18 February 2009 08:06 [Source: ICIS news]
BOLINGBROOK, IL (ICIS news)--Investors still find green chemistry companies as attractive candidates despite the current financial turmoil, an investment banking official said late on Tuesday.
"Green chemistry, specifically, is still one of the most attractive markets for both public and private investors," said Bryce Lee, managing director of the investment banking division at Credit Suisse Securities (USA).
Lee was speaking at a green chemistry round table hosted by start-up firm Elevance Renewable Sciences, in Illinois, US.
The reasons behind investors' positive response towards green chemical firms were the Obama administration's positions on environmental issues, the necessity of cost reductions from the financial point of view and the public emphasis on the green trend, Lee said.
"Green chemistry is a new industry and still in the first phase of its cycle," said Lee. "Private funding for green technology companies is definitely in good shape despite the current downturn."
Green chemistry is also part of a new wave that is transforming the $3,000bn chemical industry, said K'Lynne Johnson, CEO of Elevance.
"Green chemistry is not only leading the way towards innovation within the chemical industry, it also has the potential to stimulate the economy and create more jobs," said Johnson.
She cited Elevance as an example.
"What began as a grant by the (US) Department of Energy, the launch of Elevance last year as a new company has led to the creation of 100 jobs and counting," said Johnson.
"Our country is taking important steps to encourage private businesses to invest in cleaner, more efficient technologies and we are pleased to lead the way in green chemicals," she said.
Elevance's green chemistry round table was attended by more than 100 guests. The event concluded with the official opening of Elevance's new facility and laboratory in Bolingbrook, IL.
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