BP invests in renewable fuel start-up Verdezyne

Verdezyne, an industrial biotechnology company developing cost-effective processes for the production of renewable fuels and chemicals, has closed a new funding round. Financial details of the transaction were not disclosed.
New investors in the round include BP Alternative Energy Ventures and DSM Venturing, which joined OVP Venture Partners and Monitor Ventures.
Verdezyne said the additional financing will enable it to continue to build its yeast metabolic engineering capabilities to produce a pipeline of renewable transportation fuels and platform chemicals.
The investment is a strategic one for venture group DSM, complementing the firm’s portfolio within the bio-based products and services sector.
‘Over the past year, we have been impressed with Verdezyne’s progress in its yeast platform for both fuels and biobased chemicals,’ said James Iademarco, vice president of bio-based chemicals and fuels at DSM.
William Radany, Verdezyne’s CEO and president, added, ‘This new funding, along with the support from existing investors, will enable the company to execute on its goal of creating and deploying first-in-class engineered yeast strains that efficiently produce bio-based fuels and platform chemicals.’