Citroniq Chemicals, a Houston, TX-based producer of carbon-negative materials, raised $12M in Series A funding.
Backers included a large multi-national energy technology company providing large rotating equipment across oil & gas, energy and industrial customers in over 120 countries, Lummus Technology Ventures, and in partnership with the State of Nebraska.
The company intends to use the funds to further advance the planning, design, and construction of its 1st plant in the State of Nebraska.
Led by CEO Kelly Knopp, and President & Co-Founder Mel Badheka, Citroniq specializes in energy transition by producing carbon negative materials at scale. Its platform for the chemical and plastics industries uses US-produced ethanol and other new technologies to generate some of the lowest-cost carbon capture and avoidance values in the industry. Its E2O process reduces GHG emissions, permanently sequesters carbon into a useful plastic pellet, and helps companies reach their greenhouse gas reduction commitments.
FinSMEs
09/09/2024