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Elevance Renewable Sciences raises $100m for expansion

22 Dec 2010

Elevance Renewable Sciences, which produces specialty chemicals for the fuel market from renewable feedstocks, has raised $100m to fund its growth in Asia and American markets.

The Illinois, US-based company said it plans to open biorefineries in Asia as well as North and Latin America.

The Series C funding round was led by Luxembourg-based private equity group Naxos Capital Partners. Investors in the round included the venture capital arm of French power company Total, as well as return backer TPG through its capital and growth arms.

Elevance was formed in 2007 with more than $40m in capital and technology invested by TPG, Cargin and Materia.

Elevance CEO K’Lynne Johnson said, ‘This round of financing supports our company’s continued growth and innovation in making quality, high-performing renewable chemicals available on a world scale basis.

‘The addition of Naxos Capital Partners and Total Energy Ventures International builds on the strength of our existing investors, and is an important step forward in achieving our goal of global expansion.’

The company’s major developments in 2010 include a joint venture with Wilmar International to build the world’s largest biorefinery, in Indonesia.

Its strategic partners include Cargill, Dow Corning, Trent University, Tetramer Technologies, United Soybean Board and SaskCanola.

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