Rive Technology develops materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries using its Molecular Highway™ zeolite technology. Its proprietary Molecular Highway platform makes zeolites more accessible to hydrocarbon molecules, increasing yields of high-quality transportation fuels and petrochemical feedstocks and enabling refiners to process heavier feeds and increase throughput. Rive has commercially proven the technology and is commercializing it for fluid catalytic cracking (FCC) and hydrocracking, including a joint FCC catalyst development with W.R. Grace. The company will use the $20 million Series D to support continued commercial deployment globally and to expand technical service, sales and R&D staff. It also plans to develop additional applications of Molecular Highway technology and expand its existing base of commercial licensees. The financing, led by Saudi Aramco Energy Ventures with participation from Mitsui and existing investors including The Blackstone Group, Charles River Ventures, Advanced Technology Ventures and Nth Power, brings total investment to date to $67 million; Rive is based in Princeton, N.J. Rive Technology commercializes a proprietary catalyst technology for petroleum refining designed to increase transportation fuel yields and reduce coke. The technology, invented at MIT and led by CEO Larry Evans, improves access of zeolite refining catalysts to hydrocarbon molecules. Rive says the approach is also applicable to chemical production and biofuels. The company intends to use new financing to support commercial refinery trials and deploy the technology into the global refining industry. Rive operates an R&D facility in Monmouth Junction, NJ, and in August 2010 entered a joint development and commercialization agreement with W.R. Grace & Co. Financially, the company has raised capital from clean energy investment firms, totaling $47M to date. Rive Technology is a Cambridge, Mass. company that works on improving the catalytic cracking process used to convert oil into gasoline. Its core focus is on technologies and process improvements for gasoline production. The company raised $8.37 million in a first round of capital, according to VentureWire. Funding came from Charles River Ventures, Advanced Technology Ventures and undisclosed seed investors. The article frames Rive as part of ongoing VC interest in companies that aim to improve gasoline production despite concerns about global warming. It also notes that other prominent venture firms, such as Kleiner Perkins, have backed oil and gasoline companies.

Total raised

$53M

Funding rounds

3

Latest round

Equity

Latest activity

Aug 2013