Cobalt Technologies Adds Bunge as Strategic Investor
MOUNTAIN VIEW, Calif., Oct. 30, 2012
MOUNTAIN VIEW, Calif., Oct. 30, 2012 /PRNewswire/ --Cobalt Technologies
("Cobalt"), a leading developer of next generation bio-based chemicals, today
announced that Bunge Global Innovation LLC, a wholly-owned subsidiary of
global agribusiness and food company Bunge Limited (NYSE: BG) ("Bunge"), has
joined its Series E Preferred Stock round as a strategic investor.
The investment follows Cobalt's agreement with Bunge and specialty chemicals
company Rhodia Poliamida e Especialidades Ltda. ("Rhodia") to operate a pilot
plant demonstrating the production of n-butanol utilizing sugarcane bagasse as
feedstock at the Laboratorio Nacional de Ciencia e Tecnologia do Bioetanol
facility in Campinas, Brazil. The terms of the agreement also provide for the
parties to work together on co-location of a demonstration scale facility and
to consider co-location of a commercial-scale biorefinery at a Bunge sugarcane
mill. N-butanol is a widely used industrial chemical found in paints,
lacquers and other surface coatings.
"We are pleased to have forged this strategic partnership with Bunge, one of
the largest sugar producers in Brazil," said Bob Mayer, CEO, Cobalt
Technologies. "Bunge's investment and supply of raw material for feedstock
will allow us to begin demonstrating the value of our biobutanol technology
and help unlock its potential."
"Cobalt's promising technology presents the opportunity to leverage Bunge's
sugarcane processing assets to produce new high-value products that diversify
our revenue streams and enhance returns," said Ben Pearcy, Managing Director,
Sugar & Bioenergy and Chief Development Officer, Bunge Limited.
All institutional investors from previous rounds participated in the Series E
Preferred Stock round, including Pinnacle Ventures, Malaysian Life Sciences
Capital Fund, VantagePoint Capital Partners, The Whittemore Collection, Ltd.,
Life Sciences Partners (LSP), @Ventures and Harris and Harris. Cobalt was
advised by Pacific Crest Securities.
About Cobalt Technologies
Cobalt Technologies is a leader in commercializing the production of bio
n-butanol as a renewable chemical and fuel. N-butanol is a widely used
industrial chemical found in paints, lacquers and other surface coatings, with
a global market of over $5 billion. By producing low-cost bio n-butanol,
Cobalt's unique technology enables the use of bio n-butanol as a platform
molecule for the production of a broad array of fuels and chemicals, including
jet fuel, bio-based plastics and synthetic rubber. Cobalt's technology
platform offers a continuous process to efficiently convert diverse non-food
feedstocks into biobutanol. Engineered to achieve low costs through its
proprietary biocatalyst, advanced bioreactor, energy efficient design and the
use of low-cost feedstock, Cobalt is making biobutanol and its derivatives a
cost-effective substitute to petroleum-based chemical products. Cobalt is
based in Mountain View, Calif. For more information, please visit
About Bunge Limited
Bunge Limited (www.bunge.com, NYSE: BG) is a leading global agribusiness and
food company operating in approximately 40 countries with over 35,000
employees. Bunge buys, sells, stores and transports oilseeds and grains to
serve customers worldwide; processes oilseeds to make protein meal for animal
feed and edible oil products for commercial customers and consumers; produces
sugar and ethanol from sugarcane; mills wheat and corn to make ingredients
used by food companies; and sells fertilizer in North and South America.
Founded in 1818, the company is headquartered in White Plains, New York.
SOURCE Cobalt Technologies
Contact: Nolan Necoechea, firstname.lastname@example.org, +1-415-262-5970
Press spacebar to pause and continue. Press esc to stop.