Rive Technology – a provider of materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries – 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, total investment is $67 million to date.
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. Their mesostructured zeolites are a new class of zeolites with intracrystalline mesoporosity. The pore size of mesostructured zeolites can be precisely controlled by the use of surfactants of different sizes. At the same time all the desired properties of conventional zeolites such as strong acidity and excellent hydrothermal stability remain.
The company 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.