BP Invests in Biomass Feedstock Supplier
Chromatin, a Chicago-based supplier of biomass feedstocks, has reached a first close on a fourth round of funding, securing commitments of $10 million from BP Ventures, a unit of the British oil and gas company.
Joining BP is Unilever Technology Ventures as well as three returning investors: Quantitative Investment Holdings, the Malaysian Life Sciences Capital Fund, and Illinois Ventures.
Chromatin plans to use part of the Series D to boost distribution of its genetically modified sorghum feedstock. Sorghum is an energy-rich, none-food feedstock that can be grown in marginal lands.
“This investment signals BP’s continued commitment to renewable energy feedstocks”, said BP Ventures’ Justin Adams, in a prepared statement.
Just a few weeks ago Chromatin launched a partnership with Constellation Energy to burn sorghum as an alternative fuel at two power plants in California owned by Constellation.