Evonik investing in Biosynthetic Technologies biobased lubricants

Evonik invests in biobased lubricants company, Biosynthetic Technologies

10:01 AM, 17th July 2014
Evonik investing in Biosynthetic Technologies  biobased lubricants in Irvine, California, US
Evonik headquarters in Germany.

ESSEN, GERMANY: Evonik has closed on an equity investment in Biosynthetic Technologies, LLC, a specialist in biobased lubricants headquartered in Irvine, California, US. Biosynthetic Technologies has developed and manufactured a new class of bio-based synthetic oils called estolides that are used primarily in the passenger car motor oil and industrial lubricant sectors. Field trials have shown that the technical characteristics of the biobased synthetic oils made by Biosynthetic Technologies are exceptionally good, and include the ability to combat soot buildup in engines, which helps keep fuel consumption low. In addition to Evonik, BP Ventures also participated as a second strategic investor in this current funding round that focuses on growth. BP Ventures as well as Monsanto Company have already invested in previous financing rounds.

“Biosynthetic Technologies leads the way to high-quality sustainable lubricants. In view of the large automotive market and the strong trend towards fuel-economy and sustainability, this is a growing market with a strong fit to Evonik’s oil additives business,” said Dr Bernhard Mohr, Head of Venture Capital, Evonik.

 

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