Citroniq Chemicals has secured $12 million in Series A investment for its proposed bio-based polypropylene (PP) mega-site in the state of Nebraska. The PP will be produced using feedstock converted from corn-based bioethanol. The first plant, scheduled for completion in 2027, will produce 400,000 tonnes/year of bio-polypropylene and will be the first in North America with this production capability.
An additional three trains of equivalent capacity will eventually be added at the site. Citroniq will be building the world's largest decarbonization platform that would capture and avoid 2 million tonnes per year of GHG emissions per plant.
Citroniq's strategic investors were led by a large multi-national energy technology company providing large rotating equipment across oil & gas, energy and industrial customers in over 120 countries, along with a co-investment by Lummus Technology Ventures, and in partnership with the State of Nebraska. This funding will enable Citroniq to further advance the planning, design, and construction of its first plant.
"Since we announced the partnership between Lummus and Citroniq last year, we have made significant progress toward our shared goals of scaling and commercializing bio-polypropylene production processes," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "Lummus' latest investment in Citroniq builds on this progress and strengthens our partnership, working together to lower carbon emissions in the plastics industry."
"The Series A investment is just the first step in our journey towards building multiple biomanufacturing hubs, boosting the Nebraska bioeconomy by converting local ethanol into valuable bioplastics." said Kelly Knopp, CEO & Co-Founder of Citroniq. "We now have the momentum needed to successfully complete our engineering and make the first plant a reality. The plastics industry is beginning to understand the material impact that a 5X carbon-negative resin can have on their 2030 goals and their long-term net-zero objectives."
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