BOSTON, MA, Provider of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries, today announced the closing of a $20 million round of financing.
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Rive Technology, a provider of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries, today announced the closing of a $20 million round of financing from leading energy investors. Saudi Aramco Energy Ventures (SAEV) led the financing with participation from Mitsui Global Investment, along with Rive's existing investors, The Blackstone Group, Charles River Ventures, Advanced Technology Ventures, and Nth Power, bringing total investment to date to $67 million.
The funds will support continued commercial deployment of Rive's Molecular Highway zeolite technology into the global refining industry, specifically in the fluid catalytic cracking and hydrocracking processes. Rive has commercially proven its technology and value proposition and will use the funding to expand technical service, sales and R&D staff, develop additional applications of Molecular Highway technology and expand its existing base of commercial licensees.
Rive's proprietary Molecular Highway technology makes zeolites used in refining catalysts more accessible to hydrocarbon molecules, resulting in increased yields of high quality transportation fuels and petrochemical feedstocks and providing refiners with the flexibility to increase throughput and process heavier feeds.
'SAEV and Mitsui are not only important investors for Rive, but also great strategic business development partners,' said David C. Aldous, Chief Executive Officer of Rive Technology. 'This round of funding helps us accelerate our global commercial expansion to better provide refining customers access to our innovative value enhancing technologies.'
About Rive Technology
Rive is a developer of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, and biofuels industries. Through its Molecular Highway technology, an innovative materials science platform, Rive enables higher performing catalysts and adsorbents. Rive is commercializing its Molecular Highway technology for the petroleum refining industry, specifically fluid catalytic cracking (FCC), with W.R. Grace (NYSE: GRA) through jointly developed FCC catalysts. FCC catalysts powered by Molecular Highway technology allow refiners to profit by increasing production of high-quality fuels and by processing heavier crudes. For more information, please visit www.rivetechnology.com
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Arabian Oil Company (Saudi Aramco), the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV's mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information, please visit www.aramcoventures.com.