Connecticut Innovations (CI), an organization that helps Connecticut businesses grow through creative financing and strategic assistance, has made a $500,000 investment in P2 Science Inc. of New Haven, Conn., through its Eli Whitney Equity Fund. This investment was part of a $1 million Series A funding round also involving Elm Street Ventures. In 2013, CI provided P2 Science with a $500,000 seed investment and earlier provided pre-seed funding.
P2 Science, a specialty chemical company dedicated to producing high-value, high-margin consumer and industrial product ingredients from biomass, is reportedly now operating its new pilot reactor and is gearing up for larger scale production in Connecticut.
The company’s core refining steps use a P2 Science proprietary process known as hybrid ozonolysis (HO) to convert biomass into aldehydes for use in fragrances and flavors, diacids for use in cosmetics and polymers, and derivatives of aldehydes, such as alcohols, esters and surfactants, for use in cosmetics, personal care products and lubricants.
The company has begun manufacturing product ingredients using a pilot reactor installed at its lab in Science Park and is in discussions with several prospective customers and partners in the F&F and cosmetics industries. P2 Science also continues its research to diversify the products it can offer using a variety of feedstocks.