An affiliate of Malaysia-based conglomerate Genting Group and France-based oil major Total’s corporate venturing unit have helped Elevance Renewable Sciences raise $104m in its series E financing. Elevance makes chemicals for personal care products, detergents, lubricants and other specialty chemicals as well as fuel from renewable feedstocks. Lacustrine Limited, an affiliate of Genting Berhad, the investment holding company of Genting Group, and Total Energy ventures led the round. Tan Sri Lim Kok Thay, executive chairman of Genting Berhad, will join the Elevance board of directors. Last year Elevance Renewable Sciences raised $50m. Elevance raised $100m in its series C round from a consortium in December, including Total Energy Ventures International, the corporate venturing unit of French oil major Total. Venture capital firm Naxos Capital Partners led the C round, and was joined by private equity firm TPG’s biotech and growth funds. Elevance spun off from seeds company Cargill in 2005. In 2010, Elevance signed a joint venture with Wilmar International to build the world’s largest biorefinery in Indonesia, and a joint development agreement with Stepan Company to commercialise novel surfactants (compounds that lower the surface tension of a liquid) and anti-microbials (substances that kill or inhibit the growth of micro-organisms, such as bacteria, fungi, or protozoans). In addition to Wilmar and Stepan, Elevance has Cargill, chemicals group Dow Corning, Evonik Industries, Trent University, Tetramer Technologies, United Soybean Board and SaskCanola among its strategic partners. In 2007, Elevance raised more than $40m in capital and technology invested by TPG, Cargill and US-based chemical company Materia in its series A round.
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Elevance raises $104m
Jul 12, 2012 • Toby Lewis
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