Emerging Fuels Technology, Inc. (EFT)successfully closed on its $1 million equity offering which started this month. The non-brokered private placement was subscribed by two investors. The company raised an estimated $5 million via two offerings until now. The equity offering’s expected net proceeds amount to $205,000 excluding $795,000 earmarked for the payment of officers’ salaries.
The company offers a wide range of catalyst development, catalyst testing, analytical services, engineering and consulting services. These services are generally associated with EFT’s core competency in the areas of Fischer-Tropsch (conversion of a mixture of carbon monoxide and hydrogen into liquid hydrocarbons) and related synthesis gas and hydroprocessing chemistry. EFT owns a stand-alone facility designed specifically to support catalyst development research.
The company, headquartered in Tulsa OK, is led by Kenneth L. Agee (Co-founder and President). Emerging Fuels Technology, Inc. reported revenues on or below $5 million for the latest fiscal year. The company is believed to be backed by SGC Energia SGPS SA which signed clean-fuel technology commercialisation deals with Oxford Catalysts Group Plc (soon to be named Velocys Plc). The executive team includes Kym B. Arcuri (Co-founder and VP Engineering) , Rafael L. Espinoza (Co-founder and VP Technology) and Ed Holcomb. The board of directors includes Vianney Vales.
Status: Completed/Final close
Company: Emerging Fuels Technology, Inc.
Industry: Other Energy
Amount offered: $1,000,000
Amount placed: $1,000,000