Siluria Technologies, a San Francisco, CA-based developer of process technologies for energy and petrochemical industries, raised over $45m in Series E financing.
The round was led by National Petrochemical Industrial Company, a producer of propylene and polypropylene in Saudi Arabia and a subsidiary of the Saudi joint stock company Alujain Corporation, with participation from chemical industry leaders Air Liquide Global E&C Solutions and Maire Tecnimont S.p.A.
The company intends to use the funds to further expand its technology reach into additional downstream markets.
Led by Interim CEO & President, and co-founder Erik Scher, Siluria Technologies is pioneering the commercial production of fuels and chemicals made from clean, abundant natural gas. Its Oxidative Coupling of Methane process directly converts methane into ethylene. Siluria’s second process technology can convert ethylene to liquid fuels, such as gasoline, diesel or jet fuel.
Both processes enable natural gas to supplement petroleum as the worldwide basis for transportation fuels and commodity chemicals.