P2 Science Inc., a venture-backed, biorenewable chemistry company, recently announced the close of a $9.55 million Series B financing round. The investment was co-led by Xeraya Capital and BASF Venture Capital.
Joining existing investors Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut, BASF Venture Capital is participating with $2.5 million in a $9.55 million financing round in the U.S. renewable chemistry firm P2 Science. Headquartered in Woodbridge, Connecticut, P2 Science is a specialty chemicals company with a unique flow chemistry process that converts renewable feedstocks to high-value products and intermediates. P2’s technology, called ozonolysis, provides improved value, efficiency, and safety.
“P2 Science’s technology allows for elegant synthetic pathways to some of the most complex chemical specialties,” said Markus Solibieda, Managing Director at BASF Venture Capital. “In addition, the company is able to efficiently develop novel high-value products for various markets.”
“This financing through BASF Venture Capital allows us to expand our operations and increase our output,” said Neil Burns, CEO of P2 Science. “With our first commercial plant, we will be able to produce high value chemicals which we have developed independently or in collaboration with leading industry partners. In the future, we plan to increase our presence in the polymers, lubricants and surfactants markets with larger scale capacity.”
The company’s first plant will be built in the New Haven, CT area. The company is focusing on the processing of simple renewable feedstocks including vegetable oils, terpenes from the forestry industry, and low-cost olefins to produce high value chemistry products.