elevance

Elevance Renewable Sciences Raises $100 Million in Series C Financing

Elevance Renewable Sciences, Inc. announced today that it has raised $100 million in its Series C financing round. Elevance produces high performance ingredients for use in personal care products, detergents, lubricants and other specialty chemicals and fuel markets from renewable feedstocks. Naxos Capital Partners led the round with additional new investors, including Total Energy Ventures International, joining TPG Biotech and TPG Growth in the financing.

The investment will support Elevance’s continued growth, including expansion and creation of biorefineries in Asia, North and South America.

“Elevance is pleased with our rapid progress commercializing our products and technology,” said K’Lynne Johnson, CEO of Elevance. “This round of financing supports our company’s continued growth and innovation in making quality, high-performing renewable chemicals available on a world scale basis. The addition of Naxos Capital Partners and Total Energy Ventures International builds on the strength of our existing investors, and is an important step forward in achieving our goal of global expansion.”

Elevance was formed in 2007, with more than $40 million in capital and technology invested by TPG, Cargill and Materia. Major developments from Elevance in 2010 include a joint venture with Wilmar International to build the world’s largest biorefinery in Indonesia, and a joint development agreement with Stepan Company to commercialize novel surfactants and antimicrobials. In addition to Wilmar International and Stepan Company, Elevance counts Cargill Inc., Dow Corning Corporation, Trent University, Tetramer Technologies, United Soybean Board and SaskCanola among its strategic partners.

About Elevance

Headquartered in Woodridge, Ill., Elevance Renewable Sciences, Inc. is a high-growth specialty chemical company that creates novel specialty chemicals that perform better from renewable feedstocks, making the products that industry and consumers use every day better. Using a proprietary technology called olefin metathesis, the company delivers specialty chemicals that exceed the performance of existing products while leaving a smaller environmental footprint — for use in personal care products, detergents and cleaners, engineered polymers, lubricants and additives, and other specialty chemicals markets. To learn more, visit www.elevance.com or www.renewicals.com.