Biofuel firm gets $12M in new round of investment

Quebec’s agtech firm, Agrisoma Biosciences, Inc., has received $12 million from a new round of investors, including Desjardins Capital, a first-time investor. The company, which produces biojet fuel for the aviation industry, has recently struck deals with some global biofuel players, and the new round of funding will help them deploy their commitments and further expand the commercialization of Carinata seeds in key markets, says Cycle Capital Management, the lead investor. Another key investor in this round of funding is BDC Capital, the first and largest investor in Agrisoma and which considers Agrisoma’s biofuel as financially attractive for farmers engaged in reducing greenhouse gas (GHG) emissions. Another existing investor that participated in this round is Lune Rouge. The Carinata seeds that produce biofuel help in mitigating climate change. Agrisoma says the new funds can also help in expanding the production of the seeds in the United States, South America and Australia. Agrisoma produces the low GHG biofuel from the Carinata mustard oil. Australia’s Qantas Airlines last January flew a Boeing 787 Dreamliner from Australia to the US using biojet fuel. It was the first commercial transpacific flight to use Carinata-based biofuel.