Materia / Cargill Venture Secures Independent Financing

PASADENA, CA -- Materia, Inc., a catalyst technology company and Caltech spin-off, announced today the creation and independent financing of a new company that builds on technology developed by Materia in partnership with Cargill, Incorporated. The new entity, named Elevance Renewable Sciences, Inc. , will harness the potential of natural oils combined with Materia’s Nobel Prize winning metathesis technology to aggressively grow in the $500 billion specialty chemicals market. Emerging from collaboration between Materia and Cargill that started in 2004 after receiving a $1.8 MM matching grant from the U.S. Department of Energy, Elevance was recently formed and secured more than $40 million in venture capital led by investments from TPG STAR, L.P. and TPG Biotechnology Partners II, L.P. The new company expects to generate over $1 billion in sales by 2016. Link.