Renmatix is blasting wood chips with supercritical water to create sugar, a building block for chemical and fuels.
The Philadelphia-based company today said that German chemicals giant BASF has invested $30 million in Renmatix as part of a $50 million funding. Existing investors, including venture capital firm Kleiner, Perkins, Caufield & Byers, also invested.
Renmatix has a unique method for converting non-food biomass, such as wood chips, municipal waste, or grasses, into fuels or chemicals. Methods tried by other companies, including using specialty enzymes and heat-driven chemical processes, have by and large failed to scale up. The result is that … Read more