Companies will work together on portfolio of bio-based chemical products
DECATUR, Ill. & MENLO PARK, Calif.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) and Rennovia, Inc. announced
today that ADM has committed to a $25 million equity investment in the
privately held company, which develops catalysts and processes for the
cost-advantaged production of chemical products from renewable
feedstocks.
“This investment is part of ADM’s ongoing efforts to enhance returns by
strengthening our portfolio of higher-margin products,” said Kevin
Moore, ADM vice president, Renewable Chemicals. “There is significant
and growing demand for chemical products made from renewable feedstocks.
We are impressed with the technology Rennovia is developing, and look
forward to the opportunity for its products to join our current
portfolio of renewable chemicals—like propylene glycol and ethylene
glycol—as they offer increased access to attractive end markets in
nylons and other materials.”
“We are committed to continuing to identify novel technologies that
provide high yields and low conversion costs,” said Todd Werpy, ADM
senior vice president, Research and Development. “We believe that the
new technologies being developed by Rennovia, coupled with ADM’s
strength in manufacturing, will help us to deliver competitive products
that complement our growing portfolio.”
“We are delighted to have the support of ADM as a strategic financial
investor to scale-up and commercialize our bio-based chemical process
technologies,” said Robert Wedinger, President and CEO of Rennovia.
“ADM’s position as a leading producer of refined carbohydrates, combined
with their focus on bio-based chemicals production, make them an ideal
investor for Rennovia.”
Founded in 2009, Rennovia targets production of existing high-value
chemical products using scalable chemical catalytic process technologies
at costs significantly advantaged over current petrochemical processes.
The company’s first products are nylon intermediates adipic acid and
hexamethylenediamine (HMD). ADM’s investment will be used for research
and development programs and continuing operations.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve vital needs.
Today, 31,000 ADM employees around the globe convert oilseeds, corn,
wheat and cocoa into products for food, animal feed, industrial and
energy uses. With more than 270 processing plants, 470 crop procurement
facilities, and the world’s premier crop transportation network, ADM
helps connect the harvest to the home in more than 140 countries. For
more information about ADM and its products, visit www.adm.com.
About Rennovia
Rennovia is a chemical process technology development company focused on
the creation of novel processes for the cost-advantaged production of
commodity and specialty chemicals from renewable feedstocks. For further
information, visit www.rennovia.com.
Archer Daniels Midland Company
4666 Faries Parkway
Decatur,
Ill. 62526
Rennovia, Inc.
1080 Hamilton Avenue
Menlo Park, CA 94025
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 217-424-5413
media@adm.com
or
Rennovia, Inc.
650-804-7400
info@rennovia.com
www.rennovia.com