Cleantech Innovator Aymium Completes Strategic Financing Backed by Global Leaders in Steel and Metals Production

Investors include Nippon Steel Trading, Steel Dynamics, and Rio Tinto

-Aymium, the leading producer of renewable biocarbon products, announced that it has secured Series B funding to support capacity expansion and increased deployment of its environmental technologies bringing total investment in the company to over $200 million.

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“Our mission is to accelerate the transition away from fossil fuels and reduce the impact on the environment”

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Aymium’s products, including biocarbon and biohydrogen, are protected by more than 250 issued and pending patents globally and are engineered to immediately displace fossil fuel-based inputs—such as coal or coke in steel and metals production—without the need for any type of plant modifications.

“Our mission is to accelerate the transition away from fossil fuels and reduce the impact on the environment,” said Aymium CEO James Mennell. “Aymium’s products allow immediate replacement of fossil fuels with renewable, carbon negative inputs without any changes to existing manufacturing processes or equipment. This investment and partnership will further advance our mission of improving the environment with our new partners on a global scale.”

Every ton of Aymium’s product used in place of coal results in a net reduction of over five tons of CO2. Strategic investors are interested in displacing fossil fuel inputs in their facilities for metals production and use of Aymium’s products to accelerate their decarbonization initiatives.

“Sandton made its original investment based on Aymium’s proven operating history and the clear opportunity for its patented, renewable replacement for coal-based products,” said Tom Wood, co-CIO of Sandton Capital, Aymium’s lead investor. “With this capital raise, Aymium has brought in a collection of strong global partners who are both leaders in their respective fields as well as leaders in the transition away from fossil fuels. This investment represents an important next step in the growth of Aymium as well as a clear validation of its products, technologies and management team.”

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Aymium operates the largest advanced biocarbon production facility in North America located near Marquette, Michigan. Aymium’s patented process converts certified sustainably sourced biomass into biocarbon using integrated thermolysis. The non-combustion process converts biomass to high purity biocarbon and biogas, recovers and recycles water from the biomass, and is powered by self-generated renewable energy. Aymium’s process produces the only commercially demonstrated carbon-negative input for global steel production.

“We are incredibly excited to make this important investment to support Aymium’s mission to advance renewable biocarbon production,” said Theresa E. Wagler, executive vice president and CFO of Steel Dynamics, Inc. “Our commitment to all aspects of sustainability is embedded in our founding principles – valuing our teams, our partners, our communities, and our environment. This investment and our planned strategic relationship with Aymium represent a significant step on our path to carbon neutrality, and our continued commitment to reduce our environmental footprint.”

Proceeds from the financing will be used to advance construction of Aymium’s newest production facility in Williams, California and another in the Pacific Northwest. The new facilities will employ over 125 people combined and will be operational in 2023. Production from both plants is contracted through 2037 and is projected to reduce over 1.4 million tons per year of CO2—equivalent to removing over 300,000 cars per year from the road.

“We are delighted to become an equity partner in Aymium,” said Sinead Kaufman, chief executive of Rio Tinto Minerals. “This investment is aligned with our strategy of partnering in the development of leading-edge technologies with the potential to help deliver lower carbon footprints and environmentally sensitive solutions when producing essential minerals and metals.”

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