"Blackstone has deep expertise in cleantech and energy investing as well as in the refining industry. Their commitment builds on our already strong investor syndicate."

Rive's proprietary technology makes zeolite refining catalysts more accessible to hydrocarbon molecules, resulting in increased yields of transportation fuels and less coke. Refiners can profit from the improved catalytic performance by increasing production of high quality fuels and, due to the enhanced refinery-wide operating flexibility created by the coke selectivity, can also increase profits by increasing refinery throughput and processing heavier crude oil.

"The Blackstone Group is an important investor for Rive as we commence refinery trials and expand our staff in anticipation of commercial operations," said Larry Evans, Chief Executive Officer of Rive Technology. "Blackstone has deep expertise in cleantech and energy investing as well as in the refining industry. Their commitment builds on our already strong investor syndicate."

"Rive's catalyst technology is on the cusp of commercialization, and the company is poised to have a major impact on the refining industry," said Jamie Kiggen, Senior Managing Director of The Blackstone Group and Chief Investment Officer of Blackstone Clean Technology Partners. "We are impressed with Rive's strong management team and innovative technology, which could greatly improve yields and profitability across the industry.