BASF takes stake in renewable biochemical developer P2 Science
P2 Science Inc., has announced that it has closed a US$9.55 million Series B financing round co-led by Xeraya Capital and BASF Venture Capital. The proceeds will be used to build and run its first commercial plant, using its proprietary flow chemistry technology to produce speciality bio-based products.
P2 Science Inc., a US venture-backed, biorenewable chemistry company based in Connecticut, has announced the close of a US$9.55 million Series B financing round. Xeraya Capital and BASF Venture Capital co-led the round and join existing investors Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut.
The company will use proceeds from the round to build and run its first commercial plant, using its proprietary flow chemistry technology to manufacture specialty products for the flavour, fragrance, cosmetics and related markets.
– This round of financing allows us to expand operations and increase output substantially. In this first commercial plant, we will produce high value products for the flavour, fragrance and cosmetics markets. In the future, we will increase our presence in the polymers, lubricants and surfactants markets with larger scale capacity, said Neil Burns, CEO of P2 Science in statement.
The company’s first plant will be built in the New Haven, CT area. The company is focusing on the processing of simple renewable feedstocks including vegetable oils, terpenes from the forestry industry, and low-cost olefins to produce high value chemistry products.