Verdezyne, Inc., an industrial biotechnology company developing cost-effective processes for the production of renewable fuels and chemicals, today announced it has closed a new funding round. New investors in this round include BP Alternative Energy Ventures and DSM Venturing B.V., and they join existing investors OVP Venture Partners and Monitor Ventures.
Verdezyne has significantly advanced its robust yeast production platform for the company’s ethanol and adipic acid processes. The additional financing allows Verdezyne to continue to build its yeast metabolic engineering capabilities to produce a pipeline of renewable transportation fuels and platform chemicals.
“Over the past year, we have been impressed with Verdezyne’s progress in its yeast platform for both fuels and biobased chemicals,” said James Iademarco, vice president of biobased chemicals and fuels at DSM. “We see this investment as strategic given the complementary activities to our own portfolio within Biobased Products and Services.”
“We are thrilled to have these two industry leaders validate Verdezyne’s technology and its business strategy by taking a stake in the company,” said E. William Radany, Verdezyne’s CEO and president. “This new funding, along with the support from existing investors, will enable the company to execute on its goal of creating and deploying first-in-class engineered yeast strains that efficiently produce biobased fuels and platform chemicals.”
Source: Environmental Expert.com, 2011-05-09.