Green Fuel Tech Firm Verdezyne Raises $10.5M in Convertible DebtPosted in Biofuels, Investment on May 8th, 2012 by News Desk –
Carlsbad, Calif. – Verdezyne, a privately developer of fermentation technology for renewable fuels and chemicals, has raised $10.5 million in convertible debt, the company disclosed in a new filing with securities regulators.
Investors in Verdezyne include BP Alternative Energy Ventures, DSM Venturing, and OVP Venture Partners.
Founded in 2005, Verdezyne focuses on optimizing the metabolic pathways, microorganisms and fermentation processes that enable economical production of renewable fuels and chemicals.
The company has developed a yeast production platform that optimizes the conversion of sugars from a variety of feedstocks, including starch, sugarcane and lignocellulosic biomass to renewable fuels and chemicals.
Last November, the company opened its first pilot plant to produce adipic acid, a key component of nylon. The new facility is designed toaccelerate the commercialization of Verdezyne’s bio-based adipic acid, which is one of two components used to manufacture green’ nylon and thermoplastic polyurethane resins from renewable sources, such as non-food based vegetable oils.
Photo credit: Verdezye