Novomer has raised an undisclosed amount of venture funding. Saudi Aramco Energy Ventures, the corporate venture arm of Saudi Aramco, led the round. Based in Waltham, Mass., Novomer is an emerging sustainable chemical company.
Dhahran, Saudi Arabia and Waltham, Massachusetts – December 10th, 2013 – Saudi Aramco Energy Ventures LLC (“SAEV”), the corporate venturing subsidiary of Saudi Aramco, has led an investment into Novomer Inc., an emerging sustainable chemistry company pioneering a family of high performance, environmentally responsible polymers and chemical intermediates. All existing Novomer investors also participated in the financing.
Novomer Inc. has developed two platform chemical technologies based on proprietary catalysts that facilitate the transformation of carbon dioxide (CO2) and carbon monoxide (CO), together with propylene oxide (PO) or ethylene oxide (EO), into economically competitive, high-performance industrial products: polyols and chemical intermediates, including acrylic acid.
SAEV’s investment will fund ongoing development of the technology platforms as well as construction of a market development plant to manufacture CO2–based polyols and the enhancement of Novomer’s sales and marketing organization.
Jim Mahoney, Novomer CEO, commented “We are extremely excited to have SAEV join the Novomer investment group. This investment will allow us to execute fully on our product development and organizational growth plans over the next several years. Additionally, Saudi Aramco’s process expertise and position in global petrochemical markets will be a tremendous asset for Novomer as we commercialize our technology platforms.”
About Saudi Aramco Energy Ventures – Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information, visit www.aramcoventures.com
About Novomer Inc. – Novomer is a leading materials company commercializing a family of low-cost, high-performance, sustainable polymers and other chemicals. Novomer’s groundbreaking catalyst technology allows carbon dioxide and other renewable feedstocks to be cost-effectively transformed into chemical products for a wide variety of industrial markets. For more information, visit www.novomer.com.