Rive Technology Raises $20 Million in Series D Financing
Financing, Led by Saudi Aramco Energy Ventures, to Accelerate the Global
Commercial Deployment of Molecular Highway™ Zeolite Technology in the Refining
PRINCETON, N.J. -- August 1, 2013
Rive Technology, a provider of innovative materials-based solutions for
catalytic and separations processes in the petroleum refining, chemicals,
water and biofuels industries, today 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, bringing total
investment to date to $67 million.
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. Rive has
commercially proven its technology and value proposition and 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
Rive’s proprietary Molecular Highway™ technology makes zeolites used in
refining catalysts more accessible to hydrocarbon molecules, resulting in
increased yields of high quality transportation fuels and petrochemical
feedstocks and providing refiners with the flexibility to increase throughput
and process heavier feeds.
“SAEV and Mitsui are not only important investors for Rive, but also great
strategic business development partners,” said David C. Aldous, Chief
Executive Officer of Rive Technology. “This round of funding helps us
accelerate our global commercial expansion to better provide refining
customers access to our innovative value enhancing technologies.”
About Rive Technology
Rive is a developer of innovative materials-based solutions for catalytic and
separations processes in the petroleum refining, chemicals, and biofuels
industries. Through its Molecular Highway™ technology, an innovative materials
science platform, Rive enables higher performing catalysts and adsorbents.
Rive is commercializing its Molecular Highway technology for the petroleum
refining industry, specifically fluid catalytic cracking (FCC), with W.R.
Grace (NYSE: GRA) through jointly developed FCC catalysts. FCC catalysts
powered by Molecular Highway technology allow refiners to profit by increasing
production of high-quality fuels and by processing heavier crudes. For more
information, please visit www.rivetechnology.com.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary
of Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully
integrated energy and petrochemical enterprise. Headquartered in Dhahran with
offices in North America and Europe, SAEV’s mission is to invest globally in
start-ups and high growth companies with technologies of strategic importance
to its parent, Saudi Aramco. For more information, please visit
Meredith Frazier, 617-713-3800
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