Primus Green Energy Inc., a Hillsborough, N.J. based developer of a proprietary process to produce gasoline and other fuels from biomass and/or natural gas, raised $12 million to finish a demonstration plant later this year. That’s according to Bloomberg.
Primus received the funding from Israeli based IC Green Energy Ltd., the renewable-energy arm of Tel-Aviv-based holding company Israel Corp., which may invest another $30 million, according to George Boyajian, V.P. of business development for Primus. The company could raise as much as $100 million this year from investors, including $15 million to $30 million over the next two quarters, Boyajian said.
Primus combines pellets of woody plant material with natural gas to produce 93-octane gasoline, according to the company.
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