March 14, 2013
Sweetwater Energy - Rochester, NY
Sweetwater Energy received $9 million in its Series A funding round in 2012. The company had sought $5 Million in initial funding, but the offering was met with enthusiasm from its investors far beyond expectation allowing CEO Arunas Chesonis to close the round at nearly twice as much as the company was originally seeking. Sweetwater Energy, the cellulosic sugar manufacturer from Rochester, NY, combines the use of an enzymatic hydrolysis to release sugars from biomass. Their cost-effective and renewable process – which was initially brought to scale with the help of $264,000 in product development and business development funding from NYSERDA – offers a scalable alternative to petroleum-based technologies.
The company has also announced deals with two ethanol plants that will bring in $100 million each for Sweetwater over the life of the contracts – a 16-year agreement with Ace Ethanol in Stanley, Wisconsin, and a 15-year contract with Front Range Energy in Windsor, Colorado. Sweetwater will build and operate plants using various feed stock, such as sorghum, wood pulp or corn stover, to make sugar. This success will be complemented by US Patent # 8,323,923, which Sweetwater was awarded for the manufacture and deployment of distributed pretreatment units designed for the extraction of sugars from any cellulosic feedstock for the production of ethanol.
For more information, read:
Information on NYSERDA's Research and Development Projects with this company: Sweetwater Energy, Inc.
Sweetwater Energy, Inc.
500 Lee Road
Last Updated: 06/28/2013
Jonathan Sherwood, Vice President of Financial Planning and Analysis
585-314-3104, Ext. n/a
Email : email@example.com