Biogenic Reagents beings production of UAC, receives investment
Minnesota-based Biogenic Reagents announced it has begun commercial production of new biobased Ultra-Adsorptive Carbon products at its Marquette, Mich., facility. According to the company, activated carbon is commonly made from coal and is processed to create a highly porous material for use in removing impurities from liquids or gases. Biogenic Reagents’ thermo-chemical process produces a grapheme-carbon compound from renewable wood feedstock. The resulting material has approximately 50 percent greater adsorptive capacity than typical coal-based activated carbon products.
"Graphene is considered a 'material of the future,' and at Biogenic, we are producing and using it today. Our UACs have greater adsorptive capacity than products currently in the market, and because of our proprietary process and inexpensive feedstock, our company can produce the UACs for less than the cost of coal-based products. Importantly, unlike other major producers of activated carbon that use and discharge millions of gallons of water each year, production of Biogenic's new graphene-carbon products does not create any wastewater,” said Dan Despen, chief technology officer of Biogenic Reagents.
The company also recently attracted investment from MVC Capital Inc., a publicly traded business development company. On July 30, MVC announced that it will invest $9.5 million in Biogenic Reagents. Under the terms of the transaction, MBC committed to provide the funding via a senior secured convertible note. The investment will allow Biogenic Reagents to construct additional reactor capacity at its Marquette production facility. The note will mature in five years.
"We are pleased to partner with Biogenic, as they continue to expand their footprint and grow their operations. Biogenic has developed an innovative solution manufactured in its leading-edge production facility that provides a higher performing set of activated carbon products at a lower price point," said Michael Tokarz, chairman and portfolio manager of MVC. "We are impressed by Biogenic's strong management team and competitive advantage made possible by their unique process, technology and utilization of feedstock."