Strong investor support for Arq in latest fund raise
Arq secures over $60 million of additional equity funding to complete development of its plant and terminal facilities in US
London, December 03, 2019: Arq, the energy technology company that transforms coal waste into a new energy source, has raised over US$60 million via a placement of shares to existing shareholders. This brings the total raised to date to over $220 million.
This capital raise will allow the company to complete its terminal in Louisiana for drying and blending Arq Fuel™ into oil products. Arq will also continue to invest in its extensive R&D programme, as well as planning for construction of additional plants in the US and Asia.
Arq uses technology to unlock ultra-pure, high performing hydrocarbons from coal discarded in the mining process. This Arq Fuel™ can be blended into oil products and used for power generation, transportation or refining. The Company has a valuable portfolio of more than 40 active patents pending and granted patents which provide comprehensive protection for the production and sales of this new class of hydrocarbon product.
Julian McIntyre, Arq CEO, said:
“We’re delighted to have received such strong support from our existing partners and shareholders, which serves as a testament to the strength of our team, our technology, and the scale of the market opportunity that we are creating.”