Our portfolio company, Trillium announces close of Series A financing, raising US$ 10.6 million
7 December 2022
New investment round led by Hyosung and HELM AG will accelerate the commercialization of Trillium’s process to manufacture chemicals from plant-based materials.
Trillium Renewable Chemicals announced today it has raised a US$ 10.6 million Series A financing round. The first closing totalled US$ 5.5 million and was led by Hyosung Advanced Materials Corporation. Current investor Capricorn Partners also participated. HELM AG has agreed to join the Series A round to bring the total to US$ 10.6 million. This funding builds on the company’s non-dilutive award of US$ 2.5 million from the US Department of Energy. Following a successful pilot program, the funding advances Trillium to the next phase of commercialization – the construction and operation of a market demonstration unit.
Trillium’s innovative Bio-ACNTM process sustainably converts plant-based feedstocks into valuable chemicals like acrylonitrile and acetonitrile. Acrylonitrile is currently manufactured from oil and gas derivatives to make a diverse range of consumer and industrial goods including carbon fiber, plastic, textiles, flocculant, synthetic rubber, and other valuable materials. These materials are used in finished products such as apparel, auto parts, aerospace parts, medical gloves, toys, consumer electronics, personal care products, sporting goods, and water treatment chemicals.
Young Joon Lee, Vice President at Hyosung, said:
We are excited to be a partner with TRC for this innovative technology development and the commercialization pathway. Sustainability is at the heart of Hyosung’s future growth strategy, and we firmly believe that our strong partnership will take us to the next level of industry leadership in renewable chemicals space.”
Andreas Woschek, Executive Vice President at HELM AG, said:
HELM is highly committed to grow its chemical business via sustainable solutions. Our engagement in Trillium marks another milestone in delivering tangible actions via our sustainability strategy. The combined skillsets of the partners supporting Trillium now provides an exciting opportunity to commercialize the innovation of bio-based, low carbon Acrylonitrile to the market.”
Corey Tyree, CEO of Trillium said:
Demonstrating our technology at scale is job one, financial backing from HELM AG and Hyosung advances Trillium to demonstration scale. The addition of strategic investors also validates our technology and our potential. With funding from quality partners, we can realize our potential to become a leading producer of renewable chemicals.”
Rob van der Meij and Wouter Van de Putte from the Capricorn Sustainable Chemistry Fund, managed by Capricorn Partners, and Board Member of Trillium added:
It is great to have such constructive co-investors that bring significant value to the company for the scale up and market introduction.”
More information on Trillium's website