New Iridium lands $2.65M seed round for bio-based acetic acid and ethyl acetate

In Colorado, New Iridium has raised $2.65 million in seed financing. This funding builds on support from the National Science Foundation and U.S. Department of Energy (DOE), including a Small Business Innovation Research (SBIR) grant from the Bioenergy Technologies Office (BETO) and ENERGYWERX Vouchers awarded through the DOE’s Office of Technology Commercialization (OTC).

The capital will be used to accelerate the development of New Iridium’s flagship low-cost and low-carbon platform technology and to advance the construction of an industrial pilot facility with a capacity of 50 metric tons per year (approximately 140 kilograms per day). This facility will validate process scalability for production of bio-based acetic acid and ethyl acetate, two essential chemical products that both recently received USDA BioPreferred® certification for 100% bio-based content underscoring New Iridium’s commitment to delivering sustainable, drop-in replacements for fossil-derived chemicals and supporting the broader transition to a low-carbon chemical industry.