US cellulosic sugar developer, Renmatix, signed a joint development agreement (JDA) with Total and will also receive funding from the New Energies Division of Total. Under the agreement, Renmatix and Total will utilize Renmatix’s proprietary Plantrose process with specific feedstocks to extract sugar for use in production of biobased products of interest to Total. In concert with the investment and R&D projects, Total also joins the Renmatix Board of Directors.
Existing Renmatix investors, including BASF and Kleiner Perkins Caufield & Byers, join Total in the initial tranche of this Series D fundraise.
The patented Plantrose process uses supercritical water to reduce costs in conversion of biomass to cellulosic sugars, the critical intermediary for second generation biofuels and biochemicals. With reportedly faster reactions and no associated consumable-expenses, Renmatix’s supercritical hydrolysis economically enables a multitude of renewable process technologies to address the market needs for ‘high volume, low cost, broadly sourced’ cellulosic sugars that persists today.
The blog reported more investment news this year at this link.