The $12 million investment completes the financing for the integrated single-loop demonstration plant currently under construction in the US. Since 2007, Primus Green Energy has raised nearly $40 million.
"IC Green Energy's financial commitment these past five years has allowed us to proceed toward commercialization in a deliberate, focused manner, secure in the knowledge we are backed by an investor that will also stand behind us over the long-term," said Dr. Yom-Tov Samia, chairman of the Hillsborough, NJ-based firm. "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."
Primus already has a pilot test plant in operation at its Hillsborough complex, and the company plans to break ground in early 2013 on its first commercial plant. Primus is currently working with Bechtel Hydrocarbon Technology Solutions Inc. on the design and final estimated commercial plant construction and operating costs.
Primus Green Energy's proprietary technology is a combination of industry-proven methodologies and processes that have produced fuels and chemicals at a commercial scale.
The front end consists of biomass gasification or converting natural gas to syngas and the back end, its "STG Plus" (syngas-to-green) gasoline process, a proprietary version of an established fuel synthesis technology.
Gasoline produced at the company's test facility has been independently validated by two third-party industry testing laboratories to be 93-octane and with physical and chemical properties adhering to specifications of gasoline.
"While we are currently focused on bringing our technology to market and on expanding our network of strategic partners, we are always keeping an eye on the marketplace," Samia said. "Today we have no plans for an IPO, but if market conditions are right, we would consider it more closely in late 2013 or early 2014."
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