Trillium secures financing for a total of $10.6 million
In Tennessee, Trillium Renewable Chemicals announced it has raised a $10.6 million Series A financing round.
The company said that the first closing totaled $5.5 million 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 $10.6 million, the company said. This funding builds on the company’s non-dilutive award of $2.5 million 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, the firm said.
Trillium’s 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.
Corey Tyree, CEO of Trillium, said: “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.”
Category: SAF
