Renewable Energy Group sells life sciences assets to Genomatica
US advanced biofuels supplier Renewable Energy Group (REG) has completed the sale of substantially all assets of REG Life Sciences to Genomatica.
“We are pleased to be selling our Life Sciences’ assets to Genomatica, who are well positioned to build upon the technical progress we have made, and to advance the team and the technology through to commercialisation,” said REG’s CEO Cynthia J. Warner.
“As we focus on our core strategies to grow our fuel business, this deal allows the technology to develop with a new owner while we retain the opportunity to participate in the successful commercialisation of the technology in the future.”
Since acquiring the life sciences business in 2014, REG has advanced the technology through partnerships with ExxonMobil and Clariant.
Members of the REG Life Sciences team will join Genomatica at its innovation centre in San Diego.
“Consumer demand for sustainable products continues to grow, and successful companies will increasingly switch to ingredients that reduce harm to the environment and work with partners with shared values,” added Christophe Schilling, CEO of Genomatica. “This acquisition adds powerful technology and talent to help Genomatica enhance the sustainability of everyday products.”
According to Genomatica, the company will continue to work with ExxonMobil to progress the research programme for advanced biofuels from biomass, alongside Clariant.
The acquisition enhances Genomatica’s ability to make ‘long-chain’ chemicals from renewable feedstocks, which are used to make products including surfactants, cosmetics, polymers and fuels.