Waste Management (s WM) has been a particularly active venture capital investor in the trash-to-energy space, and that focus has prompted it to invest in Renmatix, which turns biomass, such as agricultural wastes, into sugars for making fuels and other chemicals.
Renmatix increased its most recent round of investment from $50 million to $75 million and now counts the trash hauling giant as both an investor and a research and development partner, reported VentureWire Wednesday. Waste Management wants to use Renmatix’s technology to convert trash into sugars to replace petroleum for making plastics and other products.
Pennsylvania-based Renmatix announced the $50 million round in January this year and noted that German chemical giant BASF put $30 million into that round. Kleiner Perkins Caufield & Byers also is an investor.
Sugar is a key ingredient for biofuels and other chemical products. Its market potential has attracted more investors in recent years…
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