JDCP completes financing for pilot plant
JDCPhosphate Inc., Fort Meade, Fla. (JDCP) has closed an equity financing sufficient to fund the construction and operation of a demonstration plant with annual production capacity of 12,000 tons per year of high quality and high concentration phosphoric acid. The investors are a combination of strategic and venture investors, including Mitsui & Co. (U.S.A.), Inc., Vulcan Phosphates LLC (a special purpose entity formed by the owners of Agrifos Fertilizer L.L.C), the Florida Opportunity Fund and Espirito Santo Ventures.
The patented process technology being implemented in the demonstration plant – the Improved Hard Process (IHP) – was developed by Dr. Joseph Megy, the founder and Chief Technology Officer of JDCP. The process incorporates a number of critical developments and improvements to the kiln phosphoric acid technology developed by Dr. Robert Hard and Dr. Joseph Megy in the early 1980s.
"We are delighted that such a strong international syndicate of strategic partners and venture investors has decided to invest in this important technology", said Theodore "Tip" Fowler, CEO of JDCPhosphate. Jennifer Dunham, Managing Director of the Florida Opportunity Fund added, "It is not often that one finds an opportunity to invest in a company with the potential to transform a $30 billion industry, as well as substantially impact the local economy. JDCPhosphate has the potential to be such a company."
JDCP is commercializing the Improved Hard Process (IHP) for the manufacture of phosphoric acid. Contact: T.P. (Tip) Fowler, 863-285-8607, www.jdcphosphate.com.
The Florida Opportunity Fund (FOF) was established in 2007 to increase the availability of venture capital in Florida. The FOF actively invests in Florida-focused venture capital funds, infrastructure projects, and emerging Florida-focused companies within industries of strategic importance to the State, including: Energy, Healthcare, Manufacturing, and Technology. The FOF is sponsored by Enterprise Florida and managed by Florida First Partners. For additional information regarding the FOF visit www.floridaopportunityfund.com.
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, a leading international trade and investment company operating with an extensive global network. Beyond traditional trading, the Company’s newer emphasis is on project development and management, business investment, capital goods leasing and technology transfer. With its comprehensive services capabilities, Mitsui USA aspires to meet the needs of its customers as “Your Global Business Partner®,” while committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.
Agrifos is a privately owned producer of sulfuric acid and ammonium sulfate fertilizer located in Pasadena, Texas.
Espirito Santo Ventures, Lisbon, Portugal, is a venture capital firm focused on technology-based companies and innovative business projects with high-growth potential. It says it has more than 250 million Euros in assets under management and has invested in over 40 companies that are developing worldwide leading products and services in the areas of Clean Tech, Health Care and Well-being and IT. For more information please visit www.es-ventures.com.