Inventure Renewables, a Tuscaloosa, Al-based renewable process technology developer, has closed a $5m financing with an option to increase funding in a second tranche to a total of $12m.
The round was led by Wilmar International, which has taken an equity stake in both companies, with participation from CMEA Capital, and several other investors.
Led by CEO Mark Tegen and based at the Alabama Innovation and Mentoring of Entrepreneur Center at The University of Alabama, Inventure Renewables develops patented and patent pending process technology for the production of third generation green chemicals, synthetic jet fuel, biodiesel, and green gasoline from biomass.
It processes Feedstocks such as palm waste, algae, corn stover and cobs, cane bagasse, switch grass, wood fiber, rice husk and rice straw, using a chemical catalytic process, to generate fuels, fuel intermediates, chemicals and chemical intermediates.
The company intend to use a portion of the funds to build and operate a pilot plant to convert palm fiber waste and sugar cane bagasse into mixed sugars, which can be used for fermentation into ethanol, butanol, and the creation of carbon-neutral building blocks for a range of industrial chemicals frequently fabricated from petroleum. The pilot plant will be operated by its sister company, Inventure International (Pte) Limited, incorporated in Singapore.