Citroniq Chemicals LLC, a global producer of carbon-negative materials, has announced the completion of a $12 million Series A investment. The funding was led by a large multinational energy technology company, which provides rotating equipment to customers across the oil and gas, energy, and industrial sectors in over 120 countries. Additionally, Lummus Technology Ventures made a co-investment in partnership with the State of Nebraska.
The investment will enable Citroniq to further develop its first plant in Nebraska, which will be built on a decarbonization platform designed to capture and avoid 2 million metric tons of greenhouse gas emissions per year.
The partnership between Lummus Technology and Citroniq has been progressing towards scaling and commercializing bio-polypropylene production processes. According to Leon de Bruyn, President and Chief Executive Officer of Lummus Technology, the latest investment strengthens their partnership and commitment to reducing carbon emissions in the plastics industry.
Citroniq’s President and Co-Founder, Mel Badheka, stated that the company is pleased to have strategic investors join them on this journey to decarbonize the plastics industry. “The Series A investment is just the beginning of our efforts to build multiple biomanufacturing hubs, boost the Nebraska bioeconomy, and convert local ethanol into valuable bioplastics,” said Badheka.
The company’s CEO and Co-Founder, Kelly Knopp, noted that the funding will enable Citroniq to complete its engineering and bring its first plant to fruition. The plastics industry is beginning to recognize the material impact that a 5X carbon-negative resin can have on their 2030 goals and long-term net-zero objectives.
The legal team advising on the transaction included Doug Getten, Michael Portillo, and Leslie Lord from Baker Botts, LLP. Financial advisors were Peter Perri and Vince Palmieri of Young America Capital, NY.
