March 3rd, 2017
FLORHAM PARK, NJ and WOODBRIDGE, CT -- BASF Venture Capital has participated with USD 2.5 million in a USD 9.55 million financing round in the U.S. renewable chemistry firm P2 Science. P2 Science is a specialty chemicals company with a unique flow chemistry process that converts renewable feedstocks to high-value products and intermediates.
Production of Specialty Chemicals
The investment is co-led by Xeraya Capital and BASF Venture Capital and includes contributions from existing investors.
Managing Director at BASF Venture Capital, Markus Solibieda said:
“P2 Science’s technology allows for elegant synthetic pathways to some of the most complex chemical specialties. 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.
CEO of P2 Science, Neil Burns said:
“This financing through BASF Venture Capital allows us to expand our operations and increase our output. 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.
About P2 Science
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.
BASF Venture Capital