Trillium Renewable Chemicals announced that is raised a $10.6M in Series A financing round. The first closing totaled $5.5M and was led by Hyosung Advanced Materials Corporation. Current investor Capricorn Partners also participated. HELM AG has agreed to join the Series A round to bring the total to $10.6M.
This funding builds on the company’s non-dilutive award of $2.5M from the US Department of Energy. Following a successful pilot program, the funding advances Trillium to the next phase of commercialization – the construction and operation of a market demonstration unit.
Trillium’s innovative Bio-ACN™ process sustainably converts plant-based feedstocks into valuable chemicals like acrylonitrile and acetonitrile. Acrylonitrile is currently manufactured from oil and gas derivatives to make a diverse range of consumer and industrial goods including carbon fiber, plastic, textiles, flocculant, synthetic rubber, and other valuable materials. These materials are used in finished products such as apparel, auto parts, aerospace parts, medical gloves, toys, consumer electronics, personal care products, sporting goods, and water treatment chemicals.
Andreas Woschek, Executive Vice President at HELM AG, said: “HELM is highly committed to grow its chemical business via sustainable solutions. Our engagement in Trillium marks another milestone in delivering tangible actions via our sustainability strategy. The combined skillsets of the partners supporting Trillium now provides an exciting opportunity to commercialize the innovation of bio-based, low carbon Acrylonitrile to the market.”
“Demonstrating our technology at scale is job one,” said Corey Tyree, CEO of Trillium. “Financial backing from HELM AG and Hyosung advances Trillium to demonstration scale. The addition of strategic investors also validates our technology and our potential. With funding from quality partners, we can realize our potential to become a leading producer of renewable chemicals.”
Rob van der Meij and Wouter van de Putte from the Capricorn Sustainable Chemistry Fund, managed by Capricorn Partners, and Board Member of Trillium added: “It is great to have such constructive co investors that bring significant value to the company for the scale up and market introduction.”
