BASF Venture Capital is participating with $2.5 million in a $9.55 million financing round in the U.S. renewable chemistry firm P2 Science. Headquartered in Woodbridge, Connecticut, P2 Science is a specialty chemicals company with a unique flow chemistry process that converts renewable feedstocks to high-value products and intermediates. The investment is co-led by Xeraya Capital and BASF Venture Capital and includes contributions from existing investors.
“P2 Science’s technology allows for elegant synthetic pathways to some of the most complex chemical specialties,” said Markus Solibieda, Managing Director at BASF Venture Capital. “In addition, the company is able to efficiently develop novel high-value products for various markets.”
P2 Science will use this financing to build and run its first commercial plant, in the New Haven, Connecticut area, using its proprietary technology for the production of specialty chemicals. Products from this plant will be sold into flavor and fragrance, cosmetics and related markets.
“This financing through BASF Venture Capital allows us to expand our operations and increase our output,” said Neil Burns, CEO of P2 Science. “With our first commercial plant, we will be able to produce high value chemicals which we have developed independently or in collaboration with leading industry partners. In the future, we plan to increase our presence in the polymers, lubricants and surfactants markets with larger scale capacity.”