AsianScientist (Apr. 29, 2011) – Mitsubishi Chemical Corporation, a major chemical group in Japan, signed a broad memorandum of understanding (MOU) with Genomatica, a company that develops ‘greener’ intermediate and basic chemicals made from renewable feedstocks, rather than oil and gas.
The MOU includes a joint venture for the first Asian commercial Bio-BDO plant, research and development of sustainable chemicals, and equity investment in Genomatica.
Mitsubishi has made an equity investment in Genomatica as part of Genomatica’s recently-announced $45 million Series C-1 funding.
“Asia is the fastest-growing chemicals market in the world and we see great potential to deliver bio-based chemicals to this market as a growing complement to our current conventionally-sourced chemicals. We believe that a strategic partnership with Genomatica will provide market-leading economics and quality which will benefit both parties,” said Hiroaki Ishizuka, Representative Director of Mitsubishi Chemical Corporation.
Named one of the ‘10 Big Green Ideas’ by Newsweek, Genomatica has raised $84 million from investors including Alloy Ventures, Bright Capital, Draper Fisher Jurvetson, Mitsubishi Chemical Corporation, Mohr Davidow Ventures, TPG Biotech, VantagePoint Venture Partners and Waste Management.
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Source: Genomatica.
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