TMO Plans to Break Into US Biofuels Market
British biofuels company TMO Renewables said it has secured £11m in funding to support its entry into the US market.
The funding from public and private investors will enable TMO to introduce its second-generation ethanol technologies, ranging from retro-fitted or applied to new-build, capturing significant opportunities in North America, TMO CEO Hamish Curran said.
"We believe that the prospects for the biofuels sector remain strong, and we are greatly encouraged by the new regulatory environment, especially in the US, as governments support the industry in keeping with their desire for energy independence," Curran said.
TMO has recently partnered with Diverso, which contributed £2m in this round, to gain access to the rapidly growing renewable fuels market in China.
New investor Pressnow has invested a total of £4m in TMO and brings its knowledge of the ethanol and agrarian sectors to the US and Brazilian markets, TMO said.