Elevance Renewable Sciences draws $40M for naturally-based chemicals

Started in 2004 as a collaborative project between agricultural giant Cargill and Materia, a catalyst maker based on IP from the California Institute of Technology, Elevance Renewable Sciences has spun off to commercialize a promising technology that can transmute natural oils into other chemicals.

Elevance is capable of using a variety of feedstocks like soy and corn oil to form a variety of other chemicals, much as crude oil has been used for decades. The company says its products, which will include waxes, antimicrobials, derivative oils and lubricants, among others, are safer than crude oil-based alternatives.

The $40 million funding was led by TPG Growth and TPG Biotechnology Partners. Elevance is based in Lisle, Illinois.