Tuesday, June 14, 2011
Genomatica Claims Milestone
San Diego-based Genomatica, the venture-backed developer of sustainable chemical technology, said this morning that it has achieved demonstration-scale fermentation using its process, on schedule. The firm--which is developing a renewable process for creating 1,4-butenediol, a widely used industrial chemical--said the milestone will validate the design and basic engineering package for construction of its first commercial-scale plant. The announcement comes a day after the Department of Energy said it will be providing $5.0M to Genomatica to further develop its technology. Genomatica is backed by Alloy Ventures, Bright Capital, Draper Fisher Jurvetson, Mitsubishi Chemical Corporation, Mohr Davidow Ventures, TPG Biotech, VantagePoint Venture Partners and Waste Management, and has raised over $84M in funding.