03 January 2012 11:29 [Source: ICIS news]
LONDON (ICIS)--Germany’s BASF is investing $30m (€23.1m) in US technology firm Renmatix, which is developing a process to produce industrial sugar from woody (lignocellulosic) biomass, BASF said on Tuesday.
The Germany-headquartered chemicals giant led a $50m financing round for Renmatix, whose Plantrose technology platform should make it possible for the first time to produce industrial sugar in large quantities and at a competitive cost from non-edible biomass, BASF said.
“The Plantrose technology could allow us in the future to broaden our use of renewable raw materials, while improving the cost-effectiveness of our value chains even further,” said Josef Wuensch, BASF’s senior vice president of modelling, formulation research and technology incubation.
The investment is being made through subsidiary BASF Biorenewable Beteiligungs.
Renmatix intends to use the additional funding to take the two-step process, which converts biomass into cellulose and sugar in supercritical water at high temperature and pressure, from pilot to industrial scale.
($1 = €0.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|