Comet Biorefining Inc., has announced that its has completed a round of equity financing led by new investor PM Equity Partner. The investment from new and current investors will be used to advance Comet's second-generation dextrose plant in Sarnia, Ontario.
Comet Biorefining Inc., a Canada-headed cellulosic dextrose technology developer, has announced the completion of a round of equity financing led by new investor PM Equity Partner, the corporate venture and private equity investment arm of Philip Morris International.
Current investor Sofinnova Partners, an independent venture capital firm based in Paris, France and new investor Bioindustrial Innovation Canada (BIC), a Sarnia-based not-for-profit organisation catalysing the commercialisation of cleantech with a focus on bio-based and sustainable chemistry-based technologies, also participated in the financing. Terms of the financing were not disclosed.
Fund commercial plant
Comet’s industrial technology converts agricultural residues into high-purity dextrose for production of sustainable bio-chemicals. The investment will be used to advance the commercialisation of Comet’s second-generation sugar production platform and fund construction of the company’s previously announced 60 million pounds (≈ 27.2 million kg) per annum dextrose facility in Sarnia, Ontario.
– We are very pleased to announce this new round of financing, with strong support from Sofinnova Partners and our new investors. The investment reflects confidence in our low-cost, high-purity cellulosic dextrose technology and enables us to deliver on a key missing piece in the value chain – a viable source of renewable sugars from non-food biomass,” said Rich Troyer, CEO of Comet in a statement.
– We look forward to supporting the Comet management team as they take the company and the technology to the next level. Comet’s project is now well-positioned to enable profitable production of truly commercial quantities of second-generation sugars and co-products for bio-based applications, commented Joško Bobanović of Sofinnova Partners
Feedstock supply partnership
In March 2016, with strong support of BIC, Comet Biorefining partnered with the Cellulosic Sugar Producers Cooperative located in Western Ontario. The Ontario farmer’s group plans to invest in and supply corn stover and wheat straw feedstock to Comet’s commercial plant.
– The recent investment allows us to continue to support Comet Biorefining’s mission to integrate regional supply chains with innovative new technology partners and enable Sarnia-Lambton to become a leader in the development of sustainable, bio-based products, noted Sandy Marshall, Executive Director of BIC.
