Elevance Renewable Sciences Inc.’s CEO K’Lynne Johnson said that Illinois-based Elevence is in discussions with investors in hopes of raising nearly $50 million this year to acquire distressed biodiesel plants. Its plan is to retrofit distressed biodiesel refineries with its biochemical process technology to produce 80 MMgy of biochemicals and biodiesel from vegetable oils. Elevence’s olefin-metathesis catalyst technology reacts with double bonds of unsaturated sites in oils, enabling the company to create a variety of different molecules.
June 9, 2009 2:35 GMT+8