BASF invests in renewable chemistry company P2 Science
FLORHAM PARK, NJ and WOODBRIDGE, CT, March 1, 2017 -- BASF Venture Capital is participating with $2.5 million in a $9.55 million financing round in the U.S. renewable chemistry firm P2 Science. Headquartered in Woodbridge, Connecticut, P2 Science is a specialty chemicals company with a unique flow chemistry process that converts renewable feedstocks to high-value products and intermediates. The investment is co-led by Xeraya Capital and BASF Venture Capital and includes contributions from existing investors.
“P2 Science’s technology allows for elegant synthetic pathways to some of the most complex chemical specialties,” said Markus Solibieda, Managing Director at BASF Venture Capital. “In addition, the company is able to efficiently develop novel high-value products for various markets.”
P2 Science will use this financing to build and run its first commercial plant, in the New Haven, Connecticut area, using its proprietary technology for the production of specialty chemicals. Products from this plant will be sold into flavor and fragrance, cosmetics and related markets.
“This financing through BASF Venture Capital allows us to expand our operations and increase our output,” said Neil Burns, CEO of P2 Science. “With our first commercial plant, we will be able to produce high value chemicals which we have developed independently or in collaboration with leading industry partners. In the future, we plan to increase our presence in the polymers, lubricants and surfactants markets with larger scale capacity.”
About BASF Venture Capital
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF New Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investment in startup companies and funds. More information is available at www.basf-vc.com.
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 17,500 employees in North America, and had sales of $16.2 billion in 2016. For more information about BASF’s North American operations, visit www.basf.us.
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 114,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of about €58 billion in 2016. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (BAS). Further information at www.basf.com.
About P2 Science, Inc.
P2 Science is a venture-backed, renewable specialty chemicals company, co-founded by Yale University scientists Professor Paul Anastas and Patrick Foley, PhD., together with Neil Burns, and Elm Street Ventures, an early-stage venture fund. Based in Woodbridge, Connecticut, P2 Science has developed a unique process technology for converting renewable feedstocks—including vegetable oils—into high-value, specialty chemicals. For more information, visit http://www.p2science.com/.