Arosa, WARF lead financing to expand Pyran

July 24, 2021 |

In Wisconsin, Pyran closed its latest round of fundraising, bringing its total of investments and grants to nearly $4 million, and announced that industry veteran Mel Luetkens will join as CEO. The investment comes from lead investor, Arosa Capital, with support from the venture arm of the Wisconsin Alumni Research Foundation. Several new investors joined all previous investors in the oversubscribed fundraise, the company said. 

Meanwhile, construction is slated for the end of July to enable a toll manufacturing campaign at RPD Technologies in Crosby, Texas. Through the toll campaign, the company will be able to produce ton quantities of product in the next 12 months to meet qualification requirements and increased customer demand. 

Pyran uses renewable feedstocks from crop resources, such as corn cobs, to make 1,5-pentanediol (PDO) – a key ingredient that enhances the performance of everyday materials, such as paints, coatings, adhesives and more. The company’s renewable 5-carbon products replace expensive, petroleum-based chemicals, which are limited in supply, at a cost of more than 40% below today’s market price. 

Customers of PDO have been restricted from using the performance-enhancing product because petroleum-based capacity is constrained by co-product limitations. Pyran’s renewable-based, on-purpose production will enable customers to expand their businesses with better performing and more sustainable products. 

Luetkens  previously was technology director for INEOS and most recently served as COO, CTO and CEO of multiple bio-material companies where he has helped lead company growth, new facility construction and more than $300 million in equity financing. 

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Category: Fuels

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