Elevance Renewable Sciences, Inc. announced today that it has raised $104 million in its Series E financing round. Elevance produces high performance ingredients for use in personal care products, detergents, lubricants and other specialty chemicals and fuel markets from renewable feedstocks. Lacustrine Limited via Genting Genomics Limited, wholly owned by Genting Berhad, based in Kuala Lumpur, Malaysia led the round with Total Energy Ventures International, based in Paris, France also participating in the financing. Elevance also announced that Tan Sri Lim Kok Thay, Chairman and Chief Executive of Genting Berhad, will join the Elevance board of directors.
“The investment will support Elevance’s strategic growth plans, including the continued development of biorefineries in Asia and North and South America,” said K’Lynne Johnson, CEO of Elevance. “The addition of the Genting Group via Lacustrine Limited, compliments the strengths of our existing investors and further emphasizes the key potential that Malaysia and Asia play in our global footprint.”
About Elevance Renewable Sciences
Based in Woodridge, Ill., Elevance Renewable Sciences, Inc. creates valued specialty chemicals from natural oils. Using a Nobel Prize-winning technology called olefin metathesis, the company creates high performance ingredients for use in personal care products, detergents, fuels, lubricants and other specialty chemicals markets.
About Lacustrine Limited
Lacustrine Limited via Genting Genomics Limited is a wholly owned subsidiary of Genting Berhad, the holding company of the Genting Group. Genting Berhad, its subsidiaries and affiliates operating under the “Genting” name, is recognized as one of Asia’s leading and best managed multinationals. The Group, headquartered in Kuala Lumpur, Malaysia is involved in leisure & hospitality, power generation, oil palm plantations, property development, biotechnology and oil & gas business activities.
About Total Energy Ventures
Total Energy Ventures’ investments support the development of companies with innovative technologies and business models in areas such as energy efficiency, alternative and renewable energies, water, waste valorisation, greenhouse gas reduction and sustainable mobility. The investments primarily consist of acquiring minority interests in promising innovative companies to help finance their development. Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow.
Source: Elevance Renewable Sciences, press release, 2012-07-10.