2012
The concept of SynSel is created after being incubated out of
Preon Power, Inc. of Elmhurst, IL. Whereas Preon focuses on critical power systems, Preon’s founder and majority owner, Tim Tawoda, saw an opportunity to produce liquid energy from renewable feedstock.
2013
SynSel is incorporated as a C-corporation in Delaware. Tim Tawoda is the founder and CEO. The initial capitalization of SynSel is through a friends and family raise. A few core executives join SynSel including: Brian Buckta (Executive Administrator), Mike Judd (Chief Technology Office – Core Plants), and Robert Brylski (Chief Operations Officer – Core Plants).
An early stage biofuel technology out of Norway is initially selected as the platform for a site in West Frankfort, IL. The project achieved initial funding, land control, permit work, and initial site drawings. This project was abandoned when the technology provider failed to achieve adequate funding.
An early stage biofuel technology out of Norway is initially selected as the platform for a site in West Frankfort, IL. The project achieved initial funding, land control, permit work, and initial site drawings. This project was abandoned when the technology provider failed to achieve adequate funding.
2014
SynSel initiates its first Private Placement Equity Raise (Series ‘A’ Preferred).
SynSel continues to vet several biofuel technologies including one that is exclusively licensed by a major gas & oil company. SynSel gains this licensor’s authorization to pursue site-specific projects as a non-exclusive developer.
SynSel continues to vet several biofuel technologies including one that is exclusively licensed by a major gas & oil company. SynSel gains this licensor’s authorization to pursue site-specific projects as a non-exclusive developer.
2015
SynSel closes its first round of its Series ‘A’ Equity Raise.
SynSel establishes SynSel Energi, AS in Norway as a sister company to the US-based SynSel Energy.
SynSel contracts with a co-developer, Pat Tucker, to build a biorefinery in Ontonagon, MI. The technology licensor visits Ontonagon with its engineering firm and approves the location as a qualified site for a biorefinery.
SynSel establishes SynSel Energi, AS in Norway as a sister company to the US-based SynSel Energy.
SynSel contracts with a co-developer, Pat Tucker, to build a biorefinery in Ontonagon, MI. The technology licensor visits Ontonagon with its engineering firm and approves the location as a qualified site for a biorefinery.
2016
SynSel initiates its second Private Placement Equity Raise (Series ‘B’ Common).
SynSel seeds its first project in Norway with its sister company, SynSel Energi, AS. The project proceeds through Phase 2 permitting. SynSel then sells SynSel Energi, AS to a major Norwegian wood company. SynSel receives infusion of working capital from the sale of notes. This allows SynSel to focus entirely on the US and Canadian markets.
SynSel continues to identify future biorefinery sites for future biorefinery development.
SynSel seeds its first project in Norway with its sister company, SynSel Energi, AS. The project proceeds through Phase 2 permitting. SynSel then sells SynSel Energi, AS to a major Norwegian wood company. SynSel receives infusion of working capital from the sale of notes. This allows SynSel to focus entirely on the US and Canadian markets.
SynSel continues to identify future biorefinery sites for future biorefinery development.
2017
SynSel contracts with its second co-developer, David Peterson, to build a biorefinery in Grand Rapids, MN.
SynSel re-establishes its primary focus on the Northern Great Lakes Wood Basket with planning for biorefineries in Ontonagon, MI and Grand Rapids, MN. Other sites continue to be considered.
SynSel raises additional working capital as it continues to pursue viable project financiers.
SynSel re-establishes its primary focus on the Northern Great Lakes Wood Basket with planning for biorefineries in Ontonagon, MI and Grand Rapids, MN. Other sites continue to be considered.
SynSel raises additional working capital as it continues to pursue viable project financiers.
2018
The technology licensor visits Grand Rapids, MN with its engineering firm and approves the location as a qualified site for a biorefinery. Additionally, the Cairo, IL location is authorized for development. The Cairo plant is targeted to be twice the size and output of both the Ontonagon and Grand Rapids plants.
The technology licenses visits Ontonagon a second time. The project is approved for funding and initial permitting & engineering activities were authorized. However, soon thereafter the initial construction funding is increased from $300 million to $400 million and the construction schedule changes from 3 to 4 years. Due to the increased budget and schedule, the project is pulled from underwriting by the Construction Financier.
2019
Underwriting for a new budget of $440 million per plant and extended construction timelines of 4 years is approved by SynSel’s Construction Financier.
April: SynSel reaches agreement to collaborate in a US Department of Energy Grant (DE-FOA-0001926: Drop-in Renewable Jet Fuel Blendstocks) with key partners and stakeholders
June: Term sheets for Ontonagon, MI and Grand Rapids, MN are received. Each plant is budgeted at $440 million for 1,000 tonnes/day. July: Term sheets for Cairo, IL and a new site in Frenchtown, MT are received. Each plant is budgeted for $750 million for 2,000 tonnes/day.
August: SynSel executes a purchase agreement for the Grand Rapids, MN site.
August: SynSel commits to Gold Sponsorship of the tcBiomass Conference in Chicago on October 6th to the 9th.
September: David Dewis joins SynSel as CTO – Enviro Industrial Parks.
September: SynSel executes a purchase agreement for a new site in Bemidji, MN.
September: SynSel completes its final capital raise to facilitate a funding mechanism that fund the SynSel Biofuels Revolution.
September: SynSel executes term sheet with Co-Funding Developer for a private placement for both working capital and project activities. The funding mechanism is developed to fund permitting and engineering activities for 2 SynSel plants per quarter.
October: SynSel has 32 stakeholders attend tcBiomass Conference.
April: SynSel reaches agreement to collaborate in a US Department of Energy Grant (DE-FOA-0001926: Drop-in Renewable Jet Fuel Blendstocks) with key partners and stakeholders
June: Term sheets for Ontonagon, MI and Grand Rapids, MN are received. Each plant is budgeted at $440 million for 1,000 tonnes/day. July: Term sheets for Cairo, IL and a new site in Frenchtown, MT are received. Each plant is budgeted for $750 million for 2,000 tonnes/day.
August: SynSel executes a purchase agreement for the Grand Rapids, MN site.
August: SynSel commits to Gold Sponsorship of the tcBiomass Conference in Chicago on October 6th to the 9th.
September: David Dewis joins SynSel as CTO – Enviro Industrial Parks.
September: SynSel executes a purchase agreement for a new site in Bemidji, MN.
September: SynSel completes its final capital raise to facilitate a funding mechanism that fund the SynSel Biofuels Revolution.
September: SynSel executes term sheet with Co-Funding Developer for a private placement for both working capital and project activities. The funding mechanism is developed to fund permitting and engineering activities for 2 SynSel plants per quarter.
October: SynSel has 32 stakeholders attend tcBiomass Conference.