So I have a problem keeping up with my weekly news roundup these days...might as well experiment with a semi-monthly instead. We'll see...
SABIC creates VC for renewables
Petrochemical firm Saudi Basic Industries Corporation (SABIC) has launched a new global corporate venture capital arm called SABIC Ventures based in the Netherlands that will seek out innovative technologies and businesses such as in the areas of advanced materials and composites, alternative feedstocks for chemicals and materials, alternative energy, and cleantech. Targeted countries for sourcing venturing investments incude the US, Europe and Asia.
Zeachem raises $19m
Zeachem has raised $19m in series C funding led by Birchmere Ventures. Zeachem expects to soon startup its 250,000 gal/year demonstration biorefinery in Boardman, Oregon, later this year initially producing cellulosic ethanol and ethyl acetate.
Cereplast completes Italian plant purchase
Cereplast has finalized the $12m purchase of a 125,000 sq. foot facility in Cannara, Italy, that will produce 100,000 tons/year (220m lbs/year) Cereplast bioplastic. The first phase will allow for a 50,000 ton capacity with manufacturing expected to begin by the fourth quarter of 2012, with the second phase expected to be completed based on market demand. Cereplast has also expanded its distribution agreement with Italy-based ColorTec Srl to supply bioplastic resin to the Italian and Slovenian markets effective November 4, 2011 through December 31, 2012. ColorTech projects to purchase $20m of materials in 2012.
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