LXP Group closes Series A financing
Today, mostly 1G biomass is used to produce bio-based chemicals and fuels, i.e. “food” biomass such as corn. The startup based near Berlin has developed and patented a chemical process to instead convert 2G biomass, i.e. the leftover agricultural residues, to bio-based chemicals and fuels.
“LXP’s technology is a quantum leap towards full biomass utilization and will enable the processing of 2G biomass to significantly higher value products within a bio-based economy” raves Jürgen Kosch, responsible investment manager at MIG.
Founder and CTO Dr. Friedrich Streffer agrees: “Our technology is a game-changer: simple, highly flexible and with great economics. At the same time, the market for new bio-based platform chemicals is rapidly developing, creating countless opportunities to implement the LX-technology.”
The equity financing is part of a larger financing package currently under negotiation for the development of an industrial scale demonstration plant and brings the total equity capital raised to €5,8m since founding the company in 2009. While the LX-process has been fully proven at lab and pilot scale, an industrial scale demonstration plant is crucial to eliminate any scale-up risks and key for marketing efforts vis-à-vis commercial scale applications.
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