Financing will accelerate growth of global leader in biocarbon products

February 04, 2025 07:00 AM Eastern Standard Time

ST. PAUL, Minn. & MIAMI--(BUSINESS WIRE)--Aymium, the leading producer of renewable biocarbon products, announced today the successful completion of a five-year, $150 million financing from a wholly owned subsidiary of Bedrock Industries ManagementCo Inc. The new financing refinances Aymium’s existing debt and adds liquidity to execute the company’s near-term growth initiatives, including development of new biocarbon and biohydrogen production facilities currently under review.

“We are excited to close this financing with our new partners at Bedrock Industries,” said James Mennell, CEO of Aymium. “The financing provides the company greater financial and operational flexibility, as well as significantly more liquidity which is critical to accelerate Aymium’s growth plan. Moreover, we are excited to work with Alan Kestenbaum and Gaurav Mehta, who bring a wealth of experience and relationships in our core end markets. I am also thrilled to announce that Alan will also be joining Aymium’s Board of Directors.”

Alan Kestenbaum, Bedrock Industries’ Founder, commented, “Bedrock Industries is excited to make this investment in Aymium, a revolutionary company that is changing the way metals, ferroalloys and many other industrial products are produced. Jim Mennell, Doug Rohall and their team have created an unrivalled drop-in solution that provides Aymium’s customers an immediate, economic solution to decarbonization.” Mr. Kestenbaum added, “We believe Jim and his team are just scratching the surface in terms of the positive impact the product portfolio can have on decarbonization. Bedrock is excited to work alongside management to accelerate production of Aymium’s product portfolio for its global customer base, driving the next chapter in the company’s exciting future.”

Aymium produces the only commercially demonstrated carbon-negative product for replacing coal. Aymium’s renewable products are created through a non-combustion process that converts waste biomass to high purity biocarbon. The products are specifically engineered to immediately replace fossil coal without the need for any type of plant investment or process modification. The products have superior energy value, handling, and environmental attributes to coal. Aymium’s process uses third-party certified sustainable waste biomass and is powered by self-generated renewable energy. Aymium’s process and product technologies are protected by more than 600 issued and pending patents. Aymium’s current investors include Sandton Capital, Steel Dynamics (Ticker: STLD), Rio Tinto (Ticker: RIO), Nippon Steel Trading, and Hokuriku Electric Power Company.

Moelis & Company LLC acted as exclusive financial advisor to Aymium. Mayer Brown LLP served as legal advisor to Aymium. Kirkland & Ellis LLP served as legal advisor to Bedrock Industries.

About Aymium

Aymium produces high-value biocarbon and biohydrogen products that can be used to immediately replace fossil fuels in the production of energy, metals, crops, and in the purification of water and air with no modifications to equipment or processes. Produced using sustainably sourced biomass – recovered and unusable wood – Aymium’s bioproducts are renewable, carbon-negative and they replace emission-heavy fossil fuels such as coal and coke. Aymium’s leading technology is backed by more than 600 issued or pending patents on a global basis. Aymium operates and is constructing multiple production facilities in North America and is headquartered in Minnesota, USA.

About Bedrock Industries

Bedrock Industries ManagementCo Inc., a privately held investment vehicle, was founded in 2015 to focus on investments across the metals, mining, and natural resources sectors. Bedrock Industries focuses on investing along the broader value chain, from mining and raw materials, smelting, fabrication and value-added products across a wide range of diversified end-markets. Our philosophy is to work together with management teams, workforce, unions, local and national governments and other stakeholders by supporting the corporate strategy with financial capital and operational assistance, as needed, drawing on our vast experience in the industry. Bedrock’s Founder, Mr. Kestenbaum, most recently served as Chairman and CEO of Stelco Holdings, which was sold to Cleveland Cliffs for approximately C$3.4 billion, crystallizing a 32% CAGR for Stelco’s common share investment since its public offering in 2017. Bedrock Industries was founded by Alan Kestenbaum and is supported by Gaurav Mehta, Managing Partner.

Contacts

Scott Gallagher, sgallagher@gardcommunications.com