vision to enhance the competitive advantage of our ethanol production facilities.”