Comet Biorefining Inc., a London, Ontario, Canada-based developer of cellulosic glucose technology, closed a funding round of undisclosed amount.
The round was led by Sofinnova Partners. In conjunction with the funding, Joško Bobanović, Sofinnova Green Seed Fund Partner, joined Comet’s board.
The company intends to use the funds to complete the design of its commercial facility, expand the team and continue to develop commercial partnerships.
Led by Dr. Andrew Richard, Founder and Chief Technology Officer, Comet has developed a proprietary technology for the conversion of wood, wheat straw, bagasse, corn stover and similar agricultural wastes into high purity glucose syrup. The company has proven the technology at 5 dry tons per day demonstration scale and is now positioned for commercial scale. It plans its first commercial demonstration facility at 100 dry tons of glucose syrup per day capacity and is actively developing upstream and downstream commercial partnerships.