Novomer Raises $14M To Turn CO2 Into Plastics

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Ithaca, New York-based Novomer, Inc, a materials company that specializes in creating plastics, polymers and other chemicals from renewable feedstocks like carbon dioxide, has raised $14 million in a Series B funding round.

OVP Venture Partners led the round, joining all of Novomer’s existing investors: Physic Venture Partners, Flagship Venture Partners and DSM Venturing. OVP Managing Director Carl Weissman will also join the Novomer board.

The round brings total funding in the company to approximately $21 million and will be used to accelerate growth as the company prepares for broad commercialization.

“Governments and companies around the globe have placed a heavy emphasis on environmental initiatives aimed at reducing carbon levels in the atmosphere,” said Weissman in a statement. “We believe that Novomer technologies enabling the use of carbon dioxide and carbon monoxide as inexpensive raw materials are truly innovative and economically efficient ways to transform pollution into high performance materials that address huge global markets.”

Novomer, which began as a spin-out from the labs of Cornell University, today employs a staff of 23.

Tagged as: America carbon, Carbon Dioxide, carbon monoxide

Posted on August 23, 2009 · in USA