Citroniq Chemicals Secures $12 Million to Boost Production
Citroniq Chemicals Announces Series A Financing
Citroniq Chemicals LLC (NASDAQ: CTRN), a pioneering producer of carbon-negative materials, has successfully closed a $12 million Series A financing round. This investment marks a significant milestone for the company as it seeks to expand its operations and enhance its production capabilities in a rapidly evolving industry.
Investment Details and Future Plans
The funding was led by a prominent multinational energy technology company known for its expertise in providing large rotating equipment across various sectors, including oil and gas, energy, and industrial markets. Notable co-investors include Lummus Technology Ventures, which expresses confidence in Citroniq's vision to innovate in the plastic materials sector. The funds will primarily support the planning, design, and construction of Citroniq's inaugural production facility.
Strategic Partnerships for Growth
Leon de Bruyn, President and CEO of Lummus Technology, commented on the partnership, highlighting the collective goal of scaling and commercializing bio-polypropylene production processes. Lummus’ investment underscores the synergy between both companies as they collaborate to reduce carbon emissions within the plastics industry.
Innovative Decarbonization Initiatives
Citroniq is on a mission to establish the world's largest decarbonization platform, with schemes in place to capture and avoid an impressive 2 million metric tons of greenhouse gas emissions annually per plant. Mel Badheka, the President and Co-Founder of Citroniq, expressed his enthusiasm for the potential impact of their strategic investors in championing the decarbonization of the historically fossil-fuel-dependent plastics sector.
The Path to Multiple Biomanufacturing Hubs
The significant Series A investment marks merely the beginning of Citroniq's aspirations. Kelly Knopp, CEO and Co-Founder, emphasized their vision of creating multiple biomanufacturing hubs, enhancing the bioeconomy by converting local resources into high-value bioplastics. The company is poised to gain the momentum necessary to realize its ambitious production goals while meeting the increasing demands for sustainable materials in the plastics industry.
Key Legal and Financial Advisory Support
The transaction's legal strategy was guided by Baker Botts, LLP, with Doug Getten, Michael Portillo, and Leslie Lord at the helm. Support for the financial aspect of the transaction came from Peter Perri and Vince Palmieri of Young America Capital in New York.
About Citroniq Chemicals
Citroniq stands at the forefront of the energy transition, producing carbon-negative materials at scale. Their innovative platform harnesses U.S.-produced ethanol and cutting-edge technologies to achieve some of the most competitive carbon capture and avoidance results in the sector. Through the E2O process, Citroniq effectively reduces greenhouse gas emissions, sequesters carbon in useful plastic pellets, and aids companies in fulfilling their greenhouse gas reduction commitments.
About Lummus Technology
Lummus Technology leads the way in providing technology solutions that enable modern living while focusing on a sustainable, low-carbon future. Their expertise spans clean fuels, renewables, petrochemicals, polymers, and gas processing, making them a valued partner in the global energy transition.
Frequently Asked Questions
What is Citroniq Chemicals?
Citroniq Chemicals LLC is a leading producer of carbon-negative materials aimed at transforming the plastics industry.
How much funding did Citroniq secure?
Citroniq secured $12 million in a Series A financing round to enhance its production capabilities.
Who are the key investors in Citroniq?
The largest investment was made by a multinational energy technology company, with co-investment from Lummus Technology Ventures.
What are Citroniq's future projects?
Citroniq plans to build several biomanufacturing hubs that convert local ethanol into bioplastics, contributing to a sustainable future.
How does Citroniq help reduce greenhouse gas emissions?
Citroniq's innovative processes capture greenhouse gas emissions and turn them into valuable materials, helping the industry meet environmental goals.
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