Tuesday, February 2, 2016
Biosynthetic Technologies Gets $100M Loan Guarantee From USDA
Irvine-based Biosynthetic Technologies, a developer of high performance biobased oils targeting the automotive and industrial lubricant market, has received a $100M loan guarantee from the U.S. Department of Agriculture, according to the company. Biosynthetic said the guarantee will go towards a guarantee of 80 percent of a loan being issued for the company to build a commercial-scale manufacturing plant. The loan guarantee was made under the USDA's Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program (9003 Program). Biosynthetic said that it is raising a Series D equity funding round as part of funding that pant construction. The renewable chemicals firm is led by Allen Barbieri.