05 March 2008 15:36 [Source: ICIS news]
LONDON (ICIS news)--DSM and six funds have invested a total of $20m (€13.2m) in Tianjin Green Bio-Science Co’s new 10,000 tonne/year polyhydroxyalkanoates (PHA) manufacturing plant, the Dutch chemical company said on Wednesday.?xml:namespace>
DSM Venturing, a subsidiary of DSM, along with CE Fund, China Springs Fund, KPCB, Northern Lights, LESS and Armada have all invested, a DSM spokeswoman said.
“The investment is in line with DSM’s ambitions to develop bio-based performance materials to meet customers’ growing needs for improved performance and environmental benefits at competitive costs,” the company said in a statement.
PHA is a bio-renewable polymer which can be used in the automotive, biomedical and electronics sectors as fibres, films and foams.
Construction of the plant in northeast China will begin in the second quarter of 2008 and is expected to start production in early 2009, the company added.
“In parallel with the venture investment, DSM and TGBS intend to work together to create new business in bio-based performance materials,” the company said.
($1 = €0.66)
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