Genomatica has raised an additional $45m to complete a demonstration project to prove its green chemistry technology can work on a commercial-scale.
The new investment will be used to scale up production of its sustainable chemical from 3,000l/day to 15,000l/day.
The company plans to produce a green version of 1,4-butanediol (BDO) — Bio-BDO — from renewable feedstocks.The chemical is used to make spandex, automotive plastics and running shoes.
The company also plans to build and start operating a commercial plant by late 2013 without disclosing the location of the plant.
New investors include Bright Capital, Waste Management, and VantagePoint Venture Partners. Venture Partners is the largest investor, committing $2.5bn.
All existing investors– Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech, have also joined the new round of funding.
The company has so far raised $84m for the project.
