In the United States (US), Aymium, a leading producer of renewable biocarbon products, has announced the completion of a five-year, US$150 million financing from a wholly owned subsidiary of Bedrock Industries Management Co. Inc.
According to a statement, the new Bedrock Industries financing refinances Aymium’s existing debt.
It also adds liquidity to execute the company’s near-term growth initiatives, including the development of new biocarbon and biohydrogen production facilities currently under review.
We are excited to close this financing with our new partners at Bedrock Industries. The financing provides the company greater financial and operational flexibility, as well as significantly more liquidity, which is critical to accelerate Aymium’s growth plan. Moreover, we are excited to work with Alan Kestenbaum and Gaurav Mehta, who bring a wealth of experience and relationships in our core end markets. I am also thrilled to announce that Alan will also be joining Aymium’s Board of Directors, said James Mennell, CEO of Aymium.
Engineered drop-in biocarbon
Aymium produces commercially demonstrated carbon-negative products for replacing coal.
The products are specifically engineered as drop-in replacements for fossil coal without the need for any type of plant investment or process modification and have superior energy value, handling, and environmental attributes to coal.
Aymium’s renewable products are created through a non-combustion process that converts third-party certified sustainable waste biomass into high-purity biocarbon.
The process and product technologies are protected by over 600 issued and pending patents.
Bedrock Industries is excited to make this investment in Aymium, a revolutionary company that is changing the way metals, ferroalloys and many other industrial products are produced. Jim Mennell, Doug Rohall and their team have created an unrivalled drop-in solution that provides Aymium’s customers an immediate, economic solution to decarbonization. We believe Jim and his team are just scratching the surface in terms of the positive impact the product portfolio can have on decarbonization. Bedrock is excited to work alongside management to accelerate production of Aymium’s product portfolio for its global customer base, driving the next chapter in the company’s exciting future, commented Alan Kestenbaum, Founder, Bedrock Industries.
Aymium’s current investors include Sandton Capital, Steel Dynamics, Rio Tinto, Nippon Steel Trading, and Hokuriku Electric Power Company.
Moelis & Company LLC acted as exclusive financial advisor to Aymium. Mayer Brown LLP served as legal advisor to Aymium. Kirkland & Ellis LLP served as legal advisor to Bedrock Industries.
