Elevance Renewable Sciences Raises $100 Million in Series C Financing
BOLINGBROOK, Ill., Dec. 21, 2010 /PRNewswire/ — Elevance Renewable Sciences, Inc. announced today that it has raised $100 million in its Series C financing round. Elevance produces high performance ingredients for use in personal care products, detergents, lubricants and other specialty chemicals and fuel markets from renewable feedstocks. Naxos Capital Partners led the round with additional new investors, including Total Energy Ventures International, joining TPG Biotech and TPG Growth in the financing.
The investment will support Elevance’s continued growth, including expansion and creation of biorefineries in Asia, North and South America.
“Elevance is pleased with our rapid progress commercializing our products and technology,” said K’Lynne Johnson, CEO of Elevance. “This round of financing supports our company’s continued growth and innovation in making quality, high-performing renewable chemicals available on a world scale basis. The addition of Naxos Capital Partners and Total Energy Ventures International builds on the strength of our existing investors, and is an important step forward in achieving our goal of global expansion.”
Elevance was formed in 2007, with more than $40 million in capital and technology invested by TPG, Cargill and Materia. Major developments from Elevance in 2010 include a joint venture with Wilmar International to build the world’s largest biorefinery in Indonesia, and a joint development agreement with Stepan Company to commercialize novel surfactants and antimicrobials. In addition to Wilmar International and Stepan Company, Elevance counts Cargill Inc., Dow Corning Corporation, Trent University, Tetramer Technologies, United Soybean Board and SaskCanola among its strategic partners.
About Elevance Renewable Sciences, Inc.
Based in Bolingbrook, Ill., Elevance Renewable Sciences, Inc. creates valued specialty chemicals from natural oils. Using a Nobel Prize-winning technology called olefin metathesis, the company creates high performance ingredients for use in personal care products, detergents, fuels, lubricants and other specialty chemicals markets. To learn more about Elevance, visit www.elevance.com
About Naxos Capital Partners
NAXOS Capital Partners is a Luxembourg based private equity group focused on acquiring and developing businesses with unique intellectual property or market positions. The NAXOS team is focusing on investments in areas where they have a successful track record including agro and food business, energy and clean-technology. Through active, hands-on ownership, NAXOS is committed to creating long-term sustainable value for its portfolio companies and investors.
About Total Energy Ventures
Total Energy Ventures is the venture capital arm of French oil & gas major Total. Its investments support the development of companies with innovative technologies and business models in areas such as alternative and renewable energies, efficient use of energy and natural resources, waste management and greenhouse gas reduction, etc. that will help meet the challenges of the energy transition. The investments primarily consist of acquiring minority interests in selected companies during capital increases to help finance their development.
Total is one of the world’s major oil and gas groups, with activities in more than 130 countries. Its 96,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, gas & power and trading. Total is working to keep the world supplied with energy, both today and tomorrow. The Group is also a first rank player in chemicals.
About TPG Biotech
TPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. TPG Biotech targets investments in pharmaceutical discovery and development, medical technology, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. TPG Biotech has access to the broader resources of TPG. Please visit www.tpgbiotech.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. TPG Growth targets investments in a broad range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity (PIPE) structures. TPG Growth has offices in the United States, China and India.
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SOURCE Elevance Renewable Sciences