Citroniq Chemicals LLC, a pioneer in the production of carbon-negative materials, has secured a significant $12 million Series A investment. The funding round was led by a major multinational energy technology company, known for providing large-scale equipment across various industries. Lummus Technology Ventures also participated in the co-investment, alongside support from the State of Nebraska. This funding will play a crucial role in accelerating the planning, design, and construction of Citroniq’s inaugural plant in Nebraska.
The strategic partnership between Lummus and Citroniq, announced last year, has already seen significant progress towards scaling and commercializing bio-polypropylene production processes. This latest investment from Lummus strengthens their collaboration, aimed at reducing carbon emissions within the plastics industry. Citroniq’s ambitious goal is to establish the world’s largest decarbonization platform, with the capacity to capture and avoid a remarkable 2 million metric tons of greenhouse gas (GHG) emissions annually per plant.
“We are thrilled to have our strategic investment partners join us on this exciting journey,” said Mel Badheka, President & Co-Founder of Citroniq. “This investment marks a critical step towards building multiple biomanufacturing hubs in Nebraska, bolstering the state’s bioeconomy by transforming local ethanol into valuable bioplastics.” Kelly Knopp, CEO & Co-Founder of Citroniq, emphasized the significance of this milestone, stating, “We now have the momentum to successfully complete our engineering and bring the first plant to fruition. The plastics industry is increasingly recognizing the substantial impact that a 5X carbon-negative resin can have on their 2030 goals and their long-term net-zero objectives.”
Citroniq’s innovative E2O process stands out by significantly reducing GHG emissions, permanently sequestering carbon into a useful plastic pellet, and assisting companies in achieving their greenhouse gas reduction commitments. The company’s commitment to sustainability aligns perfectly with the evolving demands of the plastics industry, which is actively seeking solutions to reduce its environmental footprint. This investment signals a promising future for Citroniq as it continues to drive the transition towards a more sustainable and carbon-neutral future for the plastics industry.
About Citroniq
Citroniq is leading the energy transition by producing carbon-negative materials at scale. Citroniq’s platform for the chemical and plastics industries uses US-produced ethanol and cutting-edge technologies to generate some of the lowest-cost carbon capture and avoidance values in the industry. Citroniq’s E2O process greatly reduces GHG emissions, permanently sequesters carbon into a useful plastic pellet, and helps companies reach their greenhouse gas reduction commitments. More information at www.citroniq.com.
About Lummus Technology
Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. Lummus licenses process technologies in clean fuels, renewables, petrochemicals, polymers and gas processing, and supplies lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.
