SAN FRANCISCO, July 13, 2016 /PRNewswire/ -- Siluria Technologies (www.siluria.com), a leading innovator of process technologies for the energy and petrochemical industries, today announced the final close of its Series E Preferred financing round. In total, Siluria raised over $45 million in this round with a combination of new investments by industry leading companies and its existing investors.
The Series E round was led by National Petrochemical Industrial Company ("NatPet"), a producer of propylene and polypropylene in Saudi Arabia and a subsidiary of the Saudi joint stock company Alujain Corporation. Other major investors in the round included chemical industry leaders Air Liquide Global E&C Solutions and Maire Tecnimont S.p.A.
"The successful close of our Series E round strengthens Siluria's footing as we expand our project delivery capacity and grow our addressable markets," said Jeff Wood, Siluria's Chief Financial Officer. "We are pleased to welcome these recognized industry leaders to Siluria's world-class group of investors."
"The advantages of Siluria's proprietary technologies are clearer than ever in a petrochemical and energy industry challenged by market and financial volatility. Entirely new options in feedstock flexibility combined with disruptive scalability offer our customers previously unavailable strategic solutions to their problems," said Interim CEO & President, and co-founder Erik Scher. "Our latest partnerships expand Siluria's technology reach into additional downstream markets and build on the company's proven competencies to translate first-of-a-kind process technologies into steel in the ground."
Siluria Technologies is pioneering the commercial production of fuels and chemicals made from clean, abundant natural gas. Siluria's proprietary technologies address the global petrochemical industry's complex challenges of volatile commodity prices, shifting supply and demand patterns, stricter environmental regulations, and capitally intensive conventional technologies.
Siluria's breakthrough Oxidative Coupling of Methane ("OCM") process is the first commercially-viable process to directly convert methane into ethylene. Siluria's second process technology can convert ethylene to liquid fuels, such as gasoline, diesel or jet fuel. Both processes enable natural gas to supplement petroleum as the worldwide basis for transportation fuels and commodity chemicals.
Siluria's innovation platform continues to drive breakthroughs in process technologies. Previously solely focused on producing ethylene and gasoline from natural gas, Siluria's platform has now expanded to target further addressable markets through broader feedstock slates, and additional valuable petrochemical products. Siluria's revolutionary catalyst and process technologies uniquely combine nanomaterials, catalyst development, and chemical engineering, to convert low value carbon sources into higher-value products through efficient processes that can be seamlessly integrated into existing industry infrastructure. For more information about Siluria, visit www.siluria.com.
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SOURCE Siluria Technologies