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Biofuel maker ReadiFuels targets $80M fundraise

Megan Hernbroth
Aug 1, 2022
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Illustration: Eniola Odetunde/Axios

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.
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