– CANADA, ON – Comet Biorefining Inc., a leader in high-quality cost-competitive cellulosic glucose technology announces the closing of a funding round led by Sofinnova Partners. Comet will use the proceeds to complete the design of its commercial facility, expand the team and continue to develop commercial partnerships.
Comet has developed a proprietary technology for the conversion of wood, wheat straw, bagasse, corn stover and similar agricultural wastes into high purity glucose syrup. Due to its high yield and short production times the process allows for smaller facilities closer to biomass sources with lower overall production costs. Comet has proven the technology at 5 dry tons per day demonstration scale and is well positioned for commercial scale.
“We are extremely pleased to welcome Sofinnova Partners as our investor”, commented Dr. Andrew Richard, Comet Founder and Chief Technology Officer, “They bring extensive experience, a proven track record, and a vast network of contacts in the renewables industry. Their support will help accelerate the commercialization of Comet’s cellulosic glucose technology.”
“Comet brings a paradigm shift to the cellulosic glucose market”, stated Joško Bobanović, new Comet director and Sofinnova Green Seed Fund Partner, “This scaled up, unique and robust technology enables production of cost competitive high-quality cellulosic glucose thus enabling many players to switch in the near term to non-food renewable feedstocks while improving margins.”
Comet plans its first commercial demonstration facility at 100 dry tons of glucose syrup per day capacity and is actively developing upstream and downstream commercial partnerships. The use of sustainable non-food sources allows for lower overall cost and price stability when compared to food sugars coming from corn or sugar cane. The high quality of the glucose enables applications in bio-based chemicals as well as biofuels.
About Comet Biorefining Inc.
Comet Biorefining is a leading provider of sustainable high-quality cost-competitive cellulosic glucose technology for applications in renewable biofuels and biochemicals. The company’s proprietary technology allows for the conversion of wood, wheat straw, bagasse, corn stover and other agricultural waste materials into high purity cellulosic glucose syrup. These non-food sources offer lower cost and price stability when compared to food sugar sources such as corn or sugar cane. Demonstrated at 5 dry tons per day scale, Comet is focusing on commercial scale up and development of commercial partnerships with applications in renewables industries.
About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For more than 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit.
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