Tuesday, December 21, 2010

Materia Spinoff Elevance Gets $100M

Bolingbrook, Illinois-based Elevance Renewable Sciences, a developer of ingredients for use in personal care products, detergents, lubricants and other specialty chemicals and fuel markets, based on renewable feedstock, has raised $100M in funding, the firm said Tuesday. Elevance is a spinout of Pasadena-based Materia, the material research firm based on research out of Caltech.

Materia spun out Elevance Renewable Sciences in March of 2008, with $40M in funding. The new funding for Elevance came from Naxos Capital Partners, Total Energy Ventures, TPG Biotech and TPG Growth. Materia, TPG, and Cargill were the original investors in Elevance. Elevance said the funding will go towards expansion and creation of biorefineries in Asia, North and South America. Materia is a developer of metathesis technology, which is being applied by Elevance to the specialty chemicals market. Materia is headed by Michael Giardello.

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