Carlsbad-based renewable chemicals technology developer Verdezyne reported this morning that it has scored a new, $48M funding round from a Malaysian multinational conglomerate, Sime Darby Berhad. The startup--led by E. William Radany--said the new funding will go towards technology development. BP Alternative Energy Ventures, DSM Venturing B.V., OVP Venture Partners, and Monitor Ventures also participated in the new funding.
The company also has inked a deal with Sime Darby Berhad to work together on renewable energy projects, with Sime Darby Renewables--a new company formed by Sime Darby Berhad as part of the deal. The company announced the funding in Kuala Lumpur, in a photo opportunity with President Barack Obama and Malaysian Prime Minister Dato' Sri Najib Razak. President Obama is in Malaysia this week as part of a tour of the region--Verdezyne was one of three companies hailed by the President for their commercial efforts in Malaysia. The other two companies are GE and MetLife.