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Edeniq secures $5M in growth equity; 27 plants in cellulosic ethanol pipeline

Edeniq, Inc., a cellulosic technology company, has secured commitments for $5 million in additional equity to support existing customer workload, rapidly grow the pipeline, and roll out technology enhancements. Edeniq has raised more than $12 million over the past 12 months.

Edeniq’s Pathway Technology is a proprietary, integrated platform to produce qualified cellulosic ethanol in existing corn ethanol plants. The platform combines Edeniq’s Cellunator with an enzyme cocktail to break down corn kernel fiber in the slurry, releasing cellulosic sugars into the fermentation process. Corn kernels contain about 10% cellulosic fiber that currently remains unconverted in a typical ethanol plant. Converting the corn fiber at these facilities is the first step and the fastest path to migrate toward cellulosic ethanol production in the US, Edeniq says.

Over the coming year, Edeniq expects to more than double average customer cellulosic ethanol production through plant optimization and technology enhancements that are being introduced to customers as early as the third quarter of 2017. While customers are currently averaging just over 1% cellulosic ethanol and a 2% lift in total ethanol production, the best-performing plants have achieved rates of more than 2% cellulosic ethanol and a 3% lift in total ethanol production.

The company’s customer pipeline has reached 27 plants, four of which are registered with the Environmental Protection Agency (EPA) for cellulosic ethanol D3 RIN generation. The remainder have submitted applications for D3 RIN production to the EPA, or are in the trial validation process, which is the first step in the registration process.

Edeniq’s customer plants that have registered with the EPA for cellulosic co-production represent approximately 400 million gallons of total ethanol production and have already generated well over $1 million in D3 RIN credits, less than halfway through the calendar year. A 120 million gallon per year corn ethanol plant can increase its revenue by up to $10 million or more through the integration of Edeniq’s Pathway Technology, with no capital investment.

Edeniq said that its investors have been supportive as the company enters its next phase of growth. The company’s largest existing investors, including Flint Hills Resources, Angeleno Group, I2BF Global Ventures, Trinity Capital Investment, and Cyrus Capital are participating in the latest round.

Comments

SJC

This company is located in the California central valley, they have been doing good work but starved for capital. Maybe if we did not feed Facebook and Twitter billions we could fund something meaningful, useful and helpful.

solarsurfer

They are swimming through the valley river of death, hopefully this extra fuel product will pull them over the hump to real funding. Truth is these great strides we make with bio fuels will be squelched by the Orange man in the white house.HE is beholden to big oil like no other president.

SJC

Cellulose ethanol may come into its own, there are several plants operating in the U.S. perhaps more will come. My point is how we allocate capital, entertainment seems to be a high priority.

Trees

The new administration has been supportive of ethanol. It looks like some petrol influence attempted to maximise their influence, but failed. The next best step for ethanol is to allow E15 to be sold year round. This step will allow consumers to experience savings and learn to disregard the petrol shill posters saber rattling. The internet is full of them.

SJC

I would rather E85 be more available, there are millions of vehicles out their that can use it without adequate access. Oil company franchise contracts won't allow it even though that is restraint of trade.

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