Biomass-to-sugar company Comet Biorefining completes new round of equity financing
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Comet Biorefining, an industry leader in the production of high-purity cellulosic dextrose, has completed a round of equity financing led by new investor PM Equity Partner. Current investor Sofinnova Partners and new investor Bioindustrial Innovation Canada (BIC) also participated in the financing. Terms of the financing were not disclosed.
Comet’s industrial technology converts agricultural residues into high-purity dextrose for the production of sustainable biochemicals. Comet’s cellulosic sugar is cost- and quality-competitive with corn or sugarcane-derived products; does not hamper food production; and has a superior carbon footprint, improving the sustainability profile of the produced biochemical.
The investment will be used to advance the commercialization of Comet’s second-generation sugar production platform and fund construction of the company’s previously announced 60 million pounds per year dextrose facility in Sarnia, Ontario.
In March 2016, with strong support from BIC, Comet Biorefining partnered with the Cellulosic Sugar Producers Cooperative located in Western Ontario. The Ontario farmer group plans to invest in and supply corn stover and wheat straw feedstock to Comet’s commercial plant.
Comet Biorefining operates a demonstration scale plant in Rotondella, Italy, owned by ENEA—the Italian National Agency for New Technologies, Energy and Sustainable Economic Development. In February 2016, Comet Biorefining announced the construction of a 60 million pounds per year commercial sugar plant to come online in 2018. The company plans to build, own and operate its own plants and will strategically license its technology to select partners on a worldwide basis to meet the growing demand for bio-based products.