US renewable technology firm Emvolon is moving towards commercial production of biomethanol made from methane-rich waste gases with new funding.
The company raised $22 million in a Series A funding round, along with federal and state grants, to deploy its first commercial-scale system, according to a press release issued on Tuesday.
The round includes participation from MassVentures, VX Ventures, Wagner Carbon and other investors.
The funding will support the deployment of its first commercial-scale system, building on a pilot project with Montauk Renewables. The two companies plan to scale production to 50,000 mt/year across multiple sites through their joint venture.
In August, Emvolon announced a multi-year offtake agreement with Freepoint Commodities, under which up to $450 million worth of its biomethanol and other liquid fuels could be sold through the trader’s global distribution network.
The fuels will target demand from maritime shipping, aviation, heavy transport and specialty chemicals.
