Blume Distillation, a provider of bioethanol production equipment, has raised $2.2 million in Series A financing. The money will be used for the assembly of Blume Distillation’s prototype bioethanol production system.
Blume Distillation LLC, the leading provider of appropriate-scale alcohol fuel (bioethanol) production equipment, announced today the successful closing of its $2.2 million Series A financing round. The round comprises angel and impact investor backing. The funds are being used to accelerate the assembly of Blume Distillation’s prototype bioethanol production system. The Company is focused on developing and acquiring intellectual property in the areas of mechanical and biological systems, processes, and co-products. The company has added key engineering and development partners.
“For communities all over the world, the need for locally produced, clean and low cost fuel is absolutely life-critical,” said David Blume, Founder and Chief Technical Officer for Blume Distillation LLC. “Our advanced distillation technology will produce renewable alcohol fuel that is 98% pollution free and, because of modular designs, allow our customers the flexibility to produce fuel from a diverse range of available, sugar and carbohydrate-rich fuel feedstocks.”
Blume Distillation is engaged in the design and development of turnkey appropriate-scale equipment that will produce bio-ethanol from waste and surplus resources as well as native and cultivated crops. The commercial systems are designed to produce from 20,000 to 500,000 gallons of fuel a year, ideally suited to powering applications such as transportation, clean indoor cooking, electricity generation and refrigeration.
The Company has identified hundreds of thousands of potential equipment placements worldwide and received nearly 300 pre-sales order registrations. Key potential customers include food processing businesses, beverage producers, industrial/nutraceutical companies, commercial agriculture operations as well as waste haulers and individual business owners. The profit potential of bio-ethanol sales, the utilization of waste stream resources for fuel production and the ability to develop high-value coproducts support a capital equipment payback in as little as 24 months.
“We are pleased to have reached a significant fiscal milestone, successfully closing our seed stage funding round,” said Ryan Sarnataro, CEO at Blume Distillation LLC. “We have attracted an active community of investors who recognize the potential for making a positive global impact by advancing the localized production of renewable bio-ethanol. Our investors see the prospect of earning solid returns comparable to traditional venture capital offerings.”
In the past three years the company has reached a number of significant operation and development milestones and has added IP and proprietary design features that greatly enhance valuation. As a result, the company anticipates continued growth and the completion of prototype systems by Q3, 2013.
About Blume Distillation LLC
Blume Distillation LLC is focused on designing and developing world class small to mid-sized turnkey distillation systems that will produce bio-ethanol fuel from a diversity of locally available feedstock resources. Blume Distillation systems are suited to rapid deployment in a wide variety of commercial and geographic settings, designed to produce fuel at costs comparable or lower than large-scale producers.