Edeniq raises USD 5m of equity for growth

US cellulosic technology company Edeniq Inc has secured commitments for USD 5 million (EUR 4.5m) in growth equity as its customer pipeline has reached 27 plants.

The company said today it will use the funding to support its existing customer workload, grow the pipeline and roll out technology enhancements. Its largest existing investors, including Flint Hills Resources, Angeleno Group, I2BF Global Ventures, Trinity Capital Investment and Cyrus Capital are taking part in the round.

Edeniq has raised over USD 12 million in the past 12 months. The company's Pathway technology is a solution for producing and measuring cellulosic ethanol from corn kernel fiber in existing corn ethanol plants. Of the 27 plants in its pipeline, four are registered with the Environmental Protection Agency (EPA) for cellulosic ethanol D3 RIN (renewable identification number) generation.

"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 president and chief executive Brian Thome.

(USD 1 = EUR 0.893)

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