Trillium Announces Close of Series A Financing, Raising $10.6 Million
KNOXVILLE, Tenn., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Trillium Renewable Chemicals ( www.trilliumchemicals.com ) announced today it has raised a $10.6M Series A financing round.
KNOXVILLE, Tenn., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Trillium Renewable Chemicals (www.trilliumchemicals.com) announced today it has raised a $10.6M Series A financing round. The first closing totaled $5.5M and was led by Hyosung Advanced Materials Corporation. Current investor Capricorn Partners also participated. HELM AG has agreed to join the Series A round to bring the total to $10.6M. This funding builds on the company’s non-dilutive award of $2.5M from the US Department of Energy. Following a successful pilot program, the funding advances Trillium to the next phase of commercialization – the construction and operation of a market demonstration unit.
Trillium’s innovative Bio-ACN™ process sustainably converts plant-based feedstocks into valuable chemicals like acrylonitrile and acetonitrile. Acrylonitrile is currently manufactured from oil and gas derivatives to make a diverse range of consumer and industrial goods including carbon fiber, plastic, textiles, flocculant, synthetic rubber, and other valuable materials. These materials are used in finished products such as apparel, auto parts, aerospace parts, medical gloves, toys, consumer electronics, personal care products, sporting goods, and water treatment chemicals.
Young Joon Lee, Vice President at Hyosung, said: “We are excited to be a partner with TRC for this innovative technology development and the commercialization pathway. Sustainability is at the heart of Hyosung’s future growth strategy, and we firmly believe that our strong partnership will take us to the next level of industry leadership in renewable chemicals space.”
Andreas Woschek, Executive Vice President at HELM AG, said: “HELM is highly committed to grow its chemical business via sustainable solutions. Our engagement in Trillium marks another milestone in delivering tangible actions via our sustainability strategy. The combined skillsets of the partners supporting Trillium now provides an exciting opportunity to commercialize the innovation of bio-based, low carbon Acrylonitrile to the market.”
"Demonstrating our technology at scale is job one,” said Corey Tyree, CEO of Trillium. “Financial backing from HELM AG and Hyosung advances Trillium to demonstration scale. The addition of strategic investors also validates our technology and our potential. With funding from quality partners, we can realize our potential to become a leading producer of renewable chemicals.”
Rob van der Meij and Wouter van de Putte from the Capricorn Sustainable Chemistry Fund, managed by Capricorn Partners, and Board Member of Trillium added: “It is great to have such constructive co-investors that bring significant value to the company for the scale up and market introduction.”
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Elena Brennan
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Janneke Menzel
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Ju Han Lee
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ABOUT TRILLIUM RENEWABLE CHEMICALS
Trillium is replacing oil and gas with plant-based feedstocks in the manufacturing of green, drop-in molecules. Trillium has developed proprietary thermochemical technology to convert plant-based feedstocks like glycerol into valuable chemical intermediates (acrylonitrile and acetonitrile). Acrylonitrile is used to manufacture a wide-range of materials (e.g., acrylonitrile-butadiene-styrene (ABS) plastic, carbon fiber, acrylic fiber, nitrile butadiene rubber (NBR), acrylamide, specialty amines). As the worldwide demand for these chemicals increase, Trillium is providing a green alternative. Learn more at www.trilliumchemicals.com
ABOUT HYOSUNG ADVANCED MATERIALS
Founded in 1968, Hyosung Advanced Materials Corporation (HAMC), is the global no. 1 polyester tire reinforcements company with an annual revenue of 4B USD. HAMC's business covers industrial material of various applications that serve a variety of industries. In response to the transition of the mobility industry and the need for green technology, HAMC continues to develop and commercialize high-strength and light-weight materials that contribute to less product carbon emissions. Learn more at www.hyosungadvancedmaterials.com
ABOUT HELM AG
HELM is a Hamburg, Germany, based family-owned company established in 1900. HELM is one of the world's largest chemicals marketing companies and committed to providing solutions to its partners that support a successful transformation to a sustainable economy and society. The company secures access to the world's key markets through its specific regional knowledge and its multinational presence in more than 30 countries. As a multifunctional marketing organization HELM is active in the chemicals industry, in the agricultural industry and in pharmaceuticals, generating global revenues of EUR 6 billion per year. Learn more at www.helmag.com
ABOUT CAPRICORN PARTNERS
Capricorn Partners, an independent Leuven (Belgium) based manager of venture capital and equity funds, invests in innovative companies with technology as a competitive advantage. It operates under an AIFM license granted by the FSMA (the Financial Services and Markets Authority in Belgium). The investment in Trillium is made from the Capricorn Sustainable Chemistry Fund. Learn more at www.capricorn.be
