- Total invests in Renmatix – Takes equity and Board seat in
Philadelphia based licensor of
supercritical hydrolysis technology for conversion of biomass into
economical cellulosic sugar
- Companies complete Joint Development Agreement to initiate
distinct R&D programs to process selected lignocellulosic
biomasses into sugars for use in Total's target biobased
products
PHILADELPHIA, March 3, 2015 /PRNewswire/ -- Renmatix, the
leader in affordable cellulosic sugars, announced an investment by
the New Energies Division of Total, and the signature of a joint
development agreement (JDA) between Total [NYSE: TOT] and Renmatix.
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.
"Renmatix's technology to extract second-generation sugars from
biomass has the potential to significantly benefit cellulosic
sugars economics and is one more milestone in Total's efforts to
develop sustainable and profitable biomolecules for products of
interest to Total," said Bernard
Clement, Senior Vice President, Total New Energies.
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 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.
"Having a global oil and gas major like Total join our ranks
signals the important role cellulosic sugars play in enabling
growth of the bioeconomy, and the transformative impact of
Plantrose technology. Our licensing business model allows us to
work with the pace-setters of the chemical, forestry, and fuels
industries – namely BASF, UPM, and now Total," said Renmatix CEO,
Mike Hamilton. "Total's investment,
partnership, and leadership are integral links in helping Renmatix
redefine the economics of second generation sugars that will fuel
profitable biorefineries."
About Total
Total is one of the largest integrated
oil and gas companies in the world, with activities in more than
130 countries. Its 100,000 employees put their expertise to work in
every part of the industry – exploration and production of oil and
natural gas, refining, chemicals, marketing and new energies. Total
is working to help satisfy the global demand for energy, both today
and tomorrow. The Group holds majority stake in SunPower, a world
leader in solar energy, and an approximately 18% stake in Amyris,
an integrated renewable products company. Additionally, Total is
actively engaged in a number of renewable R&D projects.
www.total.com
About Renmatix
Renmatix is the leading technology
licensor for the conversion of biomass into cellulosic sugar, an
enabling feedstock for petroleum alternatives used in the global
biochemical and biofuels markets. The company's proprietary
Plantrose® process challenges conventional sugar economics by
cheaply converting cellulosic biomass – from wood waste to
agricultural residue – into useful, cost-effective Plantro® sugars.
Plantrose supercritical hydrolysis technology deconstructs non-food
biomass an order of magnitude faster than other processes, and
enhances its cost advantage by using no significant consumables.
Renmatix is privately held, with a world-class technical center in
Pennsylvania and production
operations at the Integrated Plantrose Complex (IPC) in
Georgia. www.renmatix.com
Contact Information
Duncan Cross
Managing Director,
International
Development
renmatix@missioncontrolcommunications.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/energy-group-total-makes-investment--initiates-joint-development-agreement-with-renmatix-300044139.html
SOURCE Renmatix