Press Releases 08.18.2009
Novomer Raises $14M Series B Financing
Novomer Inc., a materials company pioneering a family of high-performance plastics, polymers and other chemicals from renewable feedstocks such as carbon dioxide, today announced that it has raised $14 million in a Series B funding.
The round brings total funding in the company to approximately $21 million and will be used to accelerate growth as the company prepares for broad commercialization. OVP Venture Partners led the round, joining all of Novomer’s existing investors: Physic Venture Partners, Flagship Venture Partners and DSM Venturing. OVP Managing Director Carl Weissman will also join the Novomer board.
“Governments and companies around the globe have placed a heavy emphasis on environmental initiatives aimed at reducing carbon levels in the atmosphere,” said Weissman. “We believe that Novomer technologies enabling the use of carbon dioxide and carbon monoxide as inexpensive raw materials are truly innovative and economically efficient ways to transform pollution into high performance materials that address huge global markets.”
“Novomer is bringing to market low cost, environmentally sustainable materials that are produced using existing chemical manufacturing infrastructure,” said Novomer CEO Jim Mahoney. “Our investors have recognized the world class science that has produced such practical, yet powerful innovations. We value their support as we ramp up efforts to commercialize a series of materials aimed at the packaging, coatings and chemicals markets.”
Novomer (www.novomer.com) is a revolutionary new materials company pioneering a family of low-cost, high-performance, sustainable plastics, polymers and other chemicals. Based on the pioneering catalyst work of Prof. Geoff Coates at Cornell University, Novomer’s groundbreaking technology allows carbon dioxide and other renewable feedstocks to be cost-effectively transformed into polymers, plastics and other chemicals for a wide variety of industrial markets. The company is partnered with equity investors Physic Venture Partners, Flagship Venture Partners, OVP Venture Partners and DSM Venturing and has received support from the Department of Energy, National Science Foundation and the State of New York.