Genomatica Raises $45 Million For Production Of 'Green' Intermediates
Chemicals producer Genomatica raised an additional $45 million for demonstration-scale production of the company's first commercial product, an intermediate chemical made from renewable feedstocks.
New investors include VantagePoint Venture Partners, Bright Capital and Waste Management. Existing investors include Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech.
The new product, Bio-BDO, is considered a "green" version of 1,4-butanediol (BDO), according to Genomatica.
BDO has a $4 billion market worldwide. It is used in various consumer and industrial products, including spandex, automotive plastics, running shoes.
Successful operation at demonstration scale during 2011 will validate organisms, processes and manufacturing economics and allow development of the basic engineering package to be used in construction of Genomatica’s first commercial-scale plant, planned for operation in late 2013.
The investment will also accelerate the development of additional major chemicals in Genomatica’s product pipeline.
Genomatica has been producing Bio-BDO at pilot scale in 3,000-liter fermentations since the first half of 2010.
For more information, visit http://www.genomatica.com.