Rive Technology, a Cambridge, MA-based company that is commercializing innovative catalyst technology for petroleum refining, closed a $25m round of financing.
The round was led by The Blackstone Group (NYSE: BX), with participation from existing investors, Charles River Ventures, Advanced Technology Ventures and Nth Power.
This brings the total amount raised by Rive (from clean energy investment firms) to date to $47m.
The company intends to use the funds to support commercial refinery trials of its catalyst technology and the deployment of it into the global refining industry.
Led by CEO Larry Evans, Rive has developed a proprietary technology that is designed to make zeolite refining catalysts more accessible to hydrocarbon molecules, resulting in increased yields of transportation fuels and less coke.
The technology, invented at MIT is also widely applicable to markets beyond petroleum refining, such as in the production of chemicals and biofuels.
In August 2010, the company entered into a joint development and commercialization agreement with W.R. Grace & Co. (NYSE: GRA).
Rive operates a Research & Development facility in Monmouth Junction, NJ.