The clean technology firm is raising approximately US$22.8 million through the sale of 1.03 million common shares at C$21.20 each, alongside a concurrent non-brokered private placement of 471,698 shares at the same price. Management intends to allocate these funds toward the design, engineering, and construction of a demonstration-scale industrial plant, while continuing to bankroll research and development efforts.

This capital raise follows a technical milestone announced Tuesday, where the company reported that its Next Generation Process pilot plant achieved stable, continuous operation. The facility produced a liquid-hydrocarbon yield that engineers believe could eventually support full commercial-scale deployment.