Cemvita Factory Raises Additional Venture Capital for Industrial Decarbonization
HOUSTON, Oct. 27, 2021 /PRNewswire/ -- Cemvita Factory ("Cemvita"), the leading provider of carbon negative synthetic biology solutions for energy and mining industries, announced today the final close of its series A round and the addition of several prominent, new investors.
Energy Capital Ventures (ECV) joined 8090 Partners to lead the closing of Cemvita's Series A round. ECV is the only early-stage venture capital fund focused on the ESG imperatives and digital transformation of the natural gas distribution industry. The investment round also includes strategic corporate investors, Mitsubishi Heavy Industries and Sumitomo Corporation of Americas, as well as Oxy Low Carbon Ventures. The funding round marks the total raised to date for the company at just over $10M.
The nascent but growing field of synthetic biology applies the tools of engineering and computing to biology. It has been used for a decade to optimize the work of enzymes and cells with the goal, for example, of accelerating the manufacture of Covid-19 vaccines. Cemvita is among the first to employ this technology to support heavy industry in fighting climate change.
With a growing portfolio of microorganisms that capture and convert CO2 into chemicals and alternative fuels, Cemvita helps oil and gas companies decarbonize while transforming their byproducts into valuable feedstocks, a crucial step in building a circular carbon economy. The technology is also used in climate-smart mining to reduce the environmental footprint of mining while meeting rising demand for key metals. According to the World Bank, ambitious climate action places significant demand on mining. Lithium production, for example, must scale approximately 500 percent by 2050.
"What Moji and Tara have built with Cemvita is extraordinarily impressive. Their platform of bio-engineered microbes will have game-changing impact on the net zero emission journey of the natural gas industry." said Energy Capital Ventures Managing General Partner, Vic Pascucci III, who will be joining Cemvita's Board of Directors.
"Just one example of many: the company's non-electrolysis method of generating bio-hydrogen and bio-methane—clean, carbon-free fuels—will have incredible impact on carbon reduction through carbon capture and utilization," continued Pascucci.
"Our strategic investment in Cemvita's CO2 utilization solutions goes to the very heart of what we do at MHI group; channeling big thinking into solutions that move the world forward," said Yoshihiro Shiraiwa, President and CEO of Mitsubishi Heavy Industries America. "We look forward to growing our mutually-beneficial relationship for years to come to build a CO2 solutions ecosystem."
"Identifying prescient solutions to the world's challenges is core to our mission. This partnership will produce innovations that help our company, and our customers meet ambitious sustainability goals while building new opportunities," said Toshiya Kitamura, SVP & GM, Chemicals & Electronics Group of Sumitomo Corporation of Americas.
"There's a new industrial revolution taking hold catalyzed by the need for economic solutions for decarbonization. To this end, Cemvita Factory is well on its path to unlock billions of dollars of value by re-imagining the costly and dirty processes behind some of the world's high-emission industries; all while upcycling enormous amounts of CO2 in the process. Armed with breakthrough technology, real products, and scaled up production capacity to serve its growing list of Fortune 100 customers, Cemvita Factory's future and the promise of synthetic biology shines brighter than ever." Said Rayyan Islam, Partner at 8090 Partners.
"We are excited to have Cemvita supported by leading venture capitalists and strong corporate partners," said Cemvita Factory Co-Founder and CEO Moji Karimi. "This capital will accelerate our growth and help realize a bright future for Houston not just as the oil and gas capital of the world, but the energy transition capital of the world."
This round of financing represents additional validation from multiple industry verticals and the investment community of the power and potential of Cemvita's platform.
About Cemvita Factory
Cemvita Factory, Inc, is on a mission to reverse climate change by leveraging synthetic biology. This is done by biomimicry of natural processes to sustainably produce chemicals and polymers. Additionally, Cemvita's synthetic biology platform is used to develop and optimize low carbon bioprocesses for heavy industry such as mining and oil and gas. Visit www.cemvitafactory.com for more information.
About Energy Capital Ventures
Energy Capital Ventures (ECV) is a strategic venture capital firm focusing on the ESG imperatives, clean energy solutions and digital transformation of the natural gas utility sector. ECV specializes in decarbonization, renewable natural gas and other sustainability solutions for natural gas local distribution companies. Headquartered in Chicago with a presence in New York, ECV takes a customer-centric, ESG perspective on innovation for the industry as it deals with impending paradigm shifts. Learn more at www.energycapitalventures.com.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on www.spectra.mhi.com
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has eight offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Its core business units include Tubular Products, Environment and Infrastructure, Steel and Non Ferrous Metals, Transportation and Construction Systems, Chemicals and Electronics, Media and IOT Applications, Real Estate, Mineral Resources and Energy, and Food. For more information, visit www.sumitomocorp.com.