BASF invest $30 million in Renmatix

BASF to invest $30 million in Renmatix

1:12 AM, 3rd January 2012
BASF to invest $30 million in Renmatix
Josef R Wuensch, Managing Director, BASF Venture Capital.

 

PHILADELPHIA, US/LUDWIGSHAFEN, GERMANY: BASF invested $30 million through BASF Biorenewable Beteiligungs GmbH & Co KG in the American technology firm Renmatix Inc. The BASF subsidiary led a $50 million financing round, joined by new and existing investors.

Renmatix has developed the Plantrose platform. With this patented process, industrial sugar can be produced from lignocellulosic biomass (wood, cane trash or straw). This technology makes it possible for the first time to produce industrial sugar in large quantities and at competitive cost from non-edible plant mass. “The Plantrose technology could allow us in the future to broaden our use of renewable raw materials while improving the cost effectiveness of our value chains even further,” said Dr Josef R Wunsch, Senior VP Modelling, Formulation Research and Technology Incubation, BASF.

“We can now develop and commercialize our technology more efficiently. We have already demonstrated the functionality of the Plantrose process in a pilot plant. The start-up plans to build a facility by 2014 which will ship sugar that can compete in cost with Brazil’s sugar-cane crop, the global benchmark for the commodity,” said Mike Hamilton, Chief Executive Officer, Renmatix.

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