Surrey, UK [RenewableEnergyWorld.com] TMO Renewables Ltd. has completed a round of financing totaling £11 million [US $18.6 million] from a range of blue chip institutional shareholders and private investors. The funds will be used as working capital, primarily to support the company’s entry into the U.S. biofuels market.
This is the key geographic area of focus for TMO’s second generation technology the company said. TMO plans to use its TMO thermophilic bacterial ethanologen, which can exist at high temperatures and can digest a wide range of feedstocks very quickly. The technology can be retro-fitted, improving existing corn ethanol plant yields by 10% to 15%, or applied to new-build, ‘non-food’ biofuel facilities.
The fundraising included investments from existing shareholders such as Jupiter Asset Management, Noble Group, RAB Capital, as well as new investors Presnow Limited, Diverso Management and Libra Advisors.
