Investors include Nippon Steel Trading, Steel Dynamics and Rio Tinto.
ST. PAUL, Minnesota, March 2, 2022–(BUSINESS WIRE)–Aymium, a leading manufacturer of renewable biocarbon products, today announced that it has received Series B funding to support its expansion of capabilities and greater adoption of green technology, bringing the company’s total investment to more than $200 million dollars.
This press release contains multimedia elements. See full press release here: https://www.businesswire.com/news/home/20220301005442/en/
About Aymium – Aymium provides sustainable products and solutions that reduce the environmental impact of metals, energy and crop production, and clean the air and water for millions of people. Read more at aymium.com. (Photo: BusinessWire)
Aymium’s biocarbon and biohydrogen products are protected by over 250 issued or pending patents worldwide and are designed to immediately replace Aymium’s fossil fuel based feedstocks (such as carbon or coke in steel and metal production) without the need to resort to any form plant modifications.
“Our mission is to accelerate the shift away from fossil fuels while also reducing our environmental impact,” said Aymium CEO James Mennell. “Aymium products allow immediate replacement of fossil fuels with carbon-negative renewable energy without the need to modify existing manufacturing processes or equipment. These investments and partnerships will support our mission to improve the environment along with our new partners around the world. »
Every ton of Aymium used instead of coal results in a net reduction of more than five tons of CO2 emissions. Strategic investors are interested in replacing fossil fuels in their facilities, in metal production, and using Aymium products to accelerate their decarburization initiatives.
“Sandton made its initial investment based on Aymium’s demonstrated operating history as well as the clear opportunities associated with its proprietary renewable products replacing coal-based products,” said Tom Wood, co-chief information systems officer at Sandton Capital, lead investor Aymium. . “With this capital increase, Aymium brings together a number of strong global partners, both leaders in their fields and in the transition away from fossil fuels. This investment represents another important step in the development of Aymium, as well as a clear test of its products, technologies and its management team. »
Aymium operates the largest advanced biocarbon facility in North America, located near Marquette, Michigan. Aymium’s patented process converts certified sustainable biomass into biocarbon using integrated thermolysis. The no-burn process converts biomass into high purity biocarbon and biogas, extracts and recycles water from the biomass, while running on self-generated renewable energy. The Aymium process produces the only commercially demonstrated carbon-negative feedstock for the world’s steelmaking.
“We are thrilled to complete this important investment to support Aymium’s mission to develop renewable biocarbon production,” said Teresa E. Wagler, Executive Vice President and Chief Financial Officer of Steel Dynamics, Inc. “Our commitment to all aspects of sustainability is rooted in our founding principles of value our teams, our partners, our communities and our environment. These investments and our planned strategic relationship with Aymium represent an important step on our journey to carbon neutrality as part of our ongoing commitment to reduce our environmental footprint. »
Funding proceeds will be used to advance the construction of Aymium’s newest manufacturing facility located in Williams, California, as well as another located in the Pacific Northwest. These new facilities will employ more than 125 people and be operational in 2023. The production contract at the two plants runs until 2037 and is expected to reduce CO2 emissions by more than 1.4 million tons per year, the equivalent of removing more than 300,000 vehicles from the roads per year.
“We are excited to partner with Aymium,” said Sinead Kaufman, managing director of Rio Tinto Minerals. “These investments are part of our partnership strategy to develop cutting-edge technologies that help reduce our carbon footprint, as well as provide environmentally friendly solutions in the production of minerals and base metals. »
Credit Suisse Securities (USA) LLC acted as the exclusive placement agent in connection with Aymium’s Series B financing. Latham & Watkins, LLP acted as legal advisor to Aymium.
Aymium creates valuable biocarbon and biohydrogen products that can be used to immediately replace fossil fuels in metal, energy and agricultural production, as well as water and air purification, without the need for equipment or process modifications. Made from sustainably sourced biomass (from recycled, unusable wood), Aymium Bioproducts are renewable, carbon-negative and replace emission-intensive fossil fuels such as coal and coke. Aymium’s leading technology is backed by over 250 patents issued or pending worldwide. Aymium is headquartered in Minnesota.
About Sandton Capital
Sandton Capital is an investment fund created in 2009 by Rael Nurik and Tom Wood. Headquartered in New York and London, Sandton Capital has invested more than $1.5 billion since its founding, and the firm is authorized and regulated by both the Securities and Exchange Commission (SEC) and the Financial Conduct Authority (FCA). FCA).
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metal processors in the United States, based on its estimated annual steel and metal processing capacity, and has operations in the United States as well as in Mexico. All Steel Dynamics steelmaking facilities use electric arc furnace technology. Steel Dynamics manufactures steel products including hot rolled, cold rolled and coated steel, structural steel beams and profiles, railings, special grade structural steel bars, cold drawn steel, commercial bar, special steel profiles, and steel beams and decks. The company also produces liquid pig iron, processes and sells ferrous and non-ferrous scrap.
About Rio Tinto
Rio Tinto is a mining and metals company operating in 35 countries around the world producing the materials necessary for human progress. He intends to help shape a more sustainable future, whether it be partnering to develop technologies that can completely eliminate direct greenhouse gas emissions from the aluminum smelting process, supplying the world with needed materials (such as copper and titanium) or building economies and new products with a low carbon footprint. such as electric cars and smartphones.
About Nippon Steel Trading Corporation
Nippon Steel Trading Corporation, the key trading company of the NIPPON STEEL CORPORATION group, was established in October 2013 through the merger of Nippon Steel Trading Co., Ltd. and Sumikin Bussan Corporation. The company continues to grow as a diversified trading company operating in four key integrated business lines: steel, industrial supplies and infrastructure, textiles and food.
Forward looking statements
This press release contains certain forward-looking statements regarding future events, including statements regarding new facilities and environmental impacts. Usually preceded or followed by conventional conventions such as “anticipates”, “intends”, “believes”, “estimates”, “plans”, “strives”, “plans” or “expects” or even “may”, “will or “should”, these statements are to be understood as “inferred” and are subject to numerous risks and uncertainties under the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements are valid only as of this date and are based on currently available information and assumptions that we believe to be reasonable as of this date. These forward-looking statements are not guarantees of future results and we disclaim any obligation to update or revise these statements. Due to many factors, actual results may differ from those expected in these forward-looking statements.
The text of a press release resulting from a translation should in no case be considered official. The only authentic version of a press release is the press release in the original language. The translation will always have to be compared with the source text, which will set a precedent.
View original version on businesswire.com: https://www.businesswire.com/news/home/20220301005442/en/