Rive Technology Raises $25M to Help Refineries Squeeze More Fuel Out of Oil
This is one of the bigger cleantech bets around Boston as of late. Cambridge, MA-based Rive Technology said today it has scored $25 million in Series C financing led by new investor Blackstone Group. Rive’s existing investors Charles River Ventures, Advanced Technology Ventures, and Nth Power also participated in the round, which brings Rive’s total venture funding to $47 million. The company says the new money will be used to support commercial trials of its catalyst technology in oil refineries.
Rive’s technology, which is based on research done at MIT, involves altering catalysts used in chemical reactions performed on long-chain hydrocarbon molecules. That potentially enables refiners to squeeze more usable fuel out of each barrel of crude oil, which in turn could lead to higher profits and lower environmental impact. The company says the technique also could be applied to produce other chemicals and biofuels more efficiently.
Rive was founded in 2005 by CEO Larry Evans and Javier Garcia Martinez, a former postdoc at MIT and currently a faculty member at the University of Alicante in Spain. Evans said in a statement that Rive plans to expand its staff “in anticipation of commercial operations.”