Citroniq Chemicals LLC, a leader in producing carbon-negative materials, has successfully closed a $12 million Series A financing round. The investment was led by a prominent multinational energy technology company, with additional backing from Lummus Technology Ventures and in partnership with the State of Nebraska. This funding will support Citroniq’s plans to advance the design and construction of its first plant in Nebraska, aimed at revolutionizing the plastics industry by reducing carbon emissions.

The partnership between Citroniq and Lummus Technology, established last year, has made significant strides toward scaling and commercializing bio-polypropylene production processes. Leon de Bruyn, CEO of Lummus Technology, emphasized the importance of this investment in furthering their shared goals of lowering carbon emissions in the plastics sector.

Citroniq’s upcoming plant is set to become the world’s largest decarbonization platform, capable of capturing and avoiding 2 million metric tons of greenhouse gas emissions annually. Mel Badheka, President and Co-Founder of Citroniq, expressed enthusiasm for the strategic investment, highlighting the company’s commitment to decarbonizing the traditionally fossil-based plastics industry.

CEO and Co-Founder Kelly Knopp stated that the Series A investment is a critical step towards establishing multiple biomanufacturing hubs in Nebraska, leveraging local ethanol to produce valuable bioplastics. This initiative aligns with the industry’s goals for carbon reduction and net-zero targets by 2030.

The legal aspects of the transaction were managed by Baker Botts, LLP, while Young America Capital, NY, served as the financial advisors.