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Completion of Fundraising. Announcing the UK’s first process demonstration unit for cellulosic ethanol

7 May 2022

TMO Renewables, a developer of a new process for converting biomass into fuel ethanol, is pleased to announce the completion of a round of financing which, following shareholder approval, will total £15 million for development of a process demonstration unit (PDU) and for further research and development of its proprietary thermophile portfolio. Ambrian Partners acted as placing agent to the Company on this fundraising.

Hamish Curran, Chief Executive Officer of TMO, commented: “We have attracted a significant number of new institutional investors who are committed to renewable energy and funds, such as Aegon Asset Management, Charles Stanley, City Capital, Ethanol Investments plc, Greater Europe Deep Value Fund, Liberty Square Asset Management, Nikko Principle Investments, Orn Capital Limited and St Peter’s Port Capital. We are also delighted with the continuing support from our existing shareholders including Artemis, Fidelity, First State, Jupiter and RAB Capital. TMO’s technology has previously been funded by over £5.9 million in equity and £0.85 million in grants through the Carbon Trust, the UK Department of Trade & Industry and the European Union. We believe that the funds raised are a huge endorsement to TMO and will progress the Company well into 2008.”

Ethanol is an increasingly fundamental renewable energy source, with the US set to be the world’s biggest ethanol producer over the next years. The use of ethanol as an alternative to gasoline is also increasingly mandated within the EU, attracting a variety of tax breaks and subsidies. TMO has focused on the production of ethanol, although its technology is applicable to other biofuels such as bio-diesel and bio-butanol.

Building on over ten years of Research and Development and based on thermophilic micro-organisms, TMO has developed a proven process, protected by the Patent Cooperation Treaty, to produce ethanol as an alternative to fossil fuels via the fermentation of the energy-rich components of biomass.

Ethanol is currently produced primarily from starch or sugar whereas TMO also produces ethanol via the conversion of cellulosic biomass. This is a sustainable approach that addresses concerns over the existing technology by using abundant sources of cheap biomass materials such as straw, grasses and biological municipal waste.

TMO’s process is capable of utilising all of the sugars, including complex longer chain forms, derived from biomass and their high temperature process is capable of producing fuel ethanol at high efficiency and high conversion rates. TMO intends to build the UK’s first cellulosic ethanol PDU during 2007 which will integrate all the necessary steps in a continuous ethanol production process. TMO’s integrated sustainable approach to ethanol production utilises readily available and low cost feedstocks. Furthermore, the process can be a net energy contributor by applying energy recovery techniques.

Hamish Curran, Chief Executive of TMO, added: “We believe that TMO is a truly distinctive business which will enhance the rate of development of the fuel-for-ethanol market, at the same time providing significant cost advantages and a much reduced carbon footprint when compared to existing starch-based technologies. Having successfully raised these substantial funds, we look forward to commissioning the process demonstration unit and scaling up the business to the next stage.”

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Biographies

Hamish Curran, Chief Executive Officer
Hamish joined TMO in 2006 with over 20 years of international management and consulting experience in the energy and renewables sector. Hamish joined from Argent Energy, where he was Chief Operating Officer and was responsible for the construction, start-up and commissioning of the first industrial scale bio-diesel plant in the UK. Prior positions have included Managing Director for WaveGen, General Manager within British-Borneo Oil & Gas plc, General Manager and Asset Director for JKX &Gas plc.

A former member of the UK Government Oil & Gas Industry Task force, Hamish has broad experience of cross border projects as well as a consulting record demonstrating the ability to identify and deliver measurable improvement at board level and at “shop floor”. Hamish has delivered results ranging from major corporate M&A activity to focussed strategic asset advice and analysis.

Christopher Miller, Chairman / non-executive Director
Age 54, he qualified as a chartered accountant with Coopers & Lybrand, following which he was an Associate Director of Hanson plc. In September 1988 he joined the Board of Wassall PLC as its Chief Executive. Between October 2000 and May 2003 he was involved in private investment activities. Mr Miller was appointed as an executive Director of Melrose on 29 May 2003. He is currently Chairman of Melrose plc.

Dr. Anthony Atkinson B.Sc., Ph.D, FIIB, FIoN, Research & Development Director
After 25 years with the UK Centre for Applied Microbiology and Research (CAMR) where he was Deputy Director and Director of the Commercial Biotechnology Division, Tony moved on in 1994 to pursue his industrial and commercial interests. Tony has consulted for Schering-Plough, DuPont and ICI and was on UK regulatory and advisory committees in biosciences and nanotechnology. A former member of the Advisory Board of Merlin Ventures, Tony has interests in several other biotech companies. Tony was CEO of Enact Pharma PLC, which acquired Enzacta PLC and was later sold to Protherics PLC. He is currently Non-Executive director of Biofusion Plc and Chairman of Morvus Technology Limited. Tony has published over 400 scientific papers and registered 20 patents, many of which are licensed to the likes of Boehringer, Biogen and DuPont. Over 120 of these papers relate to the biotechnology of thermophiles and their products. TMO benefits from Tony’s unique experience in thermophile genetics and manipulation. Tony is also responsible for TMO’s patent and IP strategy and all laboratory research.

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