Frederick Whittemore, who is past manager director of US brokerage firm, Morgan Stanley & Co, and is currently serving as a director of SPP's American subsidiary, provided $US7.5 million while chairman of Bancorp Rhode Island Inc, Malcolm Chace III provided $US2.5 million.

SPP said on a pro forma basis, the facility will effectively increase its available funds to $36 million, including an anticipated $14 million from the future sale of current naphtha inventory.

"This assistance will facilitate the continued ramp-up of production and cash flow from the Stage 1 technology demonstration plant and the advancement of pre-development work on the proposed Stage 2 commercial project," the company said in a statement to the exchange.