Rive Technology, a US-based provider of technology solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries, has closed a $20m round of financing led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabian Oil Company (Saudi Aramco), with participation from Mitsui Global Investment, venture investment subsidiary of Japan-based trading company Mitsui & Co, along with Rive’s existing investors, The Blackstone Group, Charles River Ventures, Advanced Technology Ventures, and Nth Power.
Rive’s total investment to date is $67m.
The funds will support continued commercial deployment of Rive’s Molecular Highway zeolite technology into the global refining industry, specifically in the fluid catalytic cracking and hydrocracking processes.
David Aldous, chief executive officer of Rive Technology, said: “SAEV and Mitsui are not only important investors for Rive, but also great strategic business development partners. This round of funding helps us accelerate our global commercial expansion to better provide refining customers access to our innovative value enhancing technologies.”
Rive Technology was founded in 2006.