Rive Technology, a Monmouth Junction, NJ-based provider of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries, closed a $20m financing round.
The round was led by Saudi Aramco Energy Ventures (SAEV), with participation from Mitsui Global Investment, and existing investors The Blackstone Group, Charles River Ventures, Advanced Technology Ventures, and Nth Power.
The company intends to use the funds to expand technical service, sales and R&D staff, develop additional applications of Molecular Highway™ technology and expand its existing base of commercial licensees.
Led by David C. Aldous, CEO, Rive Technology has developed materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, and biofuels industries. Rive is commercializing its Molecular Highway technology for the petroleum refining industry, specifically fluid catalytic cracking (FCC), with W.R. Grace (NYSE: GRA) through jointly developed FCC catalysts.