Edeniq, the U.S.-based biorefining and cellulosic technology company, has raised US$16 million in equity led by I2BF Global Ventures.
The other investors included Draper Fisher Jurvetson, Angeleno Group, Flint Hills Resources Renewables, The Westly Group, Cyrus Capital, and Nimes Capital. Edeniq is already existing investors in the company.
The funding will support the roll-out of Edeniq’s PATHWAY Platform, which increases ethanol yield at existing plants by three to six percent through a more complete conversion of starch and cellulosic corn kernel fiber into ethanol.
Edeniq’s technologies break down biomass to liberate cellulosic sugars that can be converted into ethanol, chemicals, and other products. Edeniq owns and operates a fully integrated two ton per day pilot plant in Visalia, California, which is currently in operation converting cellulosic feedstock into low-cost cellulosic sugars.
Edeniq recently announced the company has entered a partnership with Global Bio-chem. The two companies plan to integrate their technologies in a commercial demonstration plant at Global Biochem’s facility in the Jilin Province of China. Construction has been initiated on the plant, with a target to produce 50,000 metric tons per year of sugars from corn stover.