Obama attends $48m funding ceremony for biotech business Verdezyne

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obama flagUS President Barack Obama has attended a ceremony which saw Californian biotech business Verdezyne receive $48m of funding.

BP Alternative Energy Ventures, DSM Venturing, OVP Venture Partners and Monitor Ventures took part in the financing, which was led by Malaysian multinational Sime Darby Berhad.

Verdezyne president and CEO William Radany said, “It speaks to the significance of this agreement for the renewable chemicals space and to strengthening ties between the US and Malaysia.

“Moreover, it highlights the important environmental and geo-political benefits of replacing petroleum-derived materials with renewable sources.
“We hope that this agreement, and the technology development it will enable, can serve as a model for how the US can lead the world in the development of environmentally-friendly products.
“Over the past year, with the invaluable assistance of the Malaysian Biotechnology Corporation, Verdezyne’s management team researched the oil palm industry extensively.
“We believe that Sime Darby, with its commitment to sustainability, is the perfect partner to help lead the revolution in renewable products in the US, Malaysia and beyond.”
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