Citroniq Chemicals LLC, a global producer of carbon-negative materials, has achieved a significant milestone with the closing of a $12 million Series A funding round. This investment, led by a major multinational energy technology company and co-invested by Lummus Technology Ventures, will propel Citroniq towards its ambitious goal of building the world’s largest decarbonization platform for the plastics industry. The funding will be instrumental in advancing the planning, design, and construction of Citroniq’s first plant in Nebraska.
The project holds the potential to revolutionize the plastics industry, which has traditionally relied heavily on fossil fuels. Citroniq’s innovative technology utilizes US-produced ethanol to generate bio-polypropylene, a carbon-negative material that effectively sequesters carbon and reduces greenhouse gas emissions. This groundbreaking approach will enable manufacturers to significantly lower their environmental footprint and contribute to a more sustainable future.
Citroniq’s plant is poised to become a beacon of sustainable innovation, capturing and avoiding a remarkable 2 million metric tons of greenhouse gas emissions per year. This achievement will be a significant step towards mitigating climate change and achieving global net-zero objectives. The project has garnered strong support from both the private and public sectors, with the State of Nebraska actively participating in the partnership.
“Since announcing our partnership with Lummus last year, we’ve made substantial progress towards our shared goal of scaling and commercializing bio-polypropylene production processes,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. “This investment builds on our commitment to working together to lower carbon emissions in the plastics industry.”
“We are thrilled to embark on this exciting journey with our strategic investors, who share our vision of decarbonizing the plastics industry,” stated Mel Badheka, President & Co-Founder of Citroniq. “This Series A investment is just the beginning of our journey to build multiple biomanufacturing hubs and boost the Nebraska bioeconomy.”
Kelly Knopp, CEO & Co-Founder of Citroniq, added, “We now have the momentum needed to successfully complete our engineering and bring our first plant to fruition. The plastics industry is beginning to recognize the substantial impact that a 5X carbon-negative resin can have on their 2030 goals and long-term net-zero objectives.”
Citroniq’s groundbreaking work is attracting attention from industry leaders and investors alike. The company is poised to play a pivotal role in the energy transition, shaping a more sustainable future for the plastics industry and beyond.
