A renewables corporate venturing unit of holding company Israel Corporation has backed Primus Green Energy with a $12m investment.
IC Green Energy’s backing of Primus’s third round of funding has taken it to $40m raised since 2007. IC Green Energy owns a 67% stake in Primus and its technology has been under development for eight years, according IC Green Energy’s website.
Primus’s technology converts natural gas to liquid transportation fuels including gasoline, diesel and jet fuel, as well as chemicals such as xylene and toluene.
Yom-Tov Samia, chairman of Primus Green Energy and also chief executive of IC Green Energy, said: "Now that our technology is in place, we look forward to partnering with additional strategic investors to bring our biomass/natural gas-to-gasoline process to market."
Samia added: "Today we have no plans for an initial public offering, but if market conditions are right, we would consider it more closely in late 2013 or early 2014."