By PR Newswire
Mar. 15, 2012, Hillsborough, NJ - Primus Green Energy Inc., developer of a proprietary process to produce gasoline and other fuels from biomass and/or natural gas, has announced it has completed its third round of funding with the recent $12 million investment by IC Green Energy Ltd.
By PR Newswire
Mar. 15, 2012, Hillsborough, NJ – In a move that continues to strengthen its financial
position, Primus Green Energy Inc. (
www.primusge.com ), developer of a proprietary process to produce
gasoline and other fuels from biomass and/or natural gas, has announced
it has completed its third round of funding with the recent $12 million
investment by IC Green Energy Ltd, the renewable energy arm of Israel
Corp. Ltd. This latest investment brings the total of funds raised since
2007 to $40 million.
"IC Green Energy's financial commitment these past five years has
allowed us to proceed toward commercialization in a deliberate, focused
manner, secure in the knowledge we are backed by an investor that will
also stand behind us over the long-term," said Dr. Yom-Tov Samia,
chairman of Primus Green Energy. "Now that our technology is in place,
we look forward to partnering with additional strategic investors to
bring our biomass/natural gas-to-gasoline process to market."
The latest $12 million investment completes the financing for the
integrated single-loop demonstration plant currently under construction
at Primus Green Energy's Hillsborough, N.J., site. Primus already has a
pilot test plant in operation at its Hillsborough complex, and the
company plans to break ground in early 2013 on its first commercial
plant. Primus is currently working with Bechtel Hydrocarbon Technology
Solutions Inc. regarding the design and final estimated commercial plant
construction and operating costs.
The easily scalable Primus Green Energy technology is a proprietary
combination of industry-proven methodologies and processes that have
produced fuels and chemicals at a commercial scale. The front end
consists of biomass gasification or converting natural gas to syngas and
the back end, its "STG Plus" (syngas-to-green) gasoline process, a
proprietary version of an established fuel synthesis technology.
Gasoline produced at the company's test facility has been independently
validated by two third-party industry testing laboratories to be
93-octane and with physical and chemical properties adhering to
specifications of gasoline.
Primus's technology has significant competitive advantages. The process
has a conversion efficiency of 25 percent — twice that of its closest
competitor — and the company expects to achieve a conversion efficiency
of 33 percent, meaning that it can produce gasoline more economically.
On a commercial scale Primus Green Energy estimates the gasoline will
sell at a price competitive with gasoline produced from petroleum at
$60-$70 per barrel.
"While we are currently focused on bringing our technology to market and
on expanding our network of strategic partners, we are always keeping
an eye on the marketplace," said Dr. Samia. "Today we have no plans for
an IPO, but if market conditions are right, we would consider it more
closely in late 2013 or early 2014."
About Primus Green Energy Inc.
Headquartered in Hillsborough, N.J.,
Primus Green Energy has innovated a flexible renewable drop-in fuel
technology that produces high-octane gasoline that can be used directly
in engines as a component in standard fuel formulas without costly
engine modifications or changes to the fuel delivery infrastructure. The
Primus Green Energy technology is a proprietary version of proven
commercial technologies to convert biomass and/or natural gas to a
variety of liquid transportation fuels such as gasoline, diesel and jet
fuel or specialty chemicals such as xylene and toluene. Primus Green
Energy's technology has recorded the highest cellulose-to-gasoline
conversion efficiency rate in the industry; is feedstock flexible
through the use of natural gas as a supplement or replacement for
biomass; and has low production and operational costs. Primus Green
Energy is funded by IC Green Energy, the renewable energy arm of
publicly traded Israel Corp. For more information, visit