Chemrec completes $20 million C-round funding
Printer Print Email Email
Bangalore: Chemrec, a Sweden based player in black liquor gasification, has completed a $20 million funding round led by Environmental Technologies Fund (ETF), with support from existing investors, Vantage Point Venture Partners and Volvo Technology Transfer. Swedish company Nykomb AB, which helped develop the Chemrec technology, remains an investor in the Company. The investment is to be used to support Chemrec in commercializing its ground-breaking technology. Chemrec's technology enables pulp & paper mills to become 'biorefineries', opening up a whole new range of high-value revenue streams and increasing overall profitability. Typical pulp & paper mills produce thousands of tons a day of a liquid biomass called black liquor. Currently this by-product is burned in steam boilers with low energy efficiency for production of steam and electricity. Chemrec has developed a proprietary technology that enables the conversion of black liquor into renewable motor fuels, biomaterials, or electricity. The global potential of this is equivalent to over 45 billion liters a year of gasoline - two percent of global fuel demand. This would imply an annual reduction in fossil CO2 emission of more than 100 million tonnes. Jonas Rudberg, CEO of Chemrec, said, "We are currently working with leading pulp & paper firms in the U.S. and Sweden to develop the first industrial scale second generation plants. There is no comparable technology in the market and we have a great opportunity to position Chemrec as the leader in pulp & paper mill based biorefineries."

siliconindia