Anellotech, a US-based developer of chemical production processing technology, has received the final $6m tranche of a $15m commitment from consumer beverage group Suntory.
The capital adds to Suntory’s $9m investment in January 2018, released because Anellotech met unspecified performance milestones. Suntory has now contributed more than $30m in funding since striking up a partnership with Anellotech in 2012.
Founded in 2008, Anellotech has developed a biochemical and fuel production process called Bio-TCat that yields plastic materials and transportation fuels from non-food biomass sources such as wood rather than less sustainable fossil fuels.
The technology is intended to help companies meet sustainability targets, in effect replacing the petroleum-derived chemicals used to manufacture many plastics.
Anellotech’s TCat-8 pilot facility launched two weeks ago and has since processed loblolly pine feedstock to create aromatics such as benzene, toluene and xylene. The initial production schedule allows Anellotech to evaluate the polymer conversion process and work towards industry certifications.
Anellotech secured $12.7m in funding across several rounds spanning 2014 to May 2017, according to regulatory filings.
Earlier investors include speciality chemicals and fuels provider Johnson Matthey, fuel processing technology producer Axens, France-based research organisation IFP Energies Nouvelles and carmaker Toyota’s trading arm, Toyota Tsusho.
Charles Sorensen, chief technology officer of Anellotech, said: “We have demonstrated continuous, stable operation of the TCat-8 pilot unit over a two-week period as the first key step in demonstrating Bio-TCat’s commercial viability.
“In a relatively short time period, our pilot plant has generated a large amount of high-quality data which gives us confidence that we will be able to achieve our longer-term operational goals.”