Home / News / US’ Trillium raises $10.6 mn in series A financing round

US' Trillium raises $10.6 mn in series A financing round

19 Dec '22

2 min read

Pic: Trillium

US’ Trillium has raised a $10.6 million series A financing round. The first closing totalled $5.5 million and was led by Hyosung Advanced Materials. Capricorn Partners and HELM have joined the series A round to bring the total to $10.6 million. The funding builds on the company’s non-dilutive award of $2.5 million from the US Department of Energy.

Following a successful pilot programme, the funding advances Trillium to the next phase of commercialisation – the construction and operation of a market demonstration unit. Trillium’s innovative Bio-ACN 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 fibre, 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, the company said in a press release.

“We are excited to be a partner with Trillium for this innovative technology development and the commercialisation 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 the renewable chemicals space,” Young Joon Lee, vice president at Hyosung, said.

“HELM is highly committed to growing 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 commercialise the innovation of bio-based, low carbon Acrylonitrile to the market,” Andreas Woschek, executive vice president at HELM, said.

“Demonstrating our technology at scale is job one. Financial backing from HELM 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 realise our potential to become a leading producer of renewable chemicals,” Corey Tyree, CEO of Trillium, said.

Fibre2Fashion News Desk (GK)