- Category: Finance
14 Mar 2012
- Published on Wednesday, 14 March 2012 19:23
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New Jersey-based Primus Green Energy Inc., a developer of renewable drop-in fuels from biomass, completed its third round of funding with $12 million in investments from long-term backer IC Green Energy Ltd., the renewable energy arm of Israel Corp. Ltd.
The amount completes the company's financing for their integrated single-loop demonstration plant currently under construction at Primus Green Energy's Hillsborough, New Jersey site, where they already have a pilot test plant.
The company is looking to have its first commercial plant by 2013.
According to company chairman Dr. Yom-Tov Samia, while the company has no plans for an I.P.O., they will be monitoring the market and could consider it by late 2013 or early 2014.
"While we are currently focused on bringing our technology to market and on expanding our network of strategic partners, we are always keeping an eye on the marketplace," he said.
This latest investment brings the total funds raised by the company to $40 million since 2007.
Primus Green Energy said it has developed a patented process that uses a combination of commercial technologies to convert biomass and natural gas into liquid transportation fuels such as gasoline, diesel and jet fuel, and specialty chemicals such as xylene and toluene.
The fuel created by Primus Green Energy has reportedly been independently validated to be 93-octane with physical and chemical properties adhering to the specifications of gasoline. Because of this, it can be immediately distributed, sold and consumed without any modification to existing vehicles or to the fuel distribution infrastructure. – EcoSeed Staff