Hyrax Energy hopes to accelerate commercial development of its renewable chemical and biofuel production method following a licensing agreement with the Wisconsin Alumni Research Foundation announced this week.

“Gaining this licensing agreement for the patent-pending technology allows the company to move forward with its business plan for implementing the technology on a commercial scale,” Ron Raines, founder of Hyrax Energy, said in a statement. “The combination of the license for this technology and Hyrax’s own intellectual property outlines a clear path toward delivering high-value products to a diverse customer base.”

According to a Hyrax Energy press release, the technology provides a new way to transform cellulosic biomass into renewable fuels and high-value chemicals. For example, the process creates fermentable sugars, which can be converted into a variety of important chemicals, including fuels and plastics.

Hyrax Energy was founded in 2011.