France oil firm Total is steadily expanding its renewable chemicals investment, first with Amyris and now its venture firm Total Energy Ventures has acquired stakes in US-based Elevance.
Elevance announced yesterday that it has raised $100m in its Series C financing round from Total and Luxembourg-based Naxos Capital Partners joining Elevance's investors TPG Biotech and TPG Growth in the financing.
Total did not disclose how much stake in Elevance it has acquired but instead noted that the investment will help support Elevance's ongoing development particularly plans to build additional facilities. Elevance is currently building its first facility in Indonesia in joint venture with oleochemical company Wilmar. The company plans to expand and create biorefineries in Asia, North and South America.
Total said it will have a seat on Elevance's board of directors.
Meanwhile, LS9's newly appointed CEO Ed Dineen, formerly COO of LyondellBassell, was able to work fast in raising $30m with BlackRock leading the investment round. Previous investors such as Flagship Ventures, Khosla Ventures, Lightspeed Venture Partners and CTTV Investments (the venture capital arm of Chevron Technology Ventures) also joined in.
LS9 said the latest funding will be used to advance the company's product commercialization as well as support R&D.
Cereplast was able to secure $5m from Horizon Technology Finance Corp., which according to Cereplast CEO Frederic Scheer, will be used to purchase additional raw materials as well as for working capital needed to meet growing demand for its bioplastic.
Cereplast received an initial installment of $2.5 million with an additional $2.5 million to be funded during its 2011 first quarter ending March 31, 2011, pending reaching certain revenue targets for January and February of 2011. Each $2.5 million installment carries a term of 39 months from the date of funding with interest of 12 percent.