Comet Biorefining secures funding led by Sofinnova Partners

February 26, 2015

BY Comet Biorefining Inc.

Comet Biorefining Inc., a leader in high-quality cost-competitive cellulosic glucose technology, announces the closing of a funding round led by Sofinnova Partners. Comet will use the proceeds to complete the design of its commercial facility, expand the team and continue to develop commercial partnerships.

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. Due to its high yield and short production times the process allows for smaller facilities closer to biomass sources with lower overall production costs. Comet has proven the technology at 5 dry tons per day demonstration scale and is well positioned for commercial scale.

Advertisement

Advertisement

“We are extremely pleased to welcome Sofinnova Partners as our investor,” commented Andrew Richard, Comet founder and chief technology officer. “They bring extensive experience, a proven track record, and a vast network of contacts in the renewables industry. Their support will help accelerate the commercialization of Comet’s cellulosic glucose technology.”

“Comet brings a paradigm shift to the cellulosic glucose market,” stated Joško Bobanović, new Comet director and Sofinnova Green Seed Fund Partner, “This scaled up, unique and robust technology enables production of cost competitive high-quality cellulosic glucose thus enabling many players to switch in the near term to non-food renewable feedstocks while improving margins.”

Comet 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. The use of sustainable non-food sources allows for lower overall cost and price stability when compared to food sugars coming from corn or sugar cane. The high quality of the glucose enables applications in bio-based chemicals as well as biofuels.

Advertisement

Advertisement

 

 

 

Related Stories

The U.S. Department of Energy Bioenergy Technologies Office (BETO) announced up to $23 million in funding to support research and development (R&D) of domestic chemicals and fuels from biomass and waste resources.

Read More

The U.S. DOE has announced its intent to issue funding to support high-impact research and development (R&D) projects in two priority areas: sustainable propane and renewable chemicals and algal system cultivation and preprocessing.

Read More

Sens. Sherrod Brown, D-Ohio, and Pete Ricketts, R-Neb., in August introduced the Renewable Chemicals Act, a bill that aims to create a tax credit to support the production of biobased chemicals.

Read More

The Chemical Catalysis for Bioenergy Consortium, a consortium of the U.S. DOE’s Bioenergy Technologies Office, has launched an effort that aims to gather community input on the development of new biomass processing facilities.

Read More

USDA on March 8 celebrated the second annual National Biobased Products Day, a celebration to raise public awareness of biobased products, their benefits and their contributions to the U.S. economy and rural communities.

Read More

Upcoming Events

Sign up for our e-newsletter!

Advertisement

Advertisement