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Rive Technology Opens Extensive R&D Facility in New Jersey's Einstein's Alley Employs Local Researchers for Advanced Catalytic Technology
MONMOUTH JUNCTION & PRINCETON, N.J. --(Business Wire)--
Rive Technology, an innovative catalyst technology company for the petroleum refining industry, today announced the opening of its R&D facility and pilot plant in the heart of New Jersey's Einstein's Alley in Monmouth Junction. The 10,000 square foot facility, located in South Brunswick Township, Monmouth Junction, includes materials science and analytical laboratories as well as a development-scale pilot plant. The R&D facility will support the development of Rive's proprietary catalyst technology which significantly increases the yields of transportation fuels produced from a barrel of crude oil and enables refiners to improve throughput and boost profitability.
The ribbon cutting ceremony will be attended by business leaders as well as state, county and local political leaders. Those invited to speak include Congressman Rush Holt, Assemblywoman Linda Greenstein, South Brunswick Mayor Frank Gambatese, Melanie Willoughby, Senior Vice President, NJBIA, and executives of the Middlesex Regional Chamber of Commerce.
According to New Jersey Economic Development Authority Chief Executive Officer Caren S. Franzini, "The growth of technology and life sciences companies in New Jersey is critical to our economy, and Rive Technology exemplifies the kind of innovative businesses we are encouraging to locate in the state. We are very excited to welcome Rive Technology to New Jersey and thrilled that, after a nationwide search, the company has chosen to open its research lab in Einstein's Alley. "
The new R&D facility currently employs a catalyst development team of eight individuals, and the number of employees based at the facility is expected to almost double in size this year. The company continues to expand its team and is hiring experienced chemical engineers, scientists and lab technicians to support R&D activities aimed at optimizing the performance of Rive's zeolite catalyst technology and driving product commercialization.
"We are excited to be part of Einstein's Alley and this community," said Rive Technology Founder and CEO, Larry Evans. "With the opening of this R&D facility and a terrific team in place, we are well positioned to deliver upon our core technology value - enabling greater yields in refining operations through catalytic technology improvements."
The zeolite catalyst technologies that will be researched and developed at the Monmouth Junction facility involve a proprietary method of modifying the pore structure of a zeolite, making the zeolite more accessible to larger molecules in a feedstock. By selectively introducing mesopores (pores nearly four nanometers in diameter) into a zeolite, Rive allows larger molecules to access the zeolite and get "cracked" into valuable products. Further, the cracked products, such as gasoline-range molecules, are able to exit the zeolite before they overcrack to lighter, less valuable gases. As a result, petroleum refiners obtain a higher yield of desirable products such as gasoline, diesel fuel, and propylene, and less of undesirable products like heavy cycle oil and coke.
About Rive Technology
Rive is a clean energy company, commercializing advanced catalyst technology for petroleum refining to increase the yield of transportation fuels produced per barrel of crude oil. The proprietary technology, invented at MIT, makes traditional zeolite catalysts more accessible to large hydrocarbon molecules, allowing increased production of gasoline and diesel fuel. Rive's new catalyst will fit readily into existing refineries and enable refiners to increase throughput and profitability with minimal capital investment. Rive Technology has raised over $22 million in venture capital from Charles River Ventures (www.crv.com), Advanced Technology Ventures (www.atvcapital.com) and Nth Power (www.nthpower.com). For more information, visit www.rivetechnology.com.