Dextrose producer Comet Biorefining completes new round equity financing
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Comet announced the completion of a round of equity financing led by new investor PM Equity Partner. Current investor Sofinnova Partners, an independent venture capital firm based in Paris, France, 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 production of sustainable bio-chemicals. Comet’s cellulosic sugar is not only cost- and quality-competitive with corn or sugarcane derived products, but importantly, it 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.
“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.
Joško Bobanović of Sofinnova Partners commented, “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.”
In March 2016, with strong support of 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. Sandy Marshall, Executive Director of BIC noted that “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.”