Mitsubishi Chemical Group Invests in Oil Conversion Technology

Diamond Edge Ventures, Inc., the corporate venture arm of Mitsubishi Chemical Group, announced today that it has invested in Licella Holdings, Ltd., an Australian technology leader in advanced circular and renewable fuels. The financing will help accelerate Licella's global expansion and commercial deployment of its proprietary Catalytic Hydrothermal Reactor (Cat-HTR™) technology.

Licella's Cat-HTR™ process is an innovative technology that converts waste plastics and biomass into oil under supercritical water at high temperature and high pressure, which is then refined to produce chemical feedstocks and sustainable aviation fuel (hereinafter "SAF"). Mitsubishi Chemical Corporation (hereinafter "MCC"), together with ENEOS Corporation, is engaged in plastic-to-oil conversion business and recently constructed a new chemical recycling facility at MCC's Ibaraki Plant (Kamisu City, Ibaraki Prefecture). The Hydro-PRT™ technology from UK-based Mura Technology, which was adopted for this facility, is based on Licella's Cat-HTR™ technology.

Licella's Cat-HTR™ process is characterized by its ability to convert not only plastics but also biomass into oil, and in the "Initiation of Pre-Feasibility Study for the Commercialization of Sustainable Aviation Fuel, Bio-naphtha and Renewable Diesel Using Domestic Forest Residues" announced by MCC on 27 March 2025, it is envisioned that Licella's technology will be used to produce SAF, bio-naphtha, renewable diesel and other products from woody residues.

"A stable supply platform for green chemicals" is an important pillar of MCG Group's management vision "KAITEKI Vision 35," and MCG Group is currently examining ways to diversify its feedstocks with the aim of scaling up chemical recycling facilities in the future. Through this investment, MCG Group will deepen its collaboration with Licella with the objective of advancing the societal application and expansion of oil conversion technology using waste plastics and biomass as feedstocks.

Diamond Edge Ventures President Curtis Schickner said:
"Licella's Cat-HTR™ platform offers a scalable and flexible pathway to produce circular chemicals and sustainable fuels from difficult-to-recycle waste streams and biomass—precisely the kind of innovation needed to build a stable supply platform for green chemicals. By partnering with Licella at this critical juncture, including supporting efforts with the Japanese consortium on sustainable aviation fuel production, we are helping accelerate the transition to a low-carbon, circular economy."

Dr. Humphreys, Founder and CEO of Licella, said:
"We are proud to partner with Diamond Edge Ventures and Mitsubishi Chemical Group at this important moment for Licella. Their financing and strategic support validate the commercial readiness of our Cat-HTR™ platform and our unique capability to deliver scalable, low-carbon solutions for difficult-to-recycle plastics and biomass residues. Together, we aim to accelerate the transition to solutions that move away from fossil fuels and contribute to MCG's vision of a greener, more sustainable chemical industry."

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