Solugen Raises Over $350 Million In Series C Funding Led By Baillie Gifford & GIC To Make Carbon Negative Chemicals
The company decarbonizing the chemicals industry announced a Series C financing round of over $350 million. GIC and Baillie Gifford led the round with participation from Temasek Holdings, funds, and accounts managed by BlackRock, Carbon Direct Capital Management, Refactor Capital, and Fifty Years.
Solugen’s patented Bioforge processes produce chemicals from bio-based feedstocks and are based on discoveries in synthetic biology, metal catalyst engineering, and modular plant design. The company’s green products are cost-competitive and also drastically reduce or eliminate emissions. Solugen is a platform chemistry company, and the company’s solutions will also address clean water, sustainable materials, safer food, and healthy personal care.
“Our breakthroughs in enzyme and metal catalyst engineering allow us to produce chemicals in a more sustainable and profitable way,” said Dr. Gaurab Chakrabarti, CEO, and co-founder of Solugen. “We can now deliver for our customer’s performance benefits, cost savings, and most importantly, lower carbon footprints.”
The latest round of funding will be used to expand Solugen’s Bioforge technology platform, which is used to produce lower-carbon and carbon-negative chemicals & materials for its key customers and to expand the reach of Solugen’s product portfolio. “This fundraising round allows us to continue expanding the footprint of our Bioforge technology to give industries the products they need to reduce emissions in their existing supply chains, without compromising on performance or economics,” said Solugen co-founder and Chief Technology Officer Dr. Sean Hunt.
The BioForge achieves highly profitable and carbon-negative molecular manufacturing by simultaneously satisfying four parameters: bio-based feedstocks, high selectivity, high yields, and high throughput. This enables Bio Forge to convert inexpensive feedstock directly into valuable product molecules while avoiding the formation of waste products.
For more details: www.solugen.bio