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Genomatica secures $118m to fuel expansion

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The global growth of Genomatica is being stepped up through securing $118million in funding to support the ongoing commercialisation and expansion of its sustainable materials. 

The Series C financing of Genomatica, which harnesses biology to remake everyday products and materials with a reduced environmental impact, was led by life science investor Novo Holdings. 

Genomatica will use the investment to scale production for its portfolio of products and continue investing in new technologies to amplify the impact of sustainable materials across a range of industries. It is estimated there is potential to reduce greenhouse gas emissions by 100 million tons per year. 

The venture will use the investment to scale production for its portfolio of products and continue investing in new technologies to amplify the impact of sustainable materials across a range of industries. 

Genomatica replaces widely-used chemicals and materials, traditionally derived from petroleum fossil fuels, with plant-based alternatives that are cost-competitive, equivalent in performance and can reduce environmental impact by up to 93 per cent compared to fossil fuel-based production. These molecularly identical replacements can be used in a wide range of products including clothing, cosmetics, packaging and carpets.

“We’ve grown intentionally by proving the scalability of our products, fostering strategic partnerships with leading brands and manufacturers, and laying the foundation to remake supply chains. We are increasingly powering the shift to more sustainable products that consumers and investors want –  and humanity needs,” says Christophe Schilling, CEO of Genomatica. 

“We are very pleased to welcome Novo Holdings, a world class investor which has long been a champion of the bioeconomy, to Genomatica. Leading a widespread transition to sustainable materials is what drives us at Genomatica.”

Anders Bendsen Spohr, senior partner at Novo Holdings, says: “Novo Holdings is committed to support the development of sustainable and renewable materials. Sustainability is a must-have for consumers and is a business imperative for brands.

“We see a massive opportunity for biological manufacturing to help industries meet the demand for sustainable products. Genomatica is creating more sustainable value chains with both a breadth of partnerships and products that it is executing on at commercial scales that can deliver the kinds of impact that today’s climate crisis requires.”

There is increasing consumer demand for sustainable products. A recent survey from Genomatica found that the majority of US consumers (86 per cent) believe sustainability is a good goal, and over half (52 per cent) make choices to be more sustainable.

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  1. Pingback: Next-gen therapies supported by $55m investment - Health Tech World

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