This Deal Matters: Archer Daniels Midland (ADM) Invests $25 Million in Rennovia for Biochemical Development
Rennovia, the California-based developer of renewable catalyst and chemical technologies, announced last week that Archer Daniels Midland (ADM) has committed to a $25 million equity investment to co-develop bio-based chemical products. Specifically, Rennovia will leverage ADM’s strength in manufacturing in order to reach commercial production of biochemicals utilizing Rennovia’s core processing technology.
Given the recent hurdles in scale-up production across multiple companies in the Biofuels & Biochemicals sector, this deal represents a crucial stage for Rennovia as the company aims to prove its technology and achieve commercialization. This deal is also significant since it further resonates with the growing popularity of biochemicals, as the products have much higher margins compared to commodity-based fuels. As a result of this deal, we expect to see additional updates from the two companies throughout their commercialization journey. Stayed tuned via Cleantech Group’s i3 platform for the latest updates on corporate investments and partnerships in the cleantech space.