Wednesday, March 16, 2011

Yulex Finds $15M More

Maricopa, Arizona-based Yulex, a developer of rubber compounds based on the guayule plant, said Wednesday that it has raised $15M in a private placement. The funding came from Argonaut Private Equity. The firm said it sill use the funding to expand its natural rubber production capabilities. As part of the funding, it says it has opened up a new production facility in Chandler, Arizona, which it expects will start production in early 2012. The firm said its facility has 5 acres and has the possibility of expanding to 20. Yulex is converting the desert plant guayule into rubber and resins used for the industrial, commercial, and medical industries; the same crop can also be used for biofuels production and cellulosic feedstocks. More information »