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People & Business :: Emerging Companies
BASF Invests $30 Million in Cellulosic Sugar Firm
4:13 AM MST | January 5, 2012 | Rebecca Coons
BASF has invested $30 million in Renmatix, a Philadelphia-based start-up with cellulosic sugar technology BASF says could help it broaden its use of renewable raw materials and improve the cost of its supply chains. BASF’s investment led Renmatix’ $50-million Series C financing round. Renmatix breaks down cellulose through supercritical hydrolysis, a process by which heat and pressure are applied to a slurry until the chains of sugar break down into the smaller components usable by biofuel and biochemical producers. The money will be used to...
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