Biofuel company Amyris Biotechnologies, Inc. announced that it has raised $41.75 million in a current Series C round, from
new investors GrupoCornelioBrennand of Brazil and Naxos UK, as well as
from previous investors including Khosla Ventures, Kleiner Perkins
Caufield & Byers, TPG Biotech and Votorantim Novos Negocios.
The
Company anticipates additional closings this fall, targeting a total
funding of approximately $60 million, which would bring total equity
raised to-date to approximately $165 million.
Amyris expects to commercialize its first renewable product starting 2011.
In recent months, Amyris has opened both a pilot plant and demonstration facility in Campinas, Brazil, and advanced its work with an established engineering, procurement and construction management (EPCM) firm to complete detailed plant design and engineering plans.
Amyris is in the process of securing its first production site and expects to begin to order equipment for this plant toward the end of the year.
“We are making strong progress toward realizing our near-term goal of bringing our renewable products to market, seeking to provide the world with low cost, scalable alternatives to petroleum sourced fuels and chemicals.” said John Melo, chief executive officer, Amyris. “This funding will enable us to continue to move aggressively toward this goal, and demonstrates investor confidence in our technology, our business strategy, and our execution on this strategy in both the U.S. and in Brazil.”
These funds have enabled the company to build its synthetic biology platform of engineered yeast to produce a portfolio of renewable chemicals and transportation fuels, establish Brazil operations and scale up facilities, engage mill owners for access to sugarcane feedstock and scale-up production, and build a U.S. distribution subsidiary that is already generating revenue.
The Company has entered into its first off-take agreement for a chemical product with a global customer for that product.
Amyris also said it has entered into a strategic agreement with "one of the world’s largest consumer products companies" pursuant to which Amyris chemicals may be developed and commercialized for use within this company’s portfolio of products.
In 2009, Amyris diesel was officially registered with the Environmental Protection Agency.
Amyris applies synthetic biology to produce a broad range of products, and combines this technology with growing scale up and production capabilities through its Brazilian subsidiary, Amyris do Brasil Pesquisa e Desenvolvimento Biocombustiveis Ltda. Amyris is also building distribution capabilities, including through its U.S. subsidiary Amyris Fuels, LLC.
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