October 20, 2008
Rive Technology to Open Catalyst R&D Facility in Princeton, NJ
Rive Technology, a leading catalyst engineering company for the petroleum refining industry, announced today that it will commence operations of a 10,000 square foot research and development facility in Monmouth Junction, New Jersey this November. Rive Technology is the developer of proprietary zeolite catalyst technology that expands characteristically small zeolite pores to enable the conversion of inexpensive, heavy crude oil into valuable, refined products such as transportation fuel. Developed at MIT, Rive Technology's catalyst fits seamlessly with refiners' existing infrastructure and operations to significantly improve profitability with minimal investment.
"We selected the Princeton, New Jersey area as the site for our research & development facility because of the large population of highly-educated, experienced chemists and engineers in the area," said Rive Technology Founder and CEO, Larry Evans. "The construction and operation of this facility represents an enormous investment by Rive Technology in the town of Monmouth and the state of New Jersey."
Rive Technology recently closed on a $14 million round of venture capital financing and has raised a total of $22 million in venture capital from Charles River Ventures, Advanced Technology Ventures and Nth Power. Rive Technology is rapidly accelerating its commercialization plan, including the construction and operation of the Monmouth R&D site, seven miles from Princeton, New Jersey.
The Monmouth Junction R&D facility will initially require over 20 engineers, including project leaders and supporting technical staff with experience in catalysis and materials science. The Company expects to start hiring locally based engineers starting in late October. For more information please visit http://www.rivetechnology.com/.
About Rive Technology
Rive Technology is the developer of advanced catalyst technology that delivers significantly greater yields of high-quality fuels in the petroleum refining industry. By modifying zeolite pore structure, Rive Technology enables larger molecules to access the zeolite catalyst, converting more feedstock into petroleum and other valuable products. In the case of refining crude oil, refiners obtain a higher yield per barrel of products such as gasoline, diesel fuel, and olefins, and less of undesirable products like heavy cycle oil and petroleum coke. Investors in Rive Technology include Charles River Ventures (www.crv.com), Advanced Technology Ventures (www.atvcapital.com) and Nth Power (www.nthpower.com).