Biofuel maker ReadiFuels targets $80M fundraise
ReadiFuels, a Florida-based biofuels maker, is targeting a $80.8 million fundraise, Axios has learned.
Why it matters: Successful completion of the offering would be a boost for the lagging biofuels market.
Details: ReadiFuels hasn't yet raised the funds, according to a Form D filed with the SEC on Friday, but has a target of $80.8 million, asking a minimum of just over $1 million per investor.
- FD Real Asset Advisors is advising on the transaction.
Zoom out: ReadiFuels is owned by Applied Research Associates (ARA) but operates independently.
- ReadiFuels makes non-petroleum aviation fuel, diesel and naphtha for heavy industry, using its isoconversion technology on various forms of waste.
- It opened a manufacturing facility in Sioux City, Iowa, in June 2021 that has capacity to produce 36 million gallons of renewable fuel annually.