Ag Tech Investments News
JDCPhosphate Secures Funding for Full Commercialization
FORT MEADE, Fla.: JDCPhosphate, Inc., developers of a breakthrough technology for transforming phosphate manufacturing, today announced that it has closed an equity financing deal with Stonecutter Phosphate Investors LLC, an affiliate of Stonecutter Capital Management LLC.
The Stonecutter investment accelerates JDCPhosphate’s next step to commercialize the company’s innovative Improved Hard Process (IHP) technology for producing high-quality phosphoric acid using low-quality phosphate rock, a patented process that eliminates the creation of toxic gypsum waste.
“We are extremely pleased to have Stonecutter join JDC as a co-investor,” said Farouk Chaouni, JDCPhosphate Executive Chairman. “The company is ready to move forward with commercialization of IHP on an aggressive timetable. This will enable more sustainable and efficient production of phosphate fertilizers.”
JDC will modify its facility in Fort Meade to complete the processing design package for a full-scale commercial IHP plant. The facility will test various qualities of phosphate rock raw material in the IHP process, allowing potential licensors to validate the process for the phosphate ore sources they have available.
JDC expects to complete the plant modifications by early 2018. Independent engineering studies will be conducted ahead of commercial deployment of IHP.
The company has been granted a U.S. patent covering its proprietary induration process, a core component of the IHP technology. JDC will continue to expand its base of intellectual property as it makes further technology improvements.
Samuel Cole, a principal at Stonecutter, said, “At Stonecutter, we look for companies with strong management teams focused on highly compelling market opportunities. Stonecutter is excited to be able to participate in the JDC story.”
The Improved Hard Process for producing phosphoric acid for agriculture and industry is one of the most significant developments in decades for the global phosphate industry. JDC’s technology has gained attention for its ability to lower costs, adapt to lower grade rock, and remove the gypsum waste threat to the environment.
As the company moves to full commercialization, JDC also announced that Timothy Cotton has been appointed Chief Executive Officer. Mr. Cotton is a member of the company’s board of directors and a principal of the Agrifos Group, one of JDC’s largest shareholders. David Blake has been named Chief Operating Officer. Tip Fowler has been named Director of Business Development.